RPC, Inc. (NYSE:RES) Shares Bought by Verition Fund Management LLC

Verition Fund Management LLC grew its stake in RPC, Inc. (NYSE:RES) by 58.8% during the third quarter, HoldingsChannel.com reports. The firm owned 150,836 shares of the oil and gas company’s stock after purchasing an additional 55,877 shares during the period. Verition Fund Management LLC’s holdings in RPC were worth $959,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of RES. Pacer Advisors Inc. increased its holdings in RPC by 38.9% in the third quarter. Pacer Advisors Inc. now owns 12,029,993 shares of the oil and gas company’s stock valued at $76,511,000 after buying an additional 3,371,490 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of RPC by 7.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 10,456,497 shares of the oil and gas company’s stock worth $65,353,000 after acquiring an additional 769,578 shares in the last quarter. Victory Capital Management Inc. increased its holdings 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 acquiring an additional 656,446 shares during the last quarter. Edgestream Partners L.P. acquired a new stake in shares of RPC during the 2nd quarter valued at approximately $3,814,000. Finally, Marshall Wace LLP bought a new position in RPC during the second quarter worth $3,349,000. Institutional investors own 41.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Susquehanna lowered their target price on shares of RPC from $6.50 to $6.00 and set a “neutral” rating for the company in a research note on Friday, October 25th. Stifel Nicolaus lowered 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 Price Performance

Shares of RES opened at $5.84 on Monday. RPC, Inc. has a 12 month low of $5.63 and a 12 month high of $8.19. The stock has a fifty day moving average price of $6.31 and a 200 day moving average price of $6.33. The company has a market cap of $1.26 billion, a P/E ratio of 10.43 and a beta of 1.61.

RPC (NYSE:RES) last released its quarterly earnings results on Thursday, October 24th. The oil and gas company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.04). The firm had revenue of $337.70 million for the quarter, compared to the consensus estimate of $365.33 million. RPC had a return on equity of 11.36% and a net margin of 8.07%. The firm’s revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.08 EPS. As a group, research analysts anticipate that RPC, Inc. will post 0.43 earnings per share for the current year.

RPC Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 11th will be issued a dividend of $0.04 per share. The ex-dividend date is Friday, November 8th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 2.74%. RPC’s dividend payout ratio (DPR) is presently 28.57%.

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.