Envestnet Asset Management Inc. Boosts Stake in RPC, Inc. $RES

Envestnet Asset Management Inc. increased its position in RPC, Inc. (NYSE:RES) by 4.8% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 321,915 shares of the oil and gas company’s stock after purchasing an additional 14,782 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.15% of RPC worth $1,523,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in RPC in the second quarter worth $47,000. State of Wyoming purchased a new stake in shares of RPC in the 1st quarter worth about $53,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of RPC in the 1st quarter worth about $64,000. Wealth Enhancement Advisory Services LLC purchased a new position in RPC during the 2nd quarter valued at about $69,000. Finally, DRW Securities LLC bought a new stake in RPC during the first quarter worth about $70,000. 41.06% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

RES has been the subject of a number of analyst reports. Susquehanna decreased their target price on shares of RPC from $5.50 to $5.00 and set a “neutral” rating for the company in a research note on Friday, July 25th. Wall Street Zen lowered RPC from a “buy” rating to a “hold” rating in a research report on Sunday. Piper Sandler lowered their price objective on RPC from $5.00 to $4.00 and set an “underweight” rating for the company in a research note on Thursday, August 14th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of RPC in a report on Wednesday, October 8th. Three analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $4.69.

RPC Stock Performance

Shares of RES opened at $5.21 on Thursday. The company has a market cap of $1.15 billion, a price-to-earnings ratio of 20.02 and a beta of 0.80. The business’s fifty day simple moving average is $4.86 and its two-hundred day simple moving average is $4.80. RPC, Inc. has a 12 month low of $4.10 and a 12 month high of $7.17. The company has a current ratio of 2.64, a quick ratio of 2.16 and a debt-to-equity ratio of 0.03.

RPC (NYSE:RES) last announced its quarterly earnings results on Wednesday, November 16th. The oil and gas company reported $0.02 earnings per share (EPS) for the quarter. RPC had a return on equity of 5.65% and a net margin of 3.77%.The firm had revenue of $225.31 million for the quarter. Research analysts anticipate that RPC, Inc. will post 0.31 earnings per share for the current fiscal year.

RPC Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 10th. Shareholders of record on Monday, November 10th will be paid a dividend of $0.04 per share. The ex-dividend date is Monday, November 10th. This represents a $0.16 annualized dividend and a yield of 3.1%. RPC’s dividend payout ratio is currently 69.57%.

RPC Company 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.