State Street Corp Raises Position in RPC, Inc. (NYSE:RES)

State Street Corp boosted its position in shares of RPC, Inc. (NYSE:RES - Free Report) by 6.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,202,844 shares of the oil and gas company's stock after acquiring an additional 245,372 shares during the period. State Street Corp owned about 1.96% of RPC worth $26,730,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Hotchkis & Wiley Capital Management LLC purchased a new position in shares of RPC in the 3rd quarter valued at about $5,917,000. HighTower Advisors LLC increased its stake in RPC by 6.1% in the third quarter. HighTower Advisors LLC now owns 40,082 shares of the oil and gas company's stock valued at $252,000 after purchasing an additional 2,288 shares during the last quarter. Paloma Partners Management Co acquired a new stake in RPC during the third quarter worth approximately $69,000. Verition Fund Management LLC lifted its position in shares of RPC by 58.8% during the 3rd quarter. Verition Fund Management LLC now owns 150,836 shares of the oil and gas company's stock worth $959,000 after buying an additional 55,877 shares during the last quarter. Finally, Townsquare Capital LLC acquired a new position in shares of RPC in the 3rd quarter valued at $73,000. 41.06% of the stock is owned by hedge funds and other institutional investors.

RPC Trading Up 1.4 %

RES stock traded up $0.08 on Monday, hitting $5.71. The company's stock had a trading volume of 1,373,125 shares, compared to its average volume of 1,700,149. The stock has a market cap of $1.23 billion, a price-to-earnings ratio of 10.20 and a beta of 1.61. The firm has a 50 day moving average of $6.13 and a two-hundred day moving average of $6.27. RPC, Inc. has a 1 year low of $5.54 and a 1 year high of $8.19.

RPC (NYSE:RES - Get Free Report) last announced 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 net margin of 8.07% and a return on equity of 11.36%. The business had revenue of $337.70 million during the quarter, compared to analysts' expectations of $365.33 million. During the same period in the previous year, the company posted $0.08 earnings per share. RPC's quarterly revenue was up 2.2% on a year-over-year basis. As a group, equities analysts forecast 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 issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date was Friday, November 8th. RPC's payout ratio is currently 28.57%.

Analysts Set New Price Targets

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

About RPC

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.