Alps Advisors Inc. boosted its stake in RPC, Inc. (NYSE:RES – Free Report) by 7.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 40,349 shares of the oil and gas company’s stock after buying an additional 2,759 shares during the quarter. Alps Advisors Inc.’s holdings in RPC were worth $361,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RES. Envestnet Asset Management Inc. purchased a new stake in RPC in the 1st quarter worth approximately $193,000. Raymond James & Associates bought a new position in shares of RPC during the 1st quarter valued at $127,000. Bank of New York Mellon Corp raised its holdings in shares of RPC by 14.6% during the 1st quarter. Bank of New York Mellon Corp now owns 746,489 shares of the oil and gas company’s stock valued at $7,965,000 after purchasing an additional 95,260 shares in the last quarter. Citigroup Inc. raised its holdings in shares of RPC by 12.6% during the 1st quarter. Citigroup Inc. now owns 60,635 shares of the oil and gas company’s stock valued at $647,000 after purchasing an additional 6,767 shares in the last quarter. Finally, Natixis Advisors L.P. bought a new position in shares of RPC during the 1st quarter valued at $288,000. Hedge funds and other institutional investors own 36.53% of the company’s stock.
RPC Trading Up 0.3 %
RPC stock opened at $7.55 on Friday. The company has a market capitalization of $1.63 billion, a P/E ratio of 8.39 and a beta of 1.60. The firm’s fifty day simple moving average is $7.10 and its 200-day simple moving average is $7.70. RPC, Inc. has a 1-year low of $6.34 and a 1-year high of $9.41.
RPC Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, March 11th. Investors of record on Friday, February 9th will be paid a $0.04 dividend. The ex-dividend date of this dividend is Thursday, February 8th. This represents a $0.16 dividend on an annualized basis and a yield of 2.12%. RPC’s payout ratio is presently 17.78%.
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.
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