RPC, Inc. (RES) Short Interest Down 36.4% in May
RPC, Inc. (NYSE:RES) saw a significant decrease in short interest during the month of May. As of May 15th, there was short interest totalling 15,662,371 shares, a decrease of 36.4% from the April 30th total of 24,636,582 shares. Currently, 27.7% of the company’s stock are sold short. Based on an average trading volume of 1,472,092 shares, the short-interest ratio is presently 10.6 days.
In related news, CFO Ben M. Palmer sold 13,500 shares of the stock in a transaction that occurred on Thursday, May 17th. The shares were sold at an average price of $20.03, for a total transaction of $270,405.00. Following the completion of the sale, the chief financial officer now owns 631,632 shares of the company’s stock, valued at $12,651,588.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Ben M. Palmer sold 3,500 shares of the stock in a transaction that occurred on Thursday, May 10th. The shares were sold at an average price of $19.27, for a total transaction of $67,445.00. Following the sale, the chief financial officer now directly owns 645,132 shares of the company’s stock, valued at approximately $12,431,693.64. The disclosure for this sale can be found here. Corporate insiders own 73.50% of the company’s stock.
Several large investors have recently added to or reduced their stakes in RES. Schwab Charles Investment Management Inc. increased its stake in shares of RPC by 4.7% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 454,217 shares of the oil and gas company’s stock worth $11,597,000 after acquiring an additional 20,196 shares during the period. State of Alaska Department of Revenue acquired a new stake in shares of RPC in the fourth quarter worth $147,000. APG Asset Management N.V. acquired a new stake in shares of RPC in the fourth quarter worth $2,507,000. Eqis Capital Management Inc. increased its stake in shares of RPC by 13.1% in the fourth quarter. Eqis Capital Management Inc. now owns 22,171 shares of the oil and gas company’s stock worth $566,000 after acquiring an additional 2,561 shares during the period. Finally, Mutual of America Capital Management LLC increased its stake in shares of RPC by 21.8% in the fourth quarter. Mutual of America Capital Management LLC now owns 175,738 shares of the oil and gas company’s stock worth $4,487,000 after acquiring an additional 31,410 shares during the period. Hedge funds and other institutional investors own 36.60% of the company’s stock.
NYSE:RES opened at $16.42 on Friday. The firm has a market capitalization of $3.67 billion, a PE ratio of 24.88, a price-to-earnings-growth ratio of 0.75 and a beta of 0.85. RPC has a 1-year low of $16.38 and a 1-year high of $27.07.
RPC (NYSE:RES) last released its quarterly earnings data on Wednesday, April 25th. The oil and gas company reported $0.24 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.04). The business had revenue of $436.33 million during the quarter, compared to analyst estimates of $461.47 million. RPC had a return on equity of 22.05% and a net margin of 12.17%. The firm’s revenue was up 46.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.02 EPS. research analysts forecast that RPC will post 1.26 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 11th. Stockholders of record on Thursday, May 10th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, May 9th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.44%. RPC’s payout ratio is currently 60.61%.
RPC announced that its board has authorized a share buyback program on Monday, February 12th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the oil and gas company to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
RPC Company Profile
RPC, Inc provides 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 offers pressure pumping, fracturing, acidizing, 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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