Gabelli Funds LLC Trims Stake in RPC, Inc. (NYSE:RES)

Gabelli Funds LLC lowered its stake in RPC, Inc. (NYSE:RES) by 0.1% during the first quarter, Holdings Channel.com reports. The institutional investor owned 2,266,069 shares of the oil and gas company’s stock after selling 2,031 shares during the period. Gabelli Funds LLC’s holdings in RPC were worth $17,539,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of RES. Signaturefd LLC raised its holdings in RPC by 67.3% in the 4th quarter. Signaturefd LLC now owns 4,580 shares of the oil and gas company’s stock valued at $33,000 after acquiring an additional 1,843 shares during the last quarter. Register Financial Advisors LLC purchased a new position in RPC in the 1st quarter valued at about $39,000. International Assets Investment Management LLC lifted its position in shares of RPC by 632.1% during the fourth quarter. International Assets Investment Management LLC now owns 5,125 shares of the oil and gas company’s stock worth $37,000 after purchasing an additional 4,425 shares during the last quarter. ICA Group Wealth Management LLC acquired a new position in RPC in the fourth quarter worth about $47,000. Finally, TFO Wealth Partners LLC grew its stake in RPC by 304,100.0% in the fourth quarter. TFO Wealth Partners LLC now owns 9,126 shares of the oil and gas company’s stock worth $66,000 after purchasing an additional 9,123 shares in the last quarter. Hedge funds and other institutional investors own 41.06% of the company’s stock.

RPC Trading Up 0.4 %

NYSE:RES traded up $0.03 during midday trading on Friday, hitting $6.96. 3,917,547 shares of the stock were exchanged, compared to its average volume of 1,946,961. RPC, Inc. has a one year low of $5.66 and a one year high of $9.41. The company has a market capitalization of $1.49 billion, a price-to-earnings ratio of 9.94 and a beta of 1.59. The business has a 50-day moving average price of $6.35 and a two-hundred day moving average price of $6.96.

RPC (NYSE:RES) last announced its earnings results on Thursday, July 25th. The oil and gas company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.13 by $0.02. RPC had a return on equity of 11.52% and a net margin of 8.08%. The firm had revenue of $364.20 million for the quarter, compared to analysts’ expectations of $381.18 million. During the same quarter in the previous year, the company earned $0.30 earnings per share. The firm’s quarterly revenue was down 12.4% compared to the same quarter last year. Sell-side analysts forecast that RPC, Inc. will post 0.69 EPS for the current fiscal year.

RPC Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Friday, August 9th will be given a $0.04 dividend. The ex-dividend date of this dividend is Friday, August 9th. This represents a $0.16 annualized dividend and a yield of 2.30%. RPC’s dividend payout ratio (DPR) is 22.86%.

Analysts Set New Price Targets

A number of equities analysts recently commented on RES shares. Citigroup decreased their price target on RPC from $6.75 to $5.25 and set a “sell” rating for the company in a research note on Wednesday, July 10th. Stifel Nicolaus cut their price target on RPC from $8.00 to $7.00 and set a “hold” rating on the stock in a report on Tuesday, July 16th. Finally, Susquehanna cut their price target on RPC from $7.00 to $6.50 and set a “neutral” rating on the stock in a report on Thursday, July 11th.

About RPC

RPC, Inc, through its subsidiaries, engages provision of 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 segment offers pressure pumping, fracturing, acidizing, cementing, 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.