Texas Permanent School Fund Corp Has $1 Million Stock Position in RPC, Inc. (NYSE:RES)

Texas Permanent School Fund Corp grew its stake in shares of RPC, Inc. (NYSE:RES) by 115.1% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 160,197 shares of the oil and gas company’s stock after buying an additional 85,738 shares during the quarter. Texas Permanent School Fund Corp’s holdings in RPC were worth $1,001,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. CWM LLC boosted its holdings in shares of RPC by 256.5% during the 2nd quarter. CWM LLC now owns 5,112 shares of the oil and gas company’s stock valued at $32,000 after acquiring an additional 3,678 shares in the last quarter. Register Financial Advisors LLC bought a new position in RPC in the first quarter valued at about $39,000. Innealta Capital LLC bought a new position in RPC in the second quarter valued at about $44,000. ICA Group Wealth Management LLC acquired a new stake in shares of RPC during the fourth quarter valued at about $47,000. Finally, TFO Wealth Partners LLC grew its holdings in shares of RPC by 304,100.0% during 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 during the last quarter. 41.06% of the stock is currently owned by institutional investors and hedge funds.

RPC Price Performance

Shares of RES opened at $6.59 on Friday. The business has a 50-day moving average of $6.33 and a 200-day moving average of $6.78. The company has a market capitalization of $1.42 billion, a price-to-earnings ratio of 9.41 and a beta of 1.56. RPC, Inc. has a 1 year low of $5.66 and a 1 year high of $9.41.

RPC (NYSE:RES) last released its quarterly earnings results on Thursday, July 25th. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.02. The firm had revenue of $364.20 million during the quarter, compared to analyst estimates of $381.18 million. RPC had a net margin of 8.08% and a return on equity of 11.52%. The company’s revenue was down 12.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.30 EPS. As a group, sell-side analysts anticipate that RPC, Inc. will post 0.56 EPS for the current year.

RPC Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Friday, August 9th were issued a $0.04 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $0.16 annualized dividend and a yield of 2.43%. RPC’s payout ratio is 22.86%.

Analyst Upgrades and Downgrades

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

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.