Icon Advisers Inc. Co. Buys 44,200 Shares of RPC, Inc. (RES)
Icon Advisers Inc. Co. grew its stake in shares of RPC, Inc. (NYSE:RES) by 10.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 480,300 shares of the oil and gas company’s stock after buying an additional 44,200 shares during the quarter. Icon Advisers Inc. Co. owned 0.22% of RPC worth $9,707,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in the company. Pacer Advisors Inc. grew its stake in shares of RPC by 12.0% during the second quarter. Pacer Advisors Inc. now owns 11,360 shares of the oil and gas company’s stock valued at $230,000 after buying an additional 1,216 shares during the last quarter. Sei Investments Co. grew its stake in shares of RPC by 5.0% during the first quarter. Sei Investments Co. now owns 32,451 shares of the oil and gas company’s stock valued at $594,000 after buying an additional 1,535 shares during the last quarter. Virginia Retirement Systems ET AL grew its stake in shares of RPC by 8.3% during the first quarter. Virginia Retirement Systems ET AL now owns 20,471 shares of the oil and gas company’s stock valued at $375,000 after buying an additional 1,571 shares during the last quarter. Alpha Windward LLC grew its stake in shares of RPC by 7.5% during the second quarter. Alpha Windward LLC now owns 24,637 shares of the oil and gas company’s stock valued at $498,000 after buying an additional 1,717 shares during the last quarter. Finally, AlphaOne Investment Services LLC grew its stake in shares of RPC by 0.9% during the first quarter. AlphaOne Investment Services LLC now owns 189,247 shares of the oil and gas company’s stock valued at $3,465,000 after buying an additional 1,726 shares during the last quarter. 38.18% of the stock is currently owned by hedge funds and other institutional investors.
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RES has been the topic of a number of recent research reports. Jefferies Group LLC reaffirmed a “buy” rating and set a $26.00 price objective on shares of RPC in a research note on Friday, July 21st. Barclays PLC initiated coverage on RPC in a research note on Tuesday, September 5th. They set an “equal weight” rating and a $19.00 price objective on the stock. Morgan Stanley reduced their price objective on RPC from $24.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Wednesday, June 21st. Seaport Global Securities cut RPC from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $25.00 to $20.00 in a research note on Wednesday, June 21st. Finally, Cowen and Company raised their price objective on RPC from $20.00 to $24.00 and gave the company a “market perform” rating in a research note on Thursday, July 27th. Eleven research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $22.69.
RPC, Inc. (NYSE:RES) traded up 3.09% during mid-day trading on Wednesday, hitting $22.37. 649,252 shares of the stock were exchanged. RPC, Inc. has a 52 week low of $14.18 and a 52 week high of $23.36. The firm’s market capitalization is $4.86 billion. The company’s 50-day moving average price is $19.91 and its 200 day moving average price is $19.32.
RPC (NYSE:RES) last issued its quarterly earnings results on Wednesday, July 26th. The oil and gas company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.14 by $0.06. The company had revenue of $399.00 million for the quarter, compared to the consensus estimate of $415.65 million. RPC had a negative net margin of 1.15% and a negative return on equity of 1.74%. The firm’s revenue was up 179.0% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.23) EPS. Equities research analysts expect that RPC, Inc. will post $0.81 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, September 11th. Investors of record on Thursday, August 10th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.11%. This is an increase from RPC’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Tuesday, August 8th. RPC’s dividend payout ratio is presently -183.30%.
RPC, Inc (RPC) is a holding company for several oilfield services companies. The Company provides a range of specialized oilfield services and equipment primarily to independent oil and gas companies engaged in the exploration, production and development of oil and gas properties throughout the United States, including the southwest, mid-continent, Gulf of Mexico, Rocky Mountain and Appalachian regions, and in selected international markets.
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