Wolverine Asset Management LLC purchased a new position in RPC, Inc. (NYSE:RES) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 49,616 shares of the oil and gas company’s stock, valued at approximately $1,266,000.
Several other institutional investors have also bought and sold shares of RES. The Manufacturers Life Insurance Company lifted its position in shares of RPC by 7.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,514 shares of the oil and gas company’s stock worth $132,000 after buying an additional 459 shares during the last quarter. First Trust Advisors LP bought a new position in shares of RPC in the 3rd quarter worth about $3,815,000. Aperio Group LLC lifted its position in shares of RPC by 12.5% in the 3rd quarter. Aperio Group LLC now owns 67,633 shares of the oil and gas company’s stock worth $1,677,000 after buying an additional 7,535 shares during the last quarter. Raymond James Financial Services Advisors Inc. bought a new position in shares of RPC in the 3rd quarter worth about $216,000. Finally, Prudential Financial Inc. lifted its position in shares of RPC by 19.1% in the 3rd quarter. Prudential Financial Inc. now owns 28,660 shares of the oil and gas company’s stock worth $711,000 after buying an additional 4,600 shares during the last quarter. Institutional investors own 35.46% of the company’s stock.
A number of research firms have recently issued reports on RES. BMO Capital Markets reduced their price target on shares of RPC from $29.00 to $27.00 and set an “outperform” rating on the stock in a research report on Thursday, January 25th. Wells Fargo & Co restated a “market perform” rating on shares of RPC in a research report on Friday, January 12th. Guggenheim set a $25.00 price target on shares of RPC and gave the stock a “buy” rating in a research report on Monday, January 29th. B. Riley set a $27.00 price target on shares of RPC and gave the stock a “hold” rating in a research report on Wednesday, January 24th. Finally, Cowen set a $28.00 price target on shares of RPC and gave the stock a “hold” rating in a research report on Thursday, January 11th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $24.85.
RPC (NYSE:RES) last issued its quarterly earnings data on Wednesday, January 24th. The oil and gas company reported $0.18 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by ($0.16). The firm had revenue of $427.30 million during the quarter, compared to the consensus estimate of $515.04 million. RPC had a net margin of 10.19% and a return on equity of 16.90%. The company’s revenue for the quarter was up 93.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.10) earnings per share. sell-side analysts expect that RPC, Inc. will post 1.66 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 9th. Investors of record on Friday, February 9th were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, February 8th. This is an increase from RPC’s previous quarterly dividend of $0.07. This represents a $0.40 annualized dividend and a yield of 1.94%. RPC’s dividend payout ratio (DPR) is currently 60.61%.
RPC announced that its Board of Directors has authorized a stock buyback plan on Monday, February 12th that permits the company to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the oil and gas company to purchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
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RPC Company Profile
RPC, Inc (RPC) is a holding company for several oilfield services companies. The Company provides a range of specialized oilfield services and equipment primarily to independent oil and gas companies engaged in the exploration, production and development of oil and gas properties throughout the United States, including the southwest, mid-continent, Gulf of Mexico, Rocky Mountain and Appalachian regions, and in selected international markets.
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