RPC, Inc. (RES) Shares Bought by JPMorgan Chase & Co.

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JPMorgan Chase & Co. lifted its stake in RPC, Inc. (NYSE:RES) by 69.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 576,147 shares of the oil and gas company’s stock after acquiring an additional 236,102 shares during the period. JPMorgan Chase & Co.’s holdings in RPC were worth $10,389,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. BlackRock Inc. boosted its stake in RPC by 3.8% during the fourth quarter. BlackRock Inc. now owns 3,022,697 shares of the oil and gas company’s stock worth $77,170,000 after buying an additional 111,534 shares in the last quarter. Victory Capital Management Inc. boosted its stake in RPC by 8.7% during the first quarter. Victory Capital Management Inc. now owns 2,106,063 shares of the oil and gas company’s stock worth $37,972,000 after buying an additional 169,333 shares in the last quarter. Mackenzie Financial Corp boosted its stake in RPC by 25.1% during the fourth quarter. Mackenzie Financial Corp now owns 2,038,483 shares of the oil and gas company’s stock worth $52,042,000 after buying an additional 408,900 shares in the last quarter. Deutsche Bank AG boosted its stake in RPC by 5.8% during the fourth quarter. Deutsche Bank AG now owns 1,231,283 shares of the oil and gas company’s stock worth $31,433,000 after buying an additional 67,295 shares in the last quarter. Finally, Scout Investments Inc. boosted its stake in RPC by 83.5% during the first quarter. Scout Investments Inc. now owns 1,107,611 shares of the oil and gas company’s stock worth $19,970,000 after buying an additional 504,118 shares in the last quarter. Institutional investors and hedge funds own 36.44% of the company’s stock.

Shares of NYSE RES opened at $14.18 on Friday. The firm has a market cap of $3.04 billion, a price-to-earnings ratio of 21.48, a P/E/G ratio of 0.62 and a beta of 0.84. RPC, Inc. has a 52-week low of $13.78 and a 52-week high of $27.07.

RPC (NYSE:RES) last released its quarterly earnings results on Wednesday, April 25th. The oil and gas company reported $0.24 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.04). RPC had a net margin of 12.17% and a return on equity of 22.05%. The business had revenue of $436.33 million during the quarter, compared to the consensus estimate of $461.47 million. During the same period in the prior year, the firm earned $0.02 earnings per share. The business’s quarterly revenue was up 46.4% compared to the same quarter last year. equities research analysts anticipate that RPC, Inc. will post 1.26 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, June 11th. Investors of record on Thursday, May 10th were issued a $0.10 dividend. The ex-dividend date was Wednesday, May 9th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.82%. RPC’s dividend payout ratio is 60.61%.

In related news, CFO Ben M. Palmer sold 13,500 shares of RPC stock in a transaction dated Thursday, May 17th. The stock was sold at an average price of $20.03, for a total value of $270,405.00. Following the completion of the transaction, the chief financial officer now directly owns 631,632 shares of the company’s stock, valued at $12,651,588.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Ben M. Palmer sold 3,500 shares of RPC stock in a transaction dated Thursday, May 10th. The shares were sold at an average price of $19.27, for a total value of $67,445.00. Following the completion of the transaction, the chief financial officer now directly owns 645,132 shares of the company’s stock, valued at $12,431,693.64. The disclosure for this sale can be found here. Insiders own 73.50% of the company’s stock.

A number of equities research analysts have weighed in on RES shares. Cowen decreased their price target on shares of RPC from $19.00 to $17.00 and set a “market perform” rating on the stock in a research note on Thursday, April 26th. SunTrust Banks set a $28.00 price target on shares of RPC and gave the stock a “buy” rating in a research note on Monday, April 16th. ValuEngine downgraded shares of RPC from a “sell” rating to a “strong sell” rating in a research note on Tuesday, June 5th. Tudor Pickering downgraded shares of RPC from a “buy” rating to a “hold” rating in a research note on Thursday, April 26th. Finally, Guggenheim downgraded shares of RPC from a “buy” rating to a “neutral” rating in a research note on Thursday, April 26th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $23.22.

About RPC

RPC, Inc provides 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 offers pressure pumping, fracturing, acidizing, 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.

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Institutional Ownership by Quarter for RPC (NYSE:RES)

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