Kovitz Investment Group Partners LLC Acquires 10,048 Shares of RPC, Inc. (NYSE:RES)

Kovitz Investment Group Partners LLC lifted its holdings in RPC, Inc. (NYSE:RES) by 56.2% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 27,913 shares of the oil and gas company’s stock after acquiring an additional 10,048 shares during the quarter. Kovitz Investment Group Partners LLC’s holdings in RPC were worth $178,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Pacer Advisors Inc. raised 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 worth $76,511,000 after purchasing an additional 3,371,490 shares during the period. Hotchkis & Wiley Capital Management LLC bought a new stake in shares of RPC in the 3rd quarter valued at about $5,917,000. Dimensional Fund Advisors LP boosted its holdings in 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 valued at $65,353,000 after acquiring an additional 769,578 shares during the period. Victory Capital Management Inc. grew its position in RPC by 48.7% during the 2nd quarter. Victory Capital Management Inc. now owns 2,004,789 shares of the oil and gas company’s stock worth $12,530,000 after acquiring an additional 656,446 shares during the last quarter. Finally, Edgestream Partners L.P. purchased a new position in RPC in the 2nd quarter worth approximately $3,814,000. Hedge funds and other institutional investors own 41.06% of the company’s stock.

RPC Price Performance

Shares of NYSE:RES opened at $6.10 on Friday. The stock’s 50-day moving average is $6.25 and its 200 day moving average is $6.31. The company has a market cap of $1.31 billion, a PE ratio of 10.89 and a beta of 1.61. RPC, Inc. has a 1 year low of $5.63 and a 1 year high of $8.19.

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

RPC Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 11th were given a $0.04 dividend. The ex-dividend date was Friday, November 8th. This represents a $0.16 annualized dividend and a dividend yield of 2.62%. RPC’s dividend payout ratio is 28.57%.

Analyst Upgrades and Downgrades

RES has been the subject of a number of analyst reports. Susquehanna dropped their price objective on RPC from $6.50 to $6.00 and set a “neutral” rating for the company in a research note on Friday, October 25th. Stifel Nicolaus lowered their price target on shares of RPC from $8.00 to $7.00 and set a “hold” rating for the company in a report on Friday, October 11th.

RPC Company 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.