RPC, Inc. (RES) Shares Sold by Key Square Capital Management LLC

Key Square Capital Management LLC reduced its stake in RPC, Inc. (NYSE:RES) by 9.7% in the 1st quarter, Holdings Channel reports. The firm owned 72,724 shares of the oil and gas company’s stock after selling 7,846 shares during the period. Key Square Capital Management LLC’s holdings in RPC were worth $1,311,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently made changes to their positions in RES. Arosa Capital Management LP raised its position in shares of RPC by 343.3% in the 4th quarter. Arosa Capital Management LP now owns 1,038,876 shares of the oil and gas company’s stock valued at $26,523,000 after purchasing an additional 804,541 shares during the last quarter. Scout Investments Inc. raised its position in shares of RPC by 83.5% in the 1st quarter. Scout Investments Inc. now owns 1,107,611 shares of the oil and gas company’s stock valued at $19,970,000 after purchasing an additional 504,118 shares during the last quarter. Mackenzie Financial Corp raised its position in shares of RPC by 25.1% in the 4th quarter. Mackenzie Financial Corp now owns 2,038,483 shares of the oil and gas company’s stock valued at $52,042,000 after purchasing an additional 408,900 shares during the last quarter. US Bancorp DE raised its position in shares of RPC by 892.1% in the 1st quarter. US Bancorp DE now owns 290,625 shares of the oil and gas company’s stock valued at $5,240,000 after purchasing an additional 261,331 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of RPC by 69.4% in the 1st quarter. JPMorgan Chase & Co. now owns 576,147 shares of the oil and gas company’s stock valued at $10,389,000 after purchasing an additional 236,102 shares during the last quarter. 36.60% of the stock is owned by hedge funds and other institutional investors.

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RPC opened at $16.89 on Friday, according to MarketBeat Ratings. RPC, Inc. has a 12-month low of $16.61 and a 12-month high of $27.07. The company has a market cap of $3.64 billion, a price-to-earnings ratio of 18.77, a price-to-earnings-growth ratio of 0.73 and a beta of 0.85.

RPC (NYSE:RES) last posted its quarterly earnings results on Wednesday, April 25th. The oil and gas company reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.04). RPC had a return on equity of 22.05% and a net margin of 12.17%. The business had revenue of $436.33 million for the quarter, compared to analysts’ expectations of $461.47 million. During the same period in the prior year, the business posted $0.02 earnings per share. The business’s quarterly revenue was up 46.4% compared to the same quarter last year. equities analysts predict that RPC, Inc. will post 1.26 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 11th. Shareholders of record on Thursday, May 10th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date is Wednesday, May 9th. RPC’s dividend payout ratio is presently 60.61%.

RPC declared that its board has authorized a stock repurchase plan on Monday, February 12th that permits the company to buyback 10,000,000 shares. This buyback authorization permits the oil and gas company to repurchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Several equities analysts recently commented on the stock. ValuEngine lowered shares of RPC from a “hold” rating to a “sell” rating in a research report on Friday, May 18th. Zacks Investment Research lowered shares of RPC from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 3rd. Morgan Stanley decreased their price objective on shares of RPC from $23.00 to $21.00 and set a “sell” rating for the company in a research report on Monday, April 30th. Barclays set a $17.00 price objective on shares of RPC and gave the company a “hold” rating in a research report on Thursday, April 26th. Finally, B. Riley decreased their price objective on shares of RPC from $27.00 to $21.00 and set a “neutral” rating for the company in a research report on Thursday, April 26th. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $23.03.

In other news, CFO Ben M. Palmer sold 3,500 shares of RPC stock in a transaction that occurred on Thursday, May 10th. The shares were sold at an average price of $19.27, for a total transaction of $67,445.00. Following the completion of the transaction, the chief financial officer now directly owns 645,132 shares of the company’s stock, valued at approximately $12,431,693.64. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Ben M. Palmer sold 13,500 shares of RPC stock in a transaction that occurred on Thursday, May 17th. The shares were sold at an average price of $20.03, for a total transaction of $270,405.00. Following the transaction, the chief financial officer now directly owns 631,632 shares of the company’s stock, valued at $12,651,588.96. The disclosure for this sale can be found here. Company insiders own 73.50% of the company’s stock.

RPC Profile

RPC, Inc provides 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 offers pressure pumping, fracturing, acidizing, 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.

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Institutional Ownership by Quarter for RPC (NYSE:RES)

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