The Manufacturers Life Insurance Company Decreases Stake in RPC, Inc. (NYSE:RES)

The Manufacturers Life Insurance Company reduced its stake in shares of RPC, Inc. (NYSE:RES) by 6.9% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 48,046 shares of the oil and gas company’s stock after selling 3,567 shares during the period. The Manufacturers Life Insurance Company’s holdings in RPC were worth $285,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Nicholas Hoffman & Company LLC. purchased a new stake in shares of RPC during the 4th quarter worth $59,000. Raymond James Financial Inc. purchased a new stake in shares of RPC during the 4th quarter worth $64,000. Ieq Capital LLC purchased a new stake in shares of RPC during the 4th quarter worth $65,000. Nisa Investment Advisors LLC boosted its position in shares of RPC by 383.2% during the 4th quarter. Nisa Investment Advisors LLC now owns 11,312 shares of the oil and gas company’s stock worth $67,000 after purchasing an additional 8,971 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in shares of RPC in the 4th quarter worth about $68,000. 41.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on RES. Susquehanna decreased their price objective on shares of RPC from $6.00 to $5.50 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Citigroup upgraded shares of RPC from a “sell” rating to a “neutral” rating and decreased their price objective for the stock from $5.50 to $4.75 in a research report on Tuesday, April 8th.

RPC Stock Down 0.3%

RPC stock opened at $4.83 on Monday. RPC, Inc. has a 52 week low of $4.10 and a 52 week high of $7.54. The firm’s 50-day simple moving average is $5.03 and its 200 day simple moving average is $5.71. The firm has a market capitalization of $1.06 billion, a PE ratio of 11.22 and a beta of 0.86.

RPC (NYSE:RES) last released its quarterly earnings data on Thursday, April 24th. The oil and gas company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.01). RPC had a return on equity of 8.62% and a net margin of 6.46%. The business had revenue of $332.88 million during the quarter, compared to analysts’ expectations of $326.72 million. During the same quarter in the prior year, the firm earned $0.13 earnings per share. RPC’s quarterly revenue was down 11.9% on a year-over-year basis. On average, research analysts expect that RPC, Inc. will post 0.31 EPS for the current fiscal year.

RPC Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Friday, May 9th will be paid a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 3.32%. The ex-dividend date of this dividend is Friday, May 9th. RPC’s payout ratio is 44.44%.

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.