Morgan Dempsey Capital Management LLC lowered its position in RPC, Inc. (NYSE:RES) by 2.4% during the second quarter, Holdings Channel reports. The firm owned 58,052 shares of the oil and gas company’s stock after selling 1,399 shares during the period. Morgan Dempsey Capital Management LLC’s holdings in RPC were worth $1,173,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of RES. BNP Paribas Arbitrage SA boosted its stake in RPC by 40.9% in the first quarter. BNP Paribas Arbitrage SA now owns 10,503 shares of the oil and gas company’s stock worth $192,000 after buying an additional 3,048 shares during the period. Elkfork Partners LLC boosted its stake in RPC by 86.9% in the first quarter. Elkfork Partners LLC now owns 15,504 shares of the oil and gas company’s stock worth $284,000 after buying an additional 7,208 shares during the period. Capital Fund Management S.A. purchased a new stake in RPC during the first quarter worth approximately $5,402,000. Flinton Capital Management LLC boosted its stake in RPC by 86.9% in the first quarter. Flinton Capital Management LLC now owns 7,296 shares of the oil and gas company’s stock worth $134,000 after buying an additional 3,392 shares during the period. Finally, Chicago Equity Partners LLC boosted its stake in RPC by 291.8% in the first quarter. Chicago Equity Partners LLC now owns 804,545 shares of the oil and gas company’s stock worth $14,731,000 after buying an additional 599,175 shares during the period. Institutional investors and hedge funds own 40.24% of the company’s stock.
RPC, Inc. (RES) opened at 20.70 on Thursday. The firm’s market cap is $4.50 billion. The firm’s 50-day moving average price is $20.39 and its 200 day moving average price is $19.66. RPC, Inc. has a 52-week low of $14.18 and a 52-week high of $23.36.
RPC (NYSE:RES) last issued its earnings results on Wednesday, July 26th. The oil and gas company reported $0.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.14 by $0.06. RPC had a negative net margin of 1.15% and a negative return on equity of 1.74%. The firm had revenue of $399 million for the quarter, compared to analysts’ expectations of $415.65 million. During the same quarter last year, the company posted ($0.23) earnings per share. RPC’s revenue was up 179.0% on a year-over-year basis. On average, equities analysts anticipate that RPC, Inc. will post $0.84 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Shareholders of record on Thursday, August 10th will be paid a $0.06 dividend. The ex-dividend date is Tuesday, August 8th. This represents a $0.24 annualized dividend and a dividend yield of 1.16%. This is a positive change from RPC’s previous quarterly dividend of $0.05. RPC’s dividend payout ratio (DPR) is presently -183.30%.
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A number of research firms have recently commented on RES. Seaport Global Securities reiterated a “neutral” rating on shares of RPC in a research report on Wednesday, July 26th. Jefferies Group LLC reiterated a “buy” rating and set a $26.00 target price on shares of RPC in a research report on Friday, July 21st. Cowen and Company lifted their target price on RPC from $20.00 to $24.00 and gave the stock a “market perform” rating in a research report on Thursday, July 27th. Zacks Investment Research cut RPC from a “buy” rating to a “hold” rating in a research report on Tuesday, July 18th. Finally, Morgan Stanley cut their target price on RPC from $24.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Wednesday, June 21st. Ten analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $22.91.
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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