Commerce Bank lifted its position in RPC, Inc. (NYSE:RES) by 1.8% during the 4th quarter, Holdings Channel reports. The firm owned 653,981 shares of the oil and gas company’s stock after acquiring an additional 11,633 shares during the period. Commerce Bank’s holdings in RPC were worth $16,697,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of RES. Bank of Hawaii bought a new stake in RPC in the fourth quarter valued at $231,000. Quadrature Capital Ltd bought a new stake in RPC in the fourth quarter valued at $387,000. YorkBridge Wealth Partners LLC boosted its holdings in RPC by 791.2% in the fourth quarter. YorkBridge Wealth Partners LLC now owns 5,855 shares of the oil and gas company’s stock valued at $115,000 after acquiring an additional 5,198 shares in the last quarter. OppenheimerFunds Inc. boosted its holdings in RPC by 3.2% in the fourth quarter. OppenheimerFunds Inc. now owns 1,084,270 shares of the oil and gas company’s stock valued at $27,681,000 after acquiring an additional 33,150 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new stake in RPC in the fourth quarter valued at $559,000. Hedge funds and other institutional investors own 35.80% of the company’s stock.
RPC, Inc. (NYSE RES) opened at $19.62 on Wednesday. The stock has a market capitalization of $4,268.91, a PE ratio of 29.42, a PEG ratio of 0.66 and a beta of 0.73. RPC, Inc. has a 52-week low of $16.63 and a 52-week high of $27.07.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 9th. Stockholders of record on Friday, February 9th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.04%. The ex-dividend date is Thursday, February 8th. This is a positive change from RPC’s previous quarterly dividend of $0.07. RPC’s payout ratio is currently 53.33%.
RPC declared that its board has initiated a stock repurchase program on Monday, February 12th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the oil and gas company to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.
Several analysts recently weighed in on RES shares. Stephens started coverage on shares of RPC in a report on Tuesday, January 9th. They issued an “equal weight” rating and a $28.00 price target on the stock. B. Riley set a $27.00 price target on shares of RPC and gave the company a “buy” rating in a report on Tuesday, November 14th. Wells Fargo & Co reiterated a “market perform” rating on shares of RPC in a report on Friday, January 12th. Cowen set a $28.00 price target on shares of RPC and gave the company a “hold” rating in a report on Thursday, January 11th. Finally, Guggenheim set a $25.00 price target on shares of RPC and gave the company a “buy” rating in a report on Monday, January 29th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. RPC presently has a consensus rating of “Hold” and an average price target of $24.85.
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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