Bank of America Corp DE lessened its stake in RPC, Inc. (NYSE:RES) by 24.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 867,771 shares of the oil and gas company’s stock after selling 283,066 shares during the period. Bank of America Corp DE owned about 0.40% of RPC worth $12,643,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RES. FMR LLC grew its position in shares of RPC by 1,637.7% in the 2nd quarter. FMR LLC now owns 1,127,761 shares of the oil and gas company’s stock valued at $16,431,000 after buying an additional 1,062,861 shares during the last quarter. Royce & Associates LP grew its position in shares of RPC by 375.0% in the 2nd quarter. Royce & Associates LP now owns 1,170,891 shares of the oil and gas company’s stock valued at $17,060,000 after buying an additional 924,379 shares during the last quarter. Russell Investments Group Ltd. boosted its position in shares of RPC by 3,444.3% during the 1st quarter. Russell Investments Group Ltd. now owns 571,513 shares of the oil and gas company’s stock valued at $10,228,000 after purchasing an additional 555,388 shares in the last quarter. BTIM Corp. bought a new stake in shares of RPC during the 2nd quarter valued at about $7,306,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of RPC by 29.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,506,058 shares of the oil and gas company’s stock valued at $27,154,000 after purchasing an additional 344,919 shares in the last quarter. Hedge funds and other institutional investors own 31.74% of the company’s stock.
RES has been the topic of several research analyst reports. BMO Capital Markets restated a “buy” rating and set a $19.00 target price on shares of RPC in a research report on Wednesday, July 11th. Cowen restated a “hold” rating and set a $15.00 target price on shares of RPC in a research report on Thursday, July 26th. Jefferies Financial Group restated a “hold” rating and set a $15.00 target price on shares of RPC in a research report on Thursday, July 26th. B. Riley set a $16.00 target price on RPC and gave the company a “hold” rating in a research report on Thursday, July 26th. Finally, Zacks Investment Research upgraded RPC from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 3rd. Three investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and two have issued a buy rating to the stock. RPC currently has a consensus rating of “Hold” and a consensus target price of $19.13.
Shares of NYSE:RES opened at $15.30 on Friday. The company has a market capitalization of $3.33 billion, a price-to-earnings ratio of 23.15, a PEG ratio of 0.92 and a beta of 0.84. RPC, Inc. has a 52-week low of $12.96 and a 52-week high of $27.07.
RPC (NYSE:RES) last announced its quarterly earnings results on Wednesday, July 25th. The oil and gas company reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.01). The firm had revenue of $467.93 million during the quarter, compared to the consensus estimate of $488.40 million. RPC had a return on equity of 23.23% and a net margin of 12.60%. The firm’s revenue was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.20 EPS. On average, equities analysts expect that RPC, Inc. will post 0.94 EPS for the current year.
RPC, Inc provides 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 offers pressure pumping, fracturing, acidizing, 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.
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