Wells Fargo & Company MN increased its holdings in shares of RPC, Inc. (NYSE:RES) by 9.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 92,283 shares of the oil and gas company’s stock after buying an additional 8,347 shares during the period. Wells Fargo & Company MN’s holdings in RPC were worth $2,355,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of RES. The Manufacturers Life Insurance Company boosted its position in RPC by 7.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,514 shares of the oil and gas company’s stock worth $132,000 after buying an additional 459 shares during the period. Zions Bancorporation acquired a new stake in RPC during the 3rd quarter worth approximately $137,000. CENTRAL TRUST Co acquired a new stake in RPC during the 4th quarter worth approximately $147,000. State of Alaska Department of Revenue acquired a new stake in RPC during the 4th quarter worth approximately $147,000. Finally, Envestnet Asset Management Inc. boosted its position in RPC by 52.8% during the 3rd quarter. Envestnet Asset Management Inc. now owns 8,105 shares of the oil and gas company’s stock worth $201,000 after buying an additional 2,800 shares during the period. Institutional investors and hedge funds own 35.32% of the company’s stock.
Several equities research analysts recently commented on RES shares. B. Riley downgraded shares of RPC from a “buy” rating to a “hold” rating and set a $27.00 target price on the stock. in a research report on Thursday, December 28th. Guggenheim set a $25.00 target price on shares of RPC and gave the stock a “buy” rating in a research report on Monday, January 29th. Stephens initiated coverage on shares of RPC in a research report on Tuesday, January 9th. They set an “equal weight” rating and a $28.00 target price on the stock. Wells Fargo restated a “market perform” rating on shares of RPC in a research report on Friday, January 12th. Finally, Zacks Investment Research upgraded shares of RPC from a “hold” rating to a “strong-buy” rating and set a $29.00 price target on the stock in a research report on Thursday, January 4th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $24.03.
RPC (NYSE:RES) last issued its quarterly earnings results on Wednesday, January 24th. The oil and gas company reported $0.18 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.34 by ($0.16). The firm had revenue of $427.30 million during the quarter, compared to analyst estimates of $515.04 million. RPC had a return on equity of 16.90% and a net margin of 10.19%. The firm’s revenue for the quarter was up 93.3% on a year-over-year basis. During the same quarter last year, the firm posted ($0.10) EPS. equities research analysts forecast that RPC, Inc. will post 1.64 earnings per share for the current fiscal year.
RPC announced that its board has authorized a stock repurchase plan on Monday, February 12th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the oil and gas company to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
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RPC, Inc (RPC) is a holding company for several oilfield services companies. The Company provides a range of specialized oilfield services and equipment primarily to independent oil and gas companies engaged in the exploration, production and development of oil and gas properties throughout the United States, including the southwest, mid-continent, Gulf of Mexico, Rocky Mountain and Appalachian regions, and in selected international markets.
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