JPMorgan Chase & Co. Acquires 71,064 Shares of RPC, Inc. (NYSE:RES)

JPMorgan Chase & Co. boosted its stake in RPC, Inc. (NYSE:RES) by 17.0% in the third quarter, HoldingsChannel.com reports. The firm owned 489,401 shares of the oil and gas company’s stock after buying an additional 71,064 shares during the period. JPMorgan Chase & Co.’s holdings in RPC were worth $3,113,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Barclays PLC increased its stake in shares of RPC by 230.1% in the third quarter. Barclays PLC now owns 182,943 shares of the oil and gas company’s stock valued at $1,163,000 after buying an additional 127,525 shares during the period. Hotchkis & Wiley Capital Management LLC acquired a new stake in RPC during the 3rd quarter valued at approximately $5,917,000. International Assets Investment Management LLC raised its holdings in RPC by 540.4% during the 3rd quarter. International Assets Investment Management LLC now owns 4,560 shares of the oil and gas company’s stock worth $29,000 after purchasing an additional 3,848 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of RPC by 7.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,509,478 shares of the oil and gas company’s stock worth $9,600,000 after purchasing an additional 106,108 shares during the period. Finally, BNP Paribas Financial Markets lifted its position in shares of RPC by 101.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 215,567 shares of the oil and gas company’s stock worth $1,371,000 after purchasing an additional 108,737 shares during the period. 41.06% of the stock is owned by institutional investors.

RPC Stock Up 0.8 %

NYSE:RES opened at $7.02 on Monday. RPC, Inc. has a twelve month low of $5.54 and a twelve month high of $8.19. The company has a fifty day moving average of $6.13 and a 200-day moving average of $6.26. The firm has a market capitalization of $1.51 billion, a P/E ratio of 12.53 and a beta of 1.59.

RPC (NYSE:RES) last posted its quarterly earnings results on Thursday, October 24th. The oil and gas company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.04). The company had revenue of $337.70 million during the quarter, compared to the consensus estimate of $365.33 million. RPC had a net margin of 8.07% and a return on equity of 11.36%. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period last year, the firm posted $0.08 earnings per share. On average, analysts anticipate that RPC, Inc. will post 0.43 EPS for the current fiscal year.

RPC Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 11th were issued a $0.04 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $0.16 annualized dividend and a yield of 2.28%. RPC’s payout ratio is currently 28.57%.

Analyst Upgrades and Downgrades

RES has been the subject of a number of analyst reports. Stifel Nicolaus lowered their target price on shares of RPC from $8.00 to $7.00 and set a “hold” rating for the company in a research note on Friday, October 11th. Susquehanna lowered their price objective on RPC from $6.50 to $6.00 and set a “neutral” rating for the company in a research report on Friday, October 25th.

RPC Company 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.