RPC, Inc. (RES) Stake Increased by South Street Advisors LLC
South Street Advisors LLC lifted its position in RPC, Inc. (NYSE:RES) by 3.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 352,250 shares of the oil and gas company’s stock after acquiring an additional 11,470 shares during the quarter. RPC makes up approximately 1.6% of South Street Advisors LLC’s portfolio, making the stock its 28th largest position. South Street Advisors LLC owned about 0.16% of RPC worth $5,132,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of RES. NumerixS Investment Technologies Inc grew its position in RPC by 101.1% during the second quarter. NumerixS Investment Technologies Inc now owns 10,861 shares of the oil and gas company’s stock valued at $159,000 after buying an additional 5,461 shares during the period. Envestnet Asset Management Inc. grew its position in RPC by 73.6% during the first quarter. Envestnet Asset Management Inc. now owns 9,164 shares of the oil and gas company’s stock valued at $166,000 after buying an additional 3,885 shares during the period. Quantitative Systematic Strategies LLC bought a new position in RPC during the second quarter valued at about $169,000. BlueMountain Capital Management LLC grew its position in RPC by 484.4% during the second quarter. BlueMountain Capital Management LLC now owns 12,833 shares of the oil and gas company’s stock valued at $187,000 after buying an additional 10,637 shares during the period. Finally, Brinker Capital Inc. bought a new position in RPC during the first quarter valued at about $188,000. Hedge funds and other institutional investors own 31.76% of the company’s stock.
Shares of NYSE:RES opened at $14.92 on Monday. The stock has a market cap of $3.10 billion, a price-to-earnings ratio of 22.61, a price-to-earnings-growth ratio of 0.85 and a beta of 0.89. RPC, Inc. has a twelve month low of $12.96 and a twelve month high of $27.07.
The firm also recently announced a quarterly dividend, which was paid on Monday, September 10th. Shareholders of record on Friday, August 10th were given a dividend of $0.10 per share. The ex-dividend date was Thursday, August 9th. This represents a $0.40 dividend on an annualized basis and a yield of 2.68%. RPC’s dividend payout ratio is presently 60.61%.
Several research firms recently weighed in on RES. Citigroup reduced their price target on shares of RPC from $18.00 to $15.00 and set a “neutral” rating for the company in a research report on Monday, July 9th. Cowen restated a “hold” rating and set a $15.00 price target on shares of RPC in a research report on Thursday, July 26th. Seaport Global Securities restated a “neutral” rating on shares of RPC in a research report on Thursday, July 26th. BMO Capital Markets restated a “buy” rating and set a $19.00 price target on shares of RPC in a research report on Wednesday, July 11th. Finally, B. Riley set a $16.00 price target on shares of RPC and gave the company a “hold” rating in a research report on Thursday, July 26th. Three analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $19.94.
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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