Macquarie Group Ltd. purchased a new stake in RPC, Inc. (NYSE:RES) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 59,800 shares of the oil and gas company’s stock, valued at approximately $1,526,000.
Other large investors have also recently made changes to their positions in the company. YorkBridge Wealth Partners LLC boosted its holdings in RPC by 791.2% in the 4th quarter. YorkBridge Wealth Partners LLC now owns 5,855 shares of the oil and gas company’s stock valued at $115,000 after purchasing an additional 5,198 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in RPC by 7.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,514 shares of the oil and gas company’s stock valued at $132,000 after purchasing an additional 459 shares during the period. Zions Bancorporation purchased a new stake in shares of RPC during the 3rd quarter valued at $137,000. CENTRAL TRUST Co purchased a new stake in shares of RPC during the 4th quarter valued at $147,000. Finally, State of Alaska Department of Revenue purchased a new stake in shares of RPC during the 4th quarter valued at $147,000. 35.32% of the stock is owned by hedge funds and other institutional investors.
Several analysts have recently weighed in on RES shares. Stephens started coverage on shares of RPC in a research report on Tuesday, January 9th. They set an “equal weight” rating and a $28.00 price objective on the stock. Wells Fargo restated a “market perform” rating on shares of RPC in a research report on Friday, January 12th. B. Riley cut shares of RPC from a “buy” rating to a “hold” rating and set a $27.00 price objective on the stock. in a research report on Thursday, December 28th. Cowen set a $28.00 price objective on shares of RPC and gave the company a “hold” rating in a research report on Thursday, January 11th. Finally, Guggenheim set a $25.00 price objective on shares of RPC and gave the company a “buy” rating in a research report on Monday, January 29th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and an average target price of $24.26.
RPC (NYSE:RES) last issued its earnings results on Wednesday, January 24th. The oil and gas company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.16). The business had revenue of $427.30 million during the quarter, compared to analysts’ expectations of $515.04 million. RPC had a return on equity of 16.90% and a net margin of 10.19%. RPC’s revenue for the quarter was up 93.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.10) EPS. analysts forecast that RPC, Inc. will post 1.65 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, March 9th. Investors of record on Friday, February 9th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date was Thursday, February 8th. This is a boost from RPC’s previous quarterly dividend of $0.07. RPC’s dividend payout ratio (DPR) is presently 60.61%.
RPC declared that its Board of Directors has approved a share repurchase program on Monday, February 12th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the oil and gas company to reacquire shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
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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