The Manufacturers Life Insurance Company Grows Stock Holdings in RPC, Inc. (NYSE:RES)

The Manufacturers Life Insurance Company raised its position in shares of RPC, Inc. (NYSE:RES) by 3.7% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 51,819 shares of the oil and gas company’s stock after buying an additional 1,869 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in RPC were worth $324,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Dimensional Fund Advisors LP lifted its position in shares of RPC by 7.9% during the second quarter. Dimensional Fund Advisors LP now owns 10,456,497 shares of the oil and gas company’s stock valued at $65,353,000 after buying an additional 769,578 shares during the last quarter. Van ECK Associates Corp raised its position in shares of RPC by 0.7% in the 1st quarter. Van ECK Associates Corp now owns 2,998,405 shares of the oil and gas company’s stock valued at $23,207,000 after purchasing an additional 19,702 shares during the last quarter. American Century Companies Inc. raised its position in shares of RPC by 24.1% in the 2nd quarter. American Century Companies Inc. now owns 2,236,307 shares of the oil and gas company’s stock valued at $13,977,000 after purchasing an additional 434,849 shares during the last quarter. Victory Capital Management Inc. raised its position in shares of RPC by 48.7% in the 2nd quarter. Victory Capital Management Inc. now owns 2,004,789 shares of the oil and gas company’s stock valued at $12,530,000 after purchasing an additional 656,446 shares during the last quarter. Finally, Empowered Funds LLC raised its position in shares of RPC by 31.9% in the 1st quarter. Empowered Funds LLC now owns 777,986 shares of the oil and gas company’s stock valued at $6,022,000 after purchasing an additional 188,377 shares during the last quarter. 41.06% of the stock is owned by hedge funds and other institutional investors.

RPC Trading Down 5.2 %

Shares of NYSE:RES opened at $6.58 on Friday. RPC, Inc. has a twelve month low of $5.66 and a twelve month high of $9.26. The company’s 50 day moving average is $6.42 and its 200 day moving average is $6.66. The company has a market cap of $1.41 billion, a PE ratio of 9.40 and a beta of 1.55.

RPC (NYSE:RES) last issued its quarterly earnings results on Thursday, July 25th. The oil and gas company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.02. RPC had a net margin of 8.08% and a return on equity of 11.52%. The company had revenue of $364.20 million for the quarter, compared to the consensus estimate of $381.18 million. During the same quarter in the prior year, the company earned $0.30 EPS. RPC’s quarterly revenue was down 12.4% on a year-over-year basis. Equities research analysts predict that RPC, Inc. will post 0.56 earnings per share for the current fiscal year.

RPC Dividend Announcement

The firm also recently declared 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 was Friday, August 9th. This represents a $0.16 annualized dividend and a yield of 2.43%. RPC’s dividend payout ratio (DPR) is presently 22.86%.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. 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. 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. Finally, Stifel Nicolaus decreased their price objective on shares of RPC from $8.00 to $7.00 and set a “hold” rating for the company in a research report on Friday, October 11th.

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.