Dark Forest Capital Management LP Makes New $265,000 Investment in RPC, Inc. (NYSE:RES)

Dark Forest Capital Management LP purchased a new position in shares of RPC, Inc. (NYSE:RES) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 44,599 shares of the oil and gas company’s stock, valued at approximately $265,000.

A number of other institutional investors also recently bought and sold shares of RES. ExodusPoint Capital Management LP purchased a new stake in RPC during the 4th quarter worth about $3,632,000. Van ECK Associates Corp increased its position in shares of RPC by 27.2% during the fourth quarter. Van ECK Associates Corp now owns 2,838,991 shares of the oil and gas company’s stock worth $16,863,000 after purchasing an additional 607,255 shares in the last quarter. First Trust Advisors LP increased its position in shares of RPC by 690.7% during the fourth quarter. First Trust Advisors LP now owns 657,981 shares of the oil and gas company’s stock worth $3,908,000 after purchasing an additional 574,765 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of RPC by 4.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 11,620,598 shares of the oil and gas company’s stock worth $69,025,000 after purchasing an additional 459,700 shares in the last quarter. Finally, American Century Companies Inc. increased its position in shares of RPC by 11.2% during the fourth quarter. American Century Companies Inc. now owns 3,039,581 shares of the oil and gas company’s stock worth $18,055,000 after purchasing an additional 306,976 shares in the last quarter. 41.06% of the stock is owned by hedge funds and other institutional investors.

RPC Price Performance

RPC stock opened at $4.98 on Tuesday. The business has a 50 day simple moving average of $5.22 and a 200-day simple moving average of $5.85. RPC, Inc. has a 12 month low of $4.10 and a 12 month high of $7.54. The stock has a market capitalization of $1.08 billion, a PE ratio of 11.58 and a beta of 1.27.

RPC (NYSE:RES) last issued its quarterly earnings results on Thursday, April 24th. The oil and gas company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.01). RPC had a return on equity of 8.62% and a net margin of 6.46%. The company had revenue of $332.88 million for the quarter, compared to analyst estimates of $326.72 million. During the same period in the prior year, the business earned $0.13 earnings per share. RPC’s revenue for the quarter was down 11.9% compared to the same quarter last year. As a group, equities research analysts anticipate that RPC, Inc. will post 0.31 EPS for the current year.

RPC Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Friday, May 9th will be issued a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 3.21%. The ex-dividend date of this dividend is Friday, May 9th. RPC’s dividend payout ratio is presently 37.21%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on RES shares. Susquehanna cut their target price on RPC from $6.00 to $5.50 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Citigroup upgraded RPC from a “sell” rating to a “neutral” rating and cut their target price for the stock from $5.50 to $4.75 in a research report on Tuesday, April 8th.

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.