Principal Financial Group Inc. Has $2.60 Million Stock Position in RPC, Inc. (NYSE:RES)

Principal Financial Group Inc. reduced its holdings in RPC, Inc. (NYSE:RES) by 5.7% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 416,719 shares of the oil and gas company’s stock after selling 25,074 shares during the quarter. Principal Financial Group Inc. owned approximately 0.19% of RPC worth $2,604,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. increased its position in shares of RPC by 12.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,401,619 shares of the oil and gas company’s stock worth $10,204,000 after buying an additional 153,518 shares during the period. BNP Paribas Financial Markets increased its position in shares of RPC by 15.2% during the fourth quarter. BNP Paribas Financial Markets now owns 81,425 shares of the oil and gas company’s stock worth $593,000 after buying an additional 10,737 shares during the period. Jump Financial LLC acquired a new stake in shares of RPC during the fourth quarter worth $996,000. Dimensional Fund Advisors LP increased its position in shares of RPC by 7.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 8,684,052 shares of the oil and gas company’s stock worth $63,221,000 after buying an additional 579,638 shares during the period. Finally, Vanguard Personalized Indexing Management LLC acquired a new stake in shares of RPC during the fourth quarter worth $85,000. 41.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently weighed in on RES. Citigroup decreased their price objective on shares of RPC from $6.75 to $5.25 and set a “sell” rating for the company in a research report on Wednesday, July 10th. Susquehanna decreased their price objective on shares of RPC from $7.00 to $6.50 and set a “neutral” rating for the company in a research report on Thursday, July 11th. Finally, Stifel Nicolaus cut their target price on shares of RPC from $8.00 to $7.00 and set a “hold” rating on the stock in a research note on Tuesday, July 16th.

RPC Stock Down 4.0 %

Shares of NYSE RES opened at $5.75 on Thursday. The firm has a market cap of $1.23 billion, a PE ratio of 8.21 and a beta of 1.56. RPC, Inc. has a 12-month low of $5.66 and a 12-month high of $9.41. The company’s fifty day simple moving average is $6.30 and its 200 day simple moving average is $6.82.

RPC (NYSE:RES) last issued its 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 business had revenue of $364.20 million for 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%. RPC’s revenue was down 12.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.30 earnings per share. On average, equities analysts predict that RPC, Inc. will post 0.56 earnings per share for the current year.

RPC Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Friday, August 9th were paid a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date of this dividend was Friday, August 9th. RPC’s dividend payout ratio (DPR) is 22.86%.

RPC 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.