Renaissance Technologies LLC Sells 796,119 Shares of RPC, Inc. $RES

Renaissance Technologies LLC trimmed its stake in RPC, Inc. (NYSE:RES) by 76.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 250,300 shares of the oil and gas company’s stock after selling 796,119 shares during the period. Renaissance Technologies LLC owned 0.11% of RPC worth $1,772,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in RPC by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 50,558 shares of the oil and gas company’s stock worth $278,000 after buying an additional 2,190 shares in the last quarter. Mariner LLC boosted its position in RPC by 3.3% during the 3rd quarter. Mariner LLC now owns 76,699 shares of the oil and gas company’s stock valued at $365,000 after acquiring an additional 2,446 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of RPC by 2.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 128,551 shares of the oil and gas company’s stock worth $699,000 after acquiring an additional 2,648 shares during the period. State Board of Administration of Florida Retirement System grew its holdings in shares of RPC by 1.7% during the 4th quarter. State Board of Administration of Florida Retirement System now owns 204,551 shares of the oil and gas company’s stock worth $1,113,000 after acquiring an additional 3,411 shares during the period. Finally, Baird Financial Group Inc. raised its position in shares of RPC by 0.9% in the 2nd quarter. Baird Financial Group Inc. now owns 396,393 shares of the oil and gas company’s stock worth $1,875,000 after acquiring an additional 3,542 shares in the last quarter. Hedge funds and other institutional investors own 41.06% of the company’s stock.

RPC Price Performance

Shares of RES opened at $6.31 on Wednesday. RPC, Inc. has a fifty-two week low of $4.18 and a fifty-two week high of $8.16. The firm’s 50-day simple moving average is $6.08 and its two-hundred day simple moving average is $6.46. The stock has a market cap of $1.40 billion, a PE ratio of 70.11 and a beta of 0.67. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.76 and a current ratio of 3.34.

RPC (NYSE:RES) last issued its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. The firm had revenue of $460.87 million for the quarter, compared to analysts’ expectations of $463.48 million. RPC had a return on equity of 4.82% and a net margin of 1.28%.The business’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.08 EPS. Analysts anticipate that RPC, Inc. will post 0.26 earnings per share for the current fiscal year.

RPC Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Monday, August 10th will be issued a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Monday, August 10th. RPC’s payout ratio is 177.78%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on RES. Weiss Ratings restated a “hold (c)” rating on shares of RPC in a research report on Friday, July 10th. Susquehanna decreased their price objective on RPC from $7.50 to $6.00 and set a “neutral” rating for the company in a report on Wednesday, July 8th. Three equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $5.33.

RPC Profile

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.