Quadrature Capital Ltd Reduces Holdings in RPC, Inc. (NYSE:RES)

Quadrature Capital Ltd cut its holdings in RPC, Inc. (NYSE:RES) by 28.4% during the third quarter, HoldingsChannel reports. The fund owned 15,698 shares of the oil and gas company’s stock after selling 6,214 shares during the period. Quadrature Capital Ltd’s holdings in RPC were worth $100,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Pacer Advisors Inc. boosted its position in RPC by 38.9% in the 3rd quarter. Pacer Advisors Inc. now owns 12,029,993 shares of the oil and gas company’s stock valued at $76,511,000 after buying an additional 3,371,490 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of RPC by 7.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 10,456,497 shares of the oil and gas company’s stock worth $65,353,000 after acquiring an additional 769,578 shares in the last quarter. American Century Companies Inc. lifted its stake in RPC by 24.1% during the second quarter. American Century Companies Inc. now owns 2,236,307 shares of the oil and gas company’s stock worth $13,977,000 after purchasing an additional 434,849 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in RPC by 48.7% in the second quarter. Victory Capital Management Inc. now owns 2,004,789 shares of the oil and gas company’s stock valued at $12,530,000 after purchasing an additional 656,446 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of RPC by 7.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,509,478 shares of the oil and gas company’s stock valued at $9,600,000 after buying an additional 106,108 shares in the last quarter. 41.06% of the stock is currently owned by hedge funds and other institutional investors.

RPC Stock Performance

Shares of NYSE RES opened at $6.17 on Friday. The company’s fifty day moving average is $6.27 and its two-hundred day moving average is $6.31. RPC, Inc. has a one year low of $5.63 and a one year high of $8.19. The firm has a market capitalization of $1.33 billion, a P/E ratio of 11.01 and a beta of 1.61.

RPC (NYSE:RES) last posted its earnings results on Thursday, October 24th. The oil and gas company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). RPC had a return on equity of 11.36% and a net margin of 8.07%. The firm had revenue of $337.70 million for the quarter, compared to analysts’ expectations of $365.33 million. During the same quarter in the previous year, the firm posted $0.08 earnings per share. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. On average, sell-side analysts forecast that RPC, Inc. will post 0.43 earnings per share for the current fiscal year.

RPC Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Monday, November 11th were given a dividend of $0.04 per share. The ex-dividend date was Friday, November 8th. This represents a $0.16 annualized dividend and a dividend yield of 2.60%. RPC’s dividend payout ratio is currently 28.57%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Stifel Nicolaus reduced their price target on shares of RPC from $8.00 to $7.00 and set a “hold” rating for the company in a research report on Friday, October 11th. Susquehanna cut their price objective on shares of RPC from $6.50 to $6.00 and set a “neutral” rating for the company in a research report on Friday, October 25th.

RPC Profile

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.