Jennison Associates LLC Sells 7,315 Shares of RPC, Inc. (NYSE:RES)

Jennison Associates LLC reduced its holdings in RPC, Inc. (NYSE:RES) by 7.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 95,162 shares of the oil and gas company’s stock after selling 7,315 shares during the quarter. Jennison Associates LLC’s holdings in RPC were worth $693,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in RES. Signaturefd LLC grew its position in shares of RPC by 67.3% in the 4th quarter. Signaturefd LLC now owns 4,580 shares of the oil and gas company’s stock worth $33,000 after buying an additional 1,843 shares during the last quarter. International Assets Investment Management LLC grew its position in shares of RPC by 632.1% in the 4th quarter. International Assets Investment Management LLC now owns 5,125 shares of the oil and gas company’s stock worth $37,000 after buying an additional 4,425 shares during the last quarter. Raymond James Financial Services Advisors Inc. bought a new stake in shares of RPC in the 3rd quarter worth approximately $95,000. WT Wealth Management bought a new stake in shares of RPC in the 3rd quarter worth approximately $98,000. Finally, QRG Capital Management Inc. bought a new stake in shares of RPC in the 3rd quarter worth approximately $150,000. 41.06% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Susquehanna cut their price objective on RPC from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Friday.

RPC Stock Down 3.3 %

RES opened at $7.12 on Friday. The stock has a market cap of $1.53 billion, a PE ratio of 10.17 and a beta of 1.60. The business has a 50 day moving average of $7.63 and a 200-day moving average of $7.51. RPC, Inc. has a 52 week low of $6.34 and a 52 week high of $9.41.

RPC (NYSE:RES) last released its 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 firm had revenue of $377.80 million during the quarter, compared to analysts’ expectations of $393.33 million. RPC had a net margin of 9.95% and a return on equity of 15.02%. The company’s revenue for the quarter was down 20.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.39 EPS. Equities analysts anticipate that RPC, Inc. will post 0.88 EPS for the current year.

RPC Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 10th will be paid a dividend of $0.94 per share. This is a boost from RPC’s previous quarterly dividend of $0.04. The ex-dividend date is Thursday, May 9th. This represents a $3.76 dividend on an annualized basis and a yield of 52.81%. RPC’s payout ratio is presently 22.86%.

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.