RPC, Inc. $RES Stock Holdings Lessened by Van ECK Associates Corp

Van ECK Associates Corp cut its holdings in RPC, Inc. (NYSE:RES) by 3.4% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 3,344,057 shares of the oil and gas company’s stock after selling 117,903 shares during the period. Van ECK Associates Corp’s holdings in RPC were worth $19,496,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the business. Empowered Funds LLC acquired a new stake in RPC during the second quarter worth about $6,469,000. Bank of America Corp DE bought a new position in RPC in the second quarter worth about $4,847,000. Man Group plc acquired a new position in RPC in the second quarter valued at approximately $92,000. Jupiter Topco LLC bought a new position in shares of RPC during the second quarter valued at approximately $178,000. Finally, PDT Partners LLC bought a new position in shares of RPC during the second quarter valued at approximately $77,000. Institutional investors own 41.06% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Susquehanna cut their price target on RPC from $7.50 to $6.00 and set a “neutral” rating on the stock in a report on Wednesday, July 8th. Weiss Ratings downgraded RPC from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, August 14th. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $6.00.

RPC Stock Up 0.2%

RES opened at $6.41 on Monday. The stock’s 50 day moving average price is $5.92 and its 200 day moving average price is $6.47. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.34 and a quick ratio of 2.76. The stock has a market cap of $1.42 billion, a P/E ratio of 71.22 and a beta of 0.67. RPC, Inc. has a 12 month low of $4.18 and a 12 month high of $8.16.

RPC (NYSE:RES) last announced its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. RPC had a return on equity of 4.82% and a net margin of 1.28%.The company had revenue of $460.87 million during the quarter, compared to analyst estimates of $463.48 million. During the same quarter in the previous year, the firm posted $0.08 EPS. The firm’s quarterly revenue was up 9.5% on a year-over-year basis. As a group, research analysts predict that RPC, Inc. will post 0.26 earnings per share for the current year.

RPC Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Monday, August 10th will be paid a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Monday, August 10th. RPC’s payout ratio is currently 177.78%.

About RPC

RPC, Inc (NYSE: RES) provides essential equipment and services to companies engaged in the exploration, production and maintenance of oil and natural gas wells. The firm operates as an equity interest holding company, partnering with a network of independent service businesses to deliver a comprehensive suite of offerings for well completion and production operations.

Through its affiliated service companies, RPC offers pressure pumping and fracturing services, coiled tubing and nitrogen pumping, downhole tools and telemetry solutions, well intervention and workover services, along with rental tools and supply-chain logistics.