AQR Capital Management LLC Acquires 246,482 Shares of RPC, Inc. (NYSE:RES)

AQR Capital Management LLC increased its holdings in RPC, Inc. (NYSE:RES - Free Report) by 55.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 692,169 shares of the oil and gas company's stock after purchasing an additional 246,482 shares during the quarter. AQR Capital Management LLC owned 0.32% of RPC worth $4,326,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Empowered Funds LLC increased its holdings in shares of RPC by 31.9% in the first quarter. Empowered Funds LLC now owns 777,986 shares of the oil and gas company's stock valued at $6,022,000 after buying an additional 188,377 shares in the last quarter. Texas Permanent School Fund Corp raised its position in shares of RPC by 115.1% during the second quarter. Texas Permanent School Fund Corp now owns 160,197 shares of the oil and gas company's stock worth $1,001,000 after purchasing an additional 85,738 shares during the period. Wasatch Advisors LP purchased a new stake in shares of RPC during the first quarter valued at $1,239,000. Price T Rowe Associates Inc. MD boosted its position in shares of RPC by 17.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 24,393 shares of the oil and gas company's stock valued at $189,000 after purchasing an additional 3,650 shares during the period. Finally, BOKF NA increased its stake in RPC by 115.1% in the 1st quarter. BOKF NA now owns 31,789 shares of the oil and gas company's stock worth $248,000 after purchasing an additional 17,013 shares in the last quarter. 41.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have commented on RES shares. Citigroup reduced their price objective on shares of RPC from $6.75 to $5.25 and set a "sell" rating for the company in a research note on Wednesday, July 10th. 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 Tuesday, July 16th. Finally, Susquehanna lowered their price objective on shares of RPC from $7.00 to $6.50 and set a "neutral" rating on the stock in a research report on Thursday, July 11th.

RPC Trading Up 2.2 %

NYSE:RES traded up $0.15 on Friday, hitting $7.00. 1,667,357 shares of the company's stock traded hands, compared to its average volume of 2,101,693. The company has a market cap of $1.50 billion, a PE ratio of 10.00 and a beta of 1.55. RPC, Inc. has a 1 year low of $5.66 and a 1 year high of $9.26. The firm has a 50-day moving average price of $6.41 and a 200-day moving average price of $6.70.

RPC (NYSE:RES - Get Free Report) last released its earnings results on Thursday, July 25th. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.13 by $0.02. The company had revenue of $364.20 million during the quarter, compared to the consensus estimate of $381.18 million. RPC had a net margin of 8.08% and a return on equity of 11.52%. The company's revenue was down 12.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.30 EPS. On average, research analysts forecast that RPC, Inc. will post 0.56 EPS for the current fiscal year.

RPC Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Friday, August 9th were issued a dividend of $0.04 per share. The ex-dividend date was Friday, August 9th. This represents a $0.16 annualized dividend and a dividend yield of 2.29%. RPC's dividend payout ratio is 22.86%.

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.