PNC Financial Services Group Inc. Lowers Stock Position in RPC, Inc. (NYSE:RES)

PNC Financial Services Group Inc. reduced its stake in shares of RPC, Inc. (NYSE:RES) by 51.5% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,859 shares of the oil and gas company’s stock after selling 6,227 shares during the period. PNC Financial Services Group Inc.’s holdings in RPC were worth $35,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Nicholas Hoffman & Company LLC. purchased a new stake in RPC during the fourth quarter worth about $59,000. GAMMA Investing LLC lifted its position in shares of RPC by 437.4% during the 4th quarter. GAMMA Investing LLC now owns 10,087 shares of the oil and gas company’s stock valued at $60,000 after acquiring an additional 8,210 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of RPC during the 4th quarter worth approximately $64,000. Ieq Capital LLC acquired a new stake in shares of RPC in the 4th quarter worth approximately $65,000. Finally, Nisa Investment Advisors LLC increased its stake in RPC by 383.2% in the 4th quarter. Nisa Investment Advisors LLC now owns 11,312 shares of the oil and gas company’s stock valued at $67,000 after purchasing an additional 8,971 shares in the last quarter. 41.06% of the stock is owned by institutional investors and hedge funds.

RPC Trading Up 1.2 %

Shares of RPC stock opened at $5.63 on Friday. The company has a fifty day moving average price of $5.91 and a 200 day moving average price of $6.11. RPC, Inc. has a twelve month low of $5.04 and a twelve month high of $8.19. The stock has a market cap of $1.22 billion, a price-to-earnings ratio of 13.08 and a beta of 1.52.

RPC (NYSE:RES) last announced its earnings results on Thursday, January 30th. The oil and gas company reported $0.06 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.06. RPC had a return on equity of 8.62% and a net margin of 6.46%. Analysts forecast that RPC, Inc. will post 0.31 earnings per share for the current year.

RPC Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Monday, February 10th were paid a dividend of $0.04 per share. The ex-dividend date of this dividend was Monday, February 10th. This represents a $0.16 annualized dividend and a yield of 2.84%. RPC’s dividend payout ratio (DPR) is 37.21%.

Analysts Set New Price Targets

Separately, Citigroup boosted their price objective on shares of RPC from $5.25 to $5.50 and gave the stock a “sell” rating in a research report on Thursday, February 20th.

RPC Company Profile

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.