New York State Teachers Retirement System trimmed its position in shares of RPC, Inc. (NYSE:RES – Get Rating) by 29.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,397 shares of the oil and gas company’s stock after selling 11,022 shares during the quarter. New York State Teachers Retirement System’s holdings in RPC were worth $183,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in the business. Captrust Financial Advisors raised its holdings in shares of RPC by 20.6% during the first quarter. Captrust Financial Advisors now owns 9,037 shares of the oil and gas company’s stock worth $96,000 after acquiring an additional 1,545 shares during the period. Mutual of America Capital Management LLC boosted its position in shares of RPC by 16.7% during the second quarter. Mutual of America Capital Management LLC now owns 11,824 shares of the oil and gas company’s stock worth $82,000 after buying an additional 1,695 shares during the period. Ellevest Inc. lifted its stake in RPC by 45.4% in the 2nd quarter. Ellevest Inc. now owns 9,440 shares of the oil and gas company’s stock valued at $65,000 after acquiring an additional 2,946 shares in the last quarter. Arizona State Retirement System lifted its stake in RPC by 17.0% in the 2nd quarter. Arizona State Retirement System now owns 20,462 shares of the oil and gas company’s stock valued at $141,000 after acquiring an additional 2,968 shares in the last quarter. Finally, Comerica Bank lifted its stake in RPC by 5.5% in the 3rd quarter. Comerica Bank now owns 63,577 shares of the oil and gas company’s stock valued at $594,000 after acquiring an additional 3,320 shares in the last quarter. Institutional investors and hedge funds own 27.15% of the company’s stock.
Analyst Upgrades and Downgrades
Separately, StockNews.com upgraded shares of RPC from a “hold” rating to a “buy” rating in a report on Wednesday. One analyst has rated the stock with a sell rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $11.50.
RPC Price Performance
RPC (NYSE:RES – Get Rating) last posted its quarterly earnings results on Wednesday, October 26th. The oil and gas company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.07. The firm had revenue of $459.60 million for the quarter, compared to analyst estimates of $415.20 million. RPC had a return on equity of 20.68% and a net margin of 10.35%. As a group, sell-side analysts expect that RPC, Inc. will post 0.91 earnings per share for the current year.
RPC Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, December 9th. Shareholders of record on Thursday, November 10th were paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.93%. The ex-dividend date was Wednesday, November 9th. RPC’s dividend payout ratio is currently 11.94%.
Insider Buying and Selling at RPC
In other news, Director Amy Rollins Kreisler sold 53,751 shares of the company’s stock in a transaction dated Friday, November 11th. The shares were sold at an average price of $10.45, for a total value of $561,697.95. Following the sale, the director now directly owns 2,372,232 shares of the company’s stock, valued at approximately $24,789,824.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other RPC news, Director Amy Rollins Kreisler sold 53,751 shares of the firm’s stock in a transaction on Friday, November 11th. The stock was sold at an average price of $10.45, for a total transaction of $561,697.95. Following the completion of the sale, the director now owns 2,372,232 shares of the company’s stock, valued at approximately $24,789,824.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Lor Inc sold 136,597 shares of RPC stock in a transaction on Friday, November 4th. The stock was sold at an average price of $10.67, for a total transaction of $1,457,489.99. Following the transaction, the insider now directly owns 78,801,255 shares of the company’s stock, valued at $840,809,390.85. The disclosure for this sale can be found here. Insiders sold a total of 1,064,193 shares of company stock worth $11,197,202 over the last quarter. 65.90% of the stock is currently owned by insiders.
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.
- Get a free copy of the StockNews.com research report on RPC (RES)
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