Arrowstreet Capital Limited Partnership Grows Stake in RPC, Inc. $RES

Arrowstreet Capital Limited Partnership boosted its holdings in shares of RPC, Inc. (NYSE:RES) by 31.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,800,246 shares of the oil and gas company’s stock after purchasing an additional 670,432 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in RPC were worth $13,245,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in RES. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in RPC by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 50,558 shares of the oil and gas company’s stock valued at $278,000 after buying an additional 2,190 shares in the last quarter. SummerHaven Investment Management LLC increased its holdings in RPC by 2.1% in the 2nd quarter. SummerHaven Investment Management LLC now owns 137,442 shares of the oil and gas company’s stock valued at $650,000 after acquiring an additional 2,800 shares during the last quarter. State of Alaska Department of Revenue lifted its stake in RPC by 9.9% in the 2nd quarter. State of Alaska Department of Revenue now owns 50,284 shares of the oil and gas company’s stock worth $236,000 after purchasing an additional 4,515 shares in the last quarter. AQR Capital Management LLC lifted its stake in RPC by 1.1% in the 1st quarter. AQR Capital Management LLC now owns 544,365 shares of the oil and gas company’s stock worth $2,994,000 after purchasing an additional 5,914 shares in the last quarter. Finally, Aigen Investment Management LP boosted its holdings in shares of RPC by 18.1% during the 1st quarter. Aigen Investment Management LP now owns 44,296 shares of the oil and gas company’s stock valued at $244,000 after purchasing an additional 6,780 shares during the last quarter. 41.06% of the stock is currently owned by institutional investors.

RPC Trading Down 0.3%

Shares of NYSE RES opened at $5.83 on Tuesday. RPC, Inc. has a 1-year low of $4.10 and a 1-year high of $7.17. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.78 and a quick ratio of 2.31. The business’s 50 day moving average is $5.07 and its two-hundred day moving average is $4.86. The stock has a market capitalization of $1.28 billion, a P/E ratio of 25.33 and a beta of 0.63.

RPC (NYSE:RES) last released its earnings results on Wednesday, November 16th. The oil and gas company reported $0.02 earnings per share for the quarter. The firm had revenue of $225.31 million for the quarter. RPC had a return on equity of 5.58% and a net margin of 3.12%. As a group, research analysts expect that RPC, Inc. will post 0.31 EPS for the current year.

RPC Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Monday, November 10th will be paid a $0.04 dividend. The ex-dividend date of this dividend is Monday, November 10th. This represents a $0.16 annualized dividend and a dividend yield of 2.7%. RPC’s dividend payout ratio is currently 69.57%.

Analyst Ratings Changes

RES has been the topic of several research reports. Wall Street Zen raised RPC from a “hold” rating to a “buy” rating in a report on Saturday, November 29th. Weiss Ratings restated a “hold (c-)” rating on shares of RPC in a report on Monday, December 1st. Finally, Piper Sandler decreased their price objective on RPC from $5.00 to $4.00 and set an “underweight” rating on the stock in a report on Thursday, August 14th. Four analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $4.69.

RPC Company 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.