Goldman Sachs Group Inc. Sells 279,689 Shares of RPC, Inc. $RES

Goldman Sachs Group Inc. lessened its holdings in shares of RPC, Inc. (NYSE:RES) by 31.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 601,203 shares of the oil and gas company’s stock after selling 279,689 shares during the period. Goldman Sachs Group Inc. owned 0.27% of RPC worth $3,307,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. State of Wyoming bought a new position in RPC in the 1st quarter worth about $53,000. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of RPC during the 1st quarter valued at about $64,000. Vise Technologies Inc. purchased a new stake in shares of RPC during the 4th quarter valued at about $66,000. Teacher Retirement System of Texas purchased a new stake in shares of RPC during the 1st quarter valued at about $69,000. Finally, Two Sigma Advisers LP purchased a new stake in shares of RPC during the 4th quarter valued at about $70,000. Institutional investors own 41.06% of the company’s stock.

Analyst Ratings Changes

RES has been the subject of a number of recent research reports. Piper Sandler cut their price objective on RPC from $5.00 to $4.00 and set an “underweight” rating for the company in a research note on Thursday, August 14th. Stifel Nicolaus cut their price objective on RPC from $6.00 to $5.00 and set a “hold” rating for the company in a research note on Wednesday, July 16th. Finally, Susquehanna cut their price objective on RPC from $5.50 to $5.00 and set a “neutral” rating for the company in a research note on Friday, July 25th. Three investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Reduce” and an average price target of $4.69.

RPC Stock Performance

RES stock opened at $4.62 on Friday. The company has a quick ratio of 2.16, a current ratio of 2.64 and a debt-to-equity ratio of 0.03. The business’s fifty day simple moving average is $4.66 and its two-hundred day simple moving average is $4.86. RPC, Inc. has a twelve month low of $4.10 and a twelve month high of $7.22. The firm has a market cap of $1.02 billion, a price-to-earnings ratio of 17.75 and a beta of 0.89.

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

RPC Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Monday, August 11th were given a dividend of $0.04 per share. The ex-dividend date of this dividend was Monday, August 11th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 3.5%. RPC’s dividend payout ratio is presently 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.