Gabelli Funds LLC Has $17.54 Million Holdings in RPC, Inc. (NYSE:RES)

Gabelli Funds LLC lessened its position in shares of RPC, Inc. (NYSE:RES) by 0.1% in the first quarter, according to its most recent filing with the SEC. The firm owned 2,266,069 shares of the oil and gas company’s stock after selling 2,031 shares during the quarter. Gabelli Funds LLC owned approximately 1.06% of RPC worth $17,539,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Arizona State Retirement System grew its position in shares of RPC by 10.5% during the 4th quarter. Arizona State Retirement System now owns 27,224 shares of the oil and gas company’s stock worth $198,000 after buying an additional 2,581 shares during the period. International Assets Investment Management LLC lifted its holdings in shares of RPC by 632.1% in the 4th quarter. International Assets Investment Management LLC now owns 5,125 shares of the oil and gas company’s stock worth $37,000 after purchasing an additional 4,425 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in RPC by 17.0% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 38,282 shares of the oil and gas company’s stock valued at $279,000 after acquiring an additional 5,565 shares in the last quarter. Louisiana State Employees Retirement System bought a new position in RPC during the 4th quarter valued at $310,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in RPC by 154.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,704 shares of the oil and gas company’s stock valued at $165,000 after acquiring an additional 13,789 shares in the last quarter. Institutional investors and hedge funds own 41.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Susquehanna decreased their target price on RPC from $7.00 to $6.50 and set a “neutral” rating for the company in a research report on Thursday, July 11th. Citigroup decreased their price objective on RPC from $6.75 to $5.25 and set a “sell” rating for the company in a report on Wednesday, July 10th. Finally, Stifel Nicolaus reduced their target price on RPC from $8.00 to $7.00 and set a “hold” rating for the company in a report on Tuesday, July 16th.

RPC Trading Up 0.4 %

Shares of RES traded up $0.03 during trading hours on Friday, reaching $6.96. 3,917,547 shares of the company’s stock traded hands, compared to its average volume of 1,946,961. The stock has a market cap of $1.49 billion, a PE ratio of 9.94 and a beta of 1.59. The firm’s 50 day simple moving average is $6.35 and its 200-day simple moving average is $6.96. RPC, Inc. has a 12 month low of $5.66 and a 12 month high of $9.41.

RPC (NYSE:RES) last issued its quarterly earnings results on Thursday, July 25th. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. The firm had revenue of $364.20 million during the quarter, compared to the consensus estimate of $381.18 million. RPC had a return on equity of 11.52% and a net margin of 8.08%. The company’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same quarter last year, the company posted $0.30 EPS. As a group, analysts expect that RPC, Inc. will post 0.69 earnings per share for the current fiscal year.

RPC Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Friday, August 9th will be paid a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date is Friday, August 9th. RPC’s dividend payout ratio (DPR) is presently 22.86%.

About RPC

RPC, Inc, through its subsidiaries, engages provision of 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.