Insider Selling: RPC, Inc. (NYSE:RES) Major Shareholder Sells 750,000 Shares of Stock

RPC, Inc. (NYSE:RESGet Rating) major shareholder Lor Inc sold 750,000 shares of the stock in a transaction that occurred on Tuesday, May 31st. The shares were sold at an average price of $9.56, for a total transaction of $7,170,000.00. Following the completion of the transaction, the insider now owns 6,040,392 shares of the company’s stock, valued at $57,746,147.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Lor Inc also recently made the following trade(s):

  • On Thursday, May 26th, Lor Inc sold 201,606 shares of RPC stock. The stock was sold at an average price of $9.29, for a total transaction of $1,872,919.74.
  • On Tuesday, May 24th, Lor Inc sold 311,864 shares of RPC stock. The stock was sold at an average price of $8.85, for a total transaction of $2,759,996.40.
  • On Thursday, March 24th, Lor Inc sold 70,000 shares of RPC stock. The stock was sold at an average price of $10.20, for a total transaction of $714,000.00.

RES stock traded down $0.23 during midday trading on Thursday, reaching $9.29. The company had a trading volume of 1,975,737 shares, compared to its average volume of 1,578,139. RPC, Inc. has a 1 year low of $3.33 and a 1 year high of $12.91. The company has a market capitalization of $2.01 billion, a P/E ratio of 61.94 and a beta of 1.52. The company has a 50 day moving average of $10.36 and a two-hundred day moving average of $7.83.

RPC (NYSE:RESGet Rating) last released its quarterly earnings results on Wednesday, April 27th. The oil and gas company reported $0.07 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.07. The business had revenue of $284.60 million for the quarter, compared to the consensus estimate of $286.68 million. RPC had a net margin of 3.31% and a return on equity of 5.00%. RPC’s revenue for the quarter was up 55.9% on a year-over-year basis. During the same quarter last year, the firm earned ($0.05) EPS. As a group, equities research analysts predict that RPC, Inc. will post 0.44 EPS for the current year.

A number of brokerages recently weighed in on RES. Citigroup raised their target price on shares of RPC to $10.00 and gave the stock a “na” rating in a report on Tuesday, May 17th. Zacks Investment Research lowered shares of RPC from a “strong-buy” rating to a “hold” rating and set a $11.00 price objective for the company. in a research note on Tuesday, March 29th. StockNews.com started coverage on shares of RPC in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Atb Cap Markets reaffirmed an “underperform” rating on shares of RPC in a research note on Sunday, April 17th. Finally, Johnson Rice raised shares of RPC from a “hold” rating to an “accumulate” rating and set a $13.00 price objective for the company in a research note on Wednesday, April 27th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, RPC currently has a consensus rating of “Hold” and an average price target of $11.33.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. grew its position in RPC by 2.6% in the 1st quarter. BlackRock Inc. now owns 11,572,911 shares of the oil and gas company’s stock worth $123,482,000 after purchasing an additional 294,681 shares during the last quarter. Van ECK Associates Corp lifted its holdings in RPC by 10.3% during the 1st quarter. Van ECK Associates Corp now owns 9,633,501 shares of the oil and gas company’s stock valued at $102,789,000 after purchasing an additional 895,959 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of RPC by 3.1% in the first quarter. Vanguard Group Inc. now owns 8,399,125 shares of the oil and gas company’s stock worth $89,619,000 after acquiring an additional 255,284 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of RPC by 10.0% in the first quarter. Dimensional Fund Advisors LP now owns 4,933,835 shares of the oil and gas company’s stock worth $52,645,000 after acquiring an additional 449,010 shares during the last quarter. Finally, State Street Corp raised its stake in shares of RPC by 29.1% in the first quarter. State Street Corp now owns 3,306,536 shares of the oil and gas company’s stock worth $35,281,000 after acquiring an additional 744,744 shares during the last quarter. Hedge funds and other institutional investors own 27.15% of the company’s stock.

RPC Company Profile (Get Rating)

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 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.

Further Reading

Insider Buying and Selling by Quarter for RPC (NYSE:RES)

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