Wedge Capital Management L L P NC Buys New Shares in RPC, Inc. (NYSE:RES)

Wedge Capital Management L L P NC purchased a new position in shares of RPC, Inc. (NYSE:RES) during the 3rd quarter, HoldingsChannel reports. The firm purchased 147,212 shares of the oil and gas company’s stock, valued at approximately $936,000.

A number of other hedge funds also recently bought and sold shares of the stock. Exchange Traded Concepts LLC lifted its position in shares of RPC by 39.8% during the 3rd quarter. Exchange Traded Concepts LLC now owns 164,990 shares of the oil and gas company’s stock worth $1,049,000 after buying an additional 46,995 shares during the last quarter. Inspire Investing LLC raised its stake in RPC by 15.3% during the 3rd quarter. Inspire Investing LLC now owns 64,494 shares of the oil and gas company’s stock worth $410,000 after acquiring an additional 8,552 shares in the last quarter. CWM LLC lifted its position in RPC by 130.0% in the third quarter. CWM LLC now owns 11,758 shares of the oil and gas company’s stock valued at $75,000 after acquiring an additional 6,646 shares during the last quarter. SG Americas Securities LLC purchased a new stake in RPC in the third quarter valued at $156,000. Finally, Creative Planning boosted its stake in RPC by 876.5% in the second quarter. Creative Planning now owns 241,471 shares of the oil and gas company’s stock valued at $1,509,000 after acquiring an additional 216,742 shares in the last quarter. Institutional investors and hedge funds own 41.06% of the company’s stock.

Analyst Upgrades and Downgrades

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

RPC Stock Down 5.2 %

NYSE RES opened at $6.58 on Friday. The firm has a market cap of $1.41 billion, a P/E ratio of 9.40 and a beta of 1.55. RPC, Inc. has a 52-week low of $5.66 and a 52-week high of $9.26. The business’s 50-day moving average price is $6.42 and its 200 day moving average price is $6.66.

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

RPC Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Friday, August 9th were paid a dividend of $0.04 per share. The ex-dividend date was Friday, August 9th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 2.43%. RPC’s dividend payout ratio (DPR) is 22.86%.

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.