Scotia Capital Inc. Acquires Shares of 12,091 RPC, Inc. (NYSE:RES)

Scotia Capital Inc. bought a new position in shares of RPC, Inc. (NYSE:RES – Get Rating) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 12,091 shares of the oil and gas company’s stock, valued at approximately $107,000.

Several other institutional investors and hedge funds have also made changes to their positions in RES. Credit Suisse AG grew its stake in RPC by 2.1% during the 3rd quarter. Credit Suisse AG now owns 51,753 shares of the oil and gas company’s stock worth $358,000 after buying an additional 1,086 shares during the last quarter. ProShare Advisors LLC raised its position in RPC by 14.6% in the 4th quarter. ProShare Advisors LLC now owns 11,993 shares of the oil and gas company’s stock valued at $107,000 after purchasing an additional 1,530 shares during the last quarter. Captrust Financial Advisors raised its position in RPC by 20.6% in the 1st quarter. Captrust Financial Advisors now owns 9,037 shares of the oil and gas company’s stock valued at $96,000 after purchasing an additional 1,545 shares during the last quarter. IFP Advisors Inc boosted its stake in RPC by 160.0% during the 3rd quarter. IFP Advisors Inc now owns 2,600 shares of the oil and gas company’s stock worth $40,000 after purchasing an additional 1,600 shares during the period. Finally, Public Employees Retirement System of Ohio grew its position in RPC by 54.2% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 4,565 shares of the oil and gas company’s stock worth $32,000 after purchasing an additional 1,605 shares during the last quarter. 27.15% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on RES. Citigroup lowered their price target on RPC from $8.50 to $8.25 in a report on Tuesday, May 2nd. StockNews.com started coverage on RPC in a report on Thursday. They issued a “buy” rating on the stock. Finally, Susquehanna decreased their price target on RPC from $10.50 to $8.50 in a report on Monday, April 3rd.

RPC Stock Up 0.3 %

Shares of NYSE:RES opened at $7.25 on Monday. The company has a 50-day moving average price of $7.53 and a 200 day moving average price of $8.61. RPC, Inc. has a 52 week low of $5.70 and a 52 week high of $11.40. The company has a market cap of $1.57 billion, a P/E ratio of 5.71 and a beta of 1.77.

RPC (NYSE:RES – Get Rating) last posted its quarterly earnings results on Wednesday, April 26th. The oil and gas company reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.02). The business had revenue of $476.70 million during the quarter, compared to analysts’ expectations of $488.57 million. RPC had a net margin of 15.32% and a return on equity of 35.56%. The firm’s quarterly revenue was up 67.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.07 earnings per share. Analysts expect that RPC, Inc. will post 1.71 EPS for the current year.

RPC announced that its board has authorized a share repurchase program on Wednesday, April 26th that permits the company to repurchase 8,000,000 outstanding shares. This repurchase authorization permits the oil and gas company to buy shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

RPC Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 9th. Shareholders of record on Wednesday, May 10th will be issued a $0.04 dividend. The ex-dividend date of this dividend is Tuesday, May 9th. This represents a $0.16 dividend on an annualized basis and a yield of 2.21%. RPC’s dividend payout ratio (DPR) is presently 12.60%.

About RPC

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RPC, Inc engages in the exploration, production and development of oil and gas properties. It operates through the following segments: Technical Services and Support Services. The Technical Services segment provides oil and gas, fracturing, acidizing, coiled tubing, snubbing, nitrogen, well control, wireline and fishing services.