Wedge Capital Management L L P NC Takes $936,000 Position in RPC, Inc. (NYSE:RES)

Wedge Capital Management L L P NC bought a new stake in shares of RPC, Inc. (NYSE:RES - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 147,212 shares of the oil and gas company's stock, valued at approximately $936,000. Wedge Capital Management L L P NC owned about 0.07% of RPC as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. CWM LLC grew its position in RPC by 256.5% during the 2nd quarter. CWM LLC now owns 5,112 shares of the oil and gas company's stock worth $32,000 after purchasing an additional 3,678 shares in the last quarter. Register Financial Advisors LLC bought a new stake in shares of RPC in the 1st quarter valued at approximately $39,000. Innealta Capital LLC bought a new stake in shares of RPC in the 2nd quarter valued at approximately $44,000. Vanguard Personalized Indexing Management LLC increased its holdings in RPC by 38.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 14,821 shares of the oil and gas company's stock worth $93,000 after buying an additional 4,136 shares during the last quarter. Finally, nVerses Capital LLC raised its position in RPC by 352.9% during the second quarter. nVerses Capital LLC now owns 15,400 shares of the oil and gas company's stock valued at $96,000 after acquiring an additional 12,000 shares in the last quarter. Institutional investors and hedge funds own 41.06% of the company's stock.

Wall Street Analysts Forecast Growth

RES has been the subject of several recent research reports. Susquehanna decreased their target price on shares of RPC from $7.00 to $6.50 and set a "neutral" rating for the company in a research report on Thursday, July 11th. Stifel Nicolaus lowered their target price on shares of RPC from $8.00 to $7.00 and set a "hold" rating on the stock in a research report on Friday, October 11th. Finally, Citigroup cut their target price on RPC from $6.75 to $5.25 and set a "sell" rating on the stock in a report on Wednesday, July 10th.

RPC Stock Down 2.7 %

RES stock traded down $0.18 during midday trading on Friday, hitting $6.40. 1,775,342 shares of the company traded hands, compared to its average volume of 1,721,841. The business has a 50 day simple moving average of $6.42 and a 200-day simple moving average of $6.65. RPC, Inc. has a twelve month low of $5.66 and a twelve month high of $9.22. The stock has a market capitalization of $1.38 billion, a price-to-earnings ratio of 11.64 and a beta of 1.55.

RPC (NYSE:RES - Get Free Report) last posted its 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 business had revenue of $364.20 million for the quarter, compared to analyst estimates of $381.18 million. RPC had a net margin of 8.08% and a return on equity of 11.52%. RPC's revenue was down 12.4% compared to the same quarter last year. During the same period last year, the business posted $0.30 EPS. Equities research analysts forecast that RPC, Inc. will post 0.55 EPS for the current year.

RPC Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Friday, August 9th were given 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 2.50%. RPC's dividend payout ratio is presently 29.09%.

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.