Illinois Municipal Retirement Fund Boosts Position in RPC, Inc. (NYSE:RES)

Illinois Municipal Retirement Fund increased its holdings in shares of RPC, Inc. (NYSE:RES) by 12.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 51,799 shares of the oil and gas company’s stock after purchasing an additional 5,723 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in RPC were worth $377,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of RES. Pacer Advisors Inc. lifted its holdings in RPC by 274.1% in the fourth quarter. Pacer Advisors Inc. now owns 8,277,488 shares of the oil and gas company’s stock valued at $60,260,000 after acquiring an additional 6,064,627 shares during the period. Gabelli Funds LLC lifted its holdings in RPC by 2.1% in the third quarter. Gabelli Funds LLC now owns 2,277,634 shares of the oil and gas company’s stock valued at $20,362,000 after acquiring an additional 47,634 shares during the period. Invesco Ltd. lifted its holdings in RPC by 48.2% in the third quarter. Invesco Ltd. now owns 1,507,687 shares of the oil and gas company’s stock valued at $13,479,000 after acquiring an additional 490,538 shares during the period. Victory Capital Management Inc. lifted its holdings in RPC by 2.1% in the third quarter. Victory Capital Management Inc. now owns 1,372,170 shares of the oil and gas company’s stock valued at $12,267,000 after acquiring an additional 27,817 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in RPC by 14.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,248,101 shares of the oil and gas company’s stock valued at $11,158,000 after acquiring an additional 161,871 shares during the period. 41.06% of the stock is owned by institutional investors.

RPC Stock Down 2.2 %

Shares of RES opened at $6.55 on Thursday. The business has a 50-day simple moving average of $7.62 and a two-hundred day simple moving average of $7.48. The stock has a market cap of $1.40 billion, a price-to-earnings ratio of 9.35 and a beta of 1.60. RPC, Inc. has a 52 week low of $6.34 and a 52 week high of $9.41.

RPC (NYSE:RES) last issued its quarterly earnings results on Thursday, April 25th. The oil and gas company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.06). The company had revenue of $377.80 million during the quarter, compared to analysts’ expectations of $393.33 million. RPC had a return on equity of 15.02% and a net margin of 9.95%. The business’s quarterly revenue was down 20.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.39 EPS. On average, equities analysts anticipate that RPC, Inc. will post 0.71 earnings per share for the current fiscal year.

RPC Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 10th will be given a dividend of $0.94 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $3.76 annualized dividend and a dividend yield of 57.45%. This is a boost from RPC’s previous quarterly dividend of $0.04. RPC’s dividend payout ratio (DPR) is currently 22.86%.

Wall Street Analyst Weigh In

Separately, Susquehanna lowered their target price on RPC from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Friday, April 26th.

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.