Citigroup Inc. Buys 215,350 Shares of RPC, Inc. $RES

Citigroup Inc. increased its stake in RPC, Inc. (NYSE:RES) by 100.4% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 429,767 shares of the oil and gas company’s stock after purchasing an additional 215,350 shares during the quarter. Citigroup Inc. owned about 0.19% of RPC worth $2,046,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its stake in RPC by 220.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 6,533 shares of the oil and gas company’s stock worth $31,000 after purchasing an additional 4,495 shares during the period. Tower Research Capital LLC TRC increased its position in shares of RPC by 243.4% during the second quarter. Tower Research Capital LLC TRC now owns 8,681 shares of the oil and gas company’s stock valued at $41,000 after buying an additional 6,153 shares during the period. Hantz Financial Services Inc. increased its position in shares of RPC by 940.3% during the third quarter. Hantz Financial Services Inc. now owns 9,113 shares of the oil and gas company’s stock valued at $43,000 after buying an additional 8,237 shares during the period. Ethic Inc. bought a new stake in RPC during the 3rd quarter worth approximately $63,000. Finally, Inspire Advisors LLC bought a new position in RPC in the 3rd quarter valued at $66,000. 41.06% of the stock is currently owned by institutional investors.

RPC Price Performance

Shares of NYSE:RES opened at $6.16 on Monday. The company has a quick ratio of 2.70, a current ratio of 3.24 and a debt-to-equity ratio of 0.03. The stock has a market cap of $1.37 billion, a PE ratio of 41.07 and a beta of 0.69. The company’s fifty day moving average is $5.96 and its 200 day moving average is $5.36. RPC, Inc. has a 52 week low of $4.10 and a 52 week high of $6.85.

RPC (NYSE:RES) last posted its quarterly earnings results on Tuesday, February 3rd. The oil and gas company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.03). RPC had a net margin of 1.97% and a return on equity of 5.24%. The business had revenue of $425.78 million for the quarter, compared to analysts’ expectations of $423.30 million. During the same quarter in the previous year, the company earned $0.06 earnings per share. The business’s quarterly revenue was up 26.9% on a year-over-year basis. Research analysts anticipate that RPC, Inc. will post 0.31 earnings per share for the current year.

RPC Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 10th. Investors of record on Tuesday, February 10th will be issued a dividend of $0.04 per share. The ex-dividend date is Tuesday, February 10th. This represents a $0.16 annualized dividend and a yield of 2.6%. RPC’s dividend payout ratio is currently 106.67%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on RES. Piper Sandler restated an “underweight” rating on shares of RPC in a research report on Thursday, December 18th. Weiss Ratings reissued a “hold (c-)” rating on shares of RPC in a research note on Monday, December 29th. Susquehanna increased their price target on shares of RPC from $5.50 to $6.00 and gave the stock a “neutral” rating in a report on Wednesday, January 7th. Citigroup raised their price objective on shares of RPC from $5.75 to $6.00 and gave the company a “neutral” rating in a research report on Thursday, December 11th. Finally, Wall Street Zen lowered shares of RPC from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. Four 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 target price of $5.25.

About RPC

RPC, Inc (NYSE: RES) provides essential equipment and services to companies engaged in the exploration, production and maintenance of oil and natural gas wells. The firm operates as an equity interest holding company, partnering with a network of independent service businesses to deliver a comprehensive suite of offerings for well completion and production operations.

Through its affiliated service companies, RPC offers pressure pumping and fracturing services, coiled tubing and nitrogen pumping, downhole tools and telemetry solutions, well intervention and workover services, along with rental tools and supply-chain logistics.