Maryland State Retirement & Pension System Trims Holdings in RPC, Inc. $RES

Maryland State Retirement & Pension System reduced its holdings in RPC, Inc. (NYSE:RES) by 11.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 24,797 shares of the oil and gas company’s stock after selling 3,101 shares during the quarter. Maryland State Retirement & Pension System’s holdings in RPC were worth $136,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in RES. Raymond James Financial Inc. purchased a new stake in RPC in the fourth quarter worth $64,000. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of RPC during the 1st quarter valued at about $64,000. Vise Technologies Inc. purchased a new position in shares of RPC during the fourth quarter valued at about $66,000. Renaissance Technologies LLC purchased a new position in shares of RPC during the fourth quarter valued at about $68,000. Finally, XTX Topco Ltd bought a new position in RPC in the fourth quarter worth about $69,000. 41.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Susquehanna reduced their target price on RPC from $5.50 to $5.00 and set a “neutral” rating on the stock in a report on Friday, July 25th. Stifel Nicolaus reduced their price target on RPC from $6.00 to $5.00 and set a “hold” rating on the stock in a research note on Wednesday, July 16th. Finally, Piper Sandler lowered their price objective on RPC from $5.00 to $4.00 and set an “underweight” rating for the company in a research report on Thursday, August 14th. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, RPC has a consensus rating of “Reduce” and a consensus price target of $4.69.

RPC Stock Performance

Shares of NYSE RES opened at $4.3850 on Wednesday. The firm’s 50-day moving average price is $4.83 and its 200-day moving average price is $5.06. RPC, Inc. has a 52-week low of $4.10 and a 52-week high of $7.22. The company has a market cap of $967.18 million, a PE ratio of 16.87 and a beta of 0.88. The company has a quick ratio of 2.16, a current ratio of 2.64 and a debt-to-equity ratio of 0.03.

RPC (NYSE:RES) last issued its quarterly earnings data on Thursday, July 24th. The oil and gas company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). The company had revenue of $420.81 million for the quarter, compared to the consensus estimate of $421.08 million. RPC had a net margin of 3.77% and a return on equity of 5.65%. The firm’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter last year, the company earned $0.15 EPS. As a group, analysts anticipate that RPC, Inc. will post 0.31 EPS for the current year.

RPC Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Monday, August 11th will be given a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Monday, August 11th. RPC’s dividend payout ratio is 61.54%.

RPC Profile

RPC, Inc, through its subsidiaries, engages provision of a range of oilfield services and equipment for the oil and gas companies involved in the exploration, production, and development of oil and gas properties. The company operates through Technical Services and Support Services segments. The Technical Services segment offers pressure pumping, fracturing, acidizing, cementing, downhole tools, coiled tubing, snubbing, nitrogen, well control, wireline, pump down, and fishing services that are used in the completion, production, and maintenance of oil and gas wells.