A.R.T. Advisors LLC Takes $762,000 Position in RPC, Inc. (RES)

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A.R.T. Advisors LLC acquired a new position in shares of RPC, Inc. (NYSE:RES) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 42,312 shares of the oil and gas company’s stock, valued at approximately $762,000.

A number of other large investors also recently bought and sold shares of the business. Susquehanna Fundamental Investments LLC acquired a new stake in shares of RPC in the first quarter valued at about $272,000. ELCO Management Co. LLC raised its position in shares of RPC by 24.5% in the first quarter. ELCO Management Co. LLC now owns 50,750 shares of the oil and gas company’s stock valued at $915,000 after buying an additional 10,000 shares during the last quarter. Seven Eight Capital LP acquired a new stake in shares of RPC in the first quarter valued at about $1,479,000. OZ Management LP acquired a new stake in shares of RPC in the first quarter valued at about $1,740,000. Finally, BB&T Securities LLC acquired a new stake in shares of RPC in the first quarter valued at about $274,000. Institutional investors own 36.44% of the company’s stock.

Shares of RES opened at $14.63 on Friday. RPC, Inc. has a 12-month low of $13.55 and a 12-month high of $27.07. The stock has a market capitalization of $3.00 billion, a P/E ratio of 22.17, a PEG ratio of 0.62 and a beta of 0.84.

RPC (NYSE:RES) last announced its earnings results on Wednesday, April 25th. The oil and gas company reported $0.24 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.04). The company had revenue of $436.33 million for the quarter, compared to analysts’ expectations of $461.47 million. RPC had a return on equity of 22.05% and a net margin of 12.17%. The company’s quarterly revenue was up 46.4% compared to the same quarter last year. During the same period last year, the business earned $0.02 EPS. research analysts expect that RPC, Inc. will post 1.26 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Monday, June 11th. Shareholders of record on Thursday, May 10th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.73%. The ex-dividend date was Wednesday, May 9th. RPC’s dividend payout ratio (DPR) is presently 60.61%.

A number of equities research analysts have recently commented on RES shares. Tudor Pickering cut shares of RPC from a “buy” rating to a “hold” rating in a research report on Thursday, April 26th. Morgan Stanley reduced their target price on shares of RPC from $23.00 to $21.00 and set a “sell” rating for the company in a research report on Monday, April 30th. Zacks Investment Research cut shares of RPC from a “hold” rating to a “strong sell” rating in a research report on Wednesday. ValuEngine cut shares of RPC from a “sell” rating to a “strong sell” rating in a research report on Tuesday, June 5th. Finally, Cowen reiterated a “hold” rating and issued a $19.00 target price on shares of RPC in a research report on Friday, April 13th. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have assigned a buy rating to the company. RPC currently has an average rating of “Hold” and a consensus target price of $23.22.

In other RPC news, CFO Ben M. Palmer sold 3,500 shares of the stock in a transaction dated Thursday, May 10th. The shares were sold at an average price of $19.27, for a total transaction of $67,445.00. Following the completion of the transaction, the chief financial officer now owns 645,132 shares of the company’s stock, valued at $12,431,693.64. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Ben M. Palmer sold 13,500 shares of the stock in a transaction dated Thursday, May 17th. The stock was sold at an average price of $20.03, for a total transaction of $270,405.00. Following the transaction, the chief financial officer now directly owns 631,632 shares of the company’s stock, valued at approximately $12,651,588.96. The disclosure for this sale can be found here. Company insiders own 73.50% of the company’s stock.

About RPC

RPC, Inc 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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Institutional Ownership by Quarter for RPC (NYSE:RES)

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