RPC Inc. (RES) is Viking Fund Management LLC’s 7th Largest Position
Viking Fund Management LLC increased its position in shares of RPC Inc. (NYSE:RES) by 42.2% during the third quarter, Holdings Channel reports. The firm owned 1,280,000 shares of the company’s stock after buying an additional 380,000 shares during the period. RPC accounts for approximately 3.5% of Viking Fund Management LLC’s investment portfolio, making the stock its 7th largest position. Viking Fund Management LLC’s holdings in RPC were worth $21,504,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in RES. Glenmede Trust Co. NA boosted its stake in shares of RPC by 1.2% in the second quarter. Glenmede Trust Co. NA now owns 9,106 shares of the company’s stock worth $141,000 after buying an additional 106 shares during the period. Utah Retirement Systems boosted its stake in shares of RPC by 2.9% in the second quarter. Utah Retirement Systems now owns 10,560 shares of the company’s stock worth $164,000 after buying an additional 300 shares during the period. Independent Portfolio Consultants Inc. boosted its stake in shares of RPC by 4.9% in the third quarter. Independent Portfolio Consultants Inc. now owns 12,820 shares of the company’s stock worth $215,000 after buying an additional 600 shares during the period. Teacher Retirement System of Texas boosted its stake in shares of RPC by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 9,093 shares of the company’s stock worth $141,000 after buying an additional 1,103 shares during the period. Finally, BNP Paribas Arbitrage SA boosted its stake in shares of RPC by 27.5% in the third quarter. BNP Paribas Arbitrage SA now owns 6,118 shares of the company’s stock worth $103,000 after buying an additional 1,319 shares during the period. Hedge funds and other institutional investors own 34.92% of the company’s stock.
RPC Inc. (NYSE:RES) traded up 1.48% during trading on Thursday, reaching $18.46. The company’s stock had a trading volume of 998,558 shares. RPC Inc. has a 52-week low of $9.73 and a 52-week high of $18.50. The stock’s market cap is $4.02 billion. The firm has a 50 day moving average price of $15.92 and a 200-day moving average price of $15.05.
RPC (NYSE:RES) last released its quarterly earnings results on Wednesday, July 27th. The company reported ($0.23) EPS for the quarter, meeting analysts’ consensus estimates of ($0.23). RPC had a negative return on equity of 16.53% and a negative net margin of 17.29%. The firm had revenue of $143 million for the quarter, compared to analyst estimates of $149.41 million. During the same quarter in the previous year, the company posted ($0.16) EPS. The business’s revenue was down 51.9% on a year-over-year basis. On average, analysts expect that RPC Inc. will post ($0.77) earnings per share for the current year.
A number of brokerages have weighed in on RES. Nomura reiterated a “hold” rating and issued a $14.00 price target on shares of RPC in a research report on Thursday, September 22nd. Citigroup Inc. upped their price target on RPC from $15.00 to $17.00 and gave the company a “neutral” rating in a research report on Wednesday, July 13th. GMP Securities upgraded RPC from a “reduce” rating to a “hold” rating in a research report on Thursday, July 28th. Finally, Seaport Global Securities upgraded RPC from a “reduce” rating to a “neutral” rating and upped their price target for the company from $14.00 to $17.00 in a research report on Tuesday, October 4th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $14.87.
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 to oil and gas companies engaged in the exploration, production and development of oil and gas properties across 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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