RPC, Inc. $RES Shares Sold by Van ECK Associates Corp

Van ECK Associates Corp decreased its stake in RPC, Inc. (NYSE:RES) by 3.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,344,057 shares of the oil and gas company’s stock after selling 117,903 shares during the period. Van ECK Associates Corp owned approximately 1.51% of RPC worth $19,496,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Empowered Funds LLC purchased a new stake in shares of RPC during the 2nd quarter valued at about $6,469,000. Bank of America Corp DE purchased a new position in RPC in the 2nd quarter worth approximately $4,847,000. Man Group plc acquired a new stake in RPC in the second quarter valued at approximately $92,000. Jupiter Topco LLC acquired a new stake in RPC in the second quarter valued at approximately $178,000. Finally, PDT Partners LLC purchased a new stake in shares of RPC during the second quarter valued at approximately $77,000. Institutional investors and hedge funds own 41.06% of the company’s stock.

RPC Price Performance

Shares of RES stock opened at $6.41 on Monday. The firm has a fifty day moving average of $5.92 and a two-hundred day moving average of $6.47. The firm has a market cap of $1.42 billion, a P/E ratio of 71.22 and a beta of 0.67. RPC, Inc. has a 1-year low of $4.18 and a 1-year high of $8.16. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.34 and a quick ratio of 2.76.

RPC (NYSE:RES) last issued its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.04 by $0.04. The business had revenue of $460.87 million for the quarter, compared to analysts’ expectations of $463.48 million. RPC had a net margin of 1.28% and a return on equity of 4.82%. The company’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.08 earnings per share. As a group, research analysts anticipate that RPC, Inc. will post 0.26 earnings per share for the current fiscal year.

RPC Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Monday, August 10th will be given a $0.04 dividend. The ex-dividend date is Monday, August 10th. This represents a $0.16 annualized dividend and a dividend yield of 2.5%. RPC’s dividend payout ratio (DPR) is presently 177.78%.

Wall Street Analysts Forecast Growth

RES has been the subject of several analyst reports. Weiss Ratings downgraded shares of RPC from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, August 14th. Susquehanna dropped their price target on shares of RPC from $7.50 to $6.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 8th. Three investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Reduce” and an average price target of $6.00.

RPC Profile

RPC, Inc (NYSE: RES) provides essential equipment and services to companies engaged in the exploration, production and maintenance of oil and natural gas wells. The firm operates as an equity interest holding company, partnering with a network of independent service businesses to deliver a comprehensive suite of offerings for well completion and production operations.

Through its affiliated service companies, RPC offers pressure pumping and fracturing services, coiled tubing and nitrogen pumping, downhole tools and telemetry solutions, well intervention and workover services, along with rental tools and supply-chain logistics.