RPC, Inc. (NYSE:RES) Short Interest Update
RPC, Inc. (NYSE:RES) was the target of a significant increase in short interest in August. As of August 31st, there was short interest totalling 28,730,200 shares, an increase of 51.2% from the July 31st total of 18,997,000 shares. Based on an average daily trading volume, of 2,740,000 shares, the days-to-cover ratio is presently 10.5 days. Currently, 50.1% of the company’s stock are sold short.
A number of large investors have recently added to or reduced their stakes in the business. Nuveen Asset Management LLC bought a new position in RPC during the 2nd quarter worth approximately $1,845,000. Victory Capital Management Inc. lifted its holdings in shares of RPC by 60.6% in the 2nd quarter. Victory Capital Management Inc. now owns 1,957,901 shares of the oil and gas company’s stock worth $14,116,000 after purchasing an additional 738,922 shares during the last quarter. UBS Asset Management Americas Inc. lifted its holdings in shares of RPC by 10.6% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 51,827 shares of the oil and gas company’s stock worth $374,000 after purchasing an additional 4,977 shares during the last quarter. Jane Street Group LLC lifted its holdings in shares of RPC by 561.2% in the 2nd quarter. Jane Street Group LLC now owns 167,464 shares of the oil and gas company’s stock worth $1,207,000 after purchasing an additional 142,135 shares during the last quarter. Finally, Cubist Systematic Strategies LLC lifted its holdings in shares of RPC by 252.3% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 40,243 shares of the oil and gas company’s stock worth $290,000 after purchasing an additional 28,820 shares during the last quarter. 33.79% of the stock is currently owned by institutional investors.
A number of equities research analysts have weighed in on RES shares. Barclays restated a “sell” rating and set a $5.50 price objective on shares of RPC in a research note on Sunday, July 28th. Gabelli lowered RPC from a “buy” rating to a “hold” rating in a research note on Thursday, July 25th. AltaCorp Capital restated an “underperform” rating on shares of RPC in a research note on Thursday, June 20th. Morgan Stanley lowered their price objective on RPC from $15.00 to $10.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Finally, Wells Fargo & Co lowered their price objective on RPC from $5.50 to $4.50 and set an “underperform” rating for the company in a research note on Thursday. Nine investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $10.42.
RPC (NYSE:RES) last released its earnings results on Wednesday, July 24th. The oil and gas company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). RPC had a return on equity of 6.37% and a net margin of 4.55%. The firm had revenue of $358.50 million for the quarter, compared to the consensus estimate of $362.40 million. During the same period in the prior year, the business earned $0.28 EPS. The company’s quarterly revenue was down 23.4% on a year-over-year basis.
RPC, Inc, through its subsidiaries, 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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