Virginia Retirement Systems ET AL Takes $517,000 Position in RPC, Inc. (RES)
Virginia Retirement Systems ET AL purchased a new stake in RPC, Inc. (NYSE:RES) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 33,400 shares of the oil and gas company’s stock, valued at approximately $517,000.
A number of other institutional investors have also bought and sold shares of RES. FMR LLC raised its stake in RPC by 1,637.7% in the second quarter. FMR LLC now owns 1,127,761 shares of the oil and gas company’s stock valued at $16,431,000 after buying an additional 1,062,861 shares in the last quarter. Royce & Associates LP raised its stake in RPC by 375.0% in the second quarter. Royce & Associates LP now owns 1,170,891 shares of the oil and gas company’s stock valued at $17,060,000 after buying an additional 924,379 shares in the last quarter. First Trust Advisors LP raised its stake in RPC by 539.1% in the third quarter. First Trust Advisors LP now owns 938,087 shares of the oil and gas company’s stock valued at $14,522,000 after buying an additional 791,299 shares in the last quarter. BTIM Corp. acquired a new stake in RPC in the second quarter valued at $7,306,000. Finally, Federated Investors Inc. PA raised its stake in RPC by 991.6% in the second quarter. Federated Investors Inc. PA now owns 364,076 shares of the oil and gas company’s stock valued at $5,305,000 after buying an additional 330,724 shares in the last quarter. Institutional investors own 32.06% of the company’s stock.
RES opened at $14.42 on Tuesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.01 and a current ratio of 3.74. RPC, Inc. has a one year low of $12.86 and a one year high of $27.07. The stock has a market cap of $3.01 billion, a PE ratio of 21.85, a PEG ratio of 0.92 and a beta of 0.70.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 10th. Investors of record on Friday, November 9th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date of this dividend is Thursday, November 8th. RPC’s dividend payout ratio is currently 60.61%.
RES has been the topic of a number of analyst reports. Cowen restated a “hold” rating and issued a $15.00 price target on shares of RPC in a research note on Thursday, July 26th. Macquarie set a $13.00 price target on RPC and gave the company a “hold” rating in a research note on Thursday, October 25th. Bank of America initiated coverage on RPC in a research note on Wednesday, October 17th. They issued a “neutral” rating on the stock. BMO Capital Markets cut RPC from an “outperform” rating to a “market perform” rating and cut their price target for the company from $19.00 to $16.00 in a research note on Thursday, August 9th. Finally, Zacks Investment Research cut RPC from a “hold” rating to a “sell” rating in a research report on Tuesday, July 31st. Three investment analysts have rated the stock with a sell rating and seventeen have assigned a hold rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $17.35.
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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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