Icon Advisers Inc. Co. bought a new position in shares of RPC, Inc. (NYSE:RES) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 467,000 shares of the company’s stock, valued at approximately $7,846,000. Icon Advisers Inc. Co. owned approximately 0.22% of RPC at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of RES. Teachers Advisors Inc. raised its stake in RPC by 57.2% in the second quarter. Teachers Advisors Inc. now owns 2,449,157 shares of the company’s stock worth $38,035,000 after buying an additional 891,411 shares during the period. Victory Capital Management Inc. acquired a new stake in shares of RPC during the third quarter worth $13,826,000. Peregrine Capital Management LLC acquired a new stake in shares of RPC during the third quarter worth $11,117,000. Viking Fund Management LLC raised its stake in shares of RPC by 42.2% in the third quarter. Viking Fund Management LLC now owns 1,280,000 shares of the company’s stock worth $21,504,000 after buying an additional 380,000 shares during the period. Finally, Lord Abbett & CO. LLC acquired a new stake in shares of RPC during the second quarter worth $4,842,000. Institutional investors and hedge funds own 37.34% of the company’s stock.
Shares of RPC, Inc. (NYSE:RES) traded up 0.19% during trading on Wednesday, hitting $21.56. The stock had a trading volume of 100,294 shares. The stock’s 50 day moving average is $20.89 and its 200 day moving average is $17.72. RPC, Inc. has a 52 week low of $11.28 and a 52 week high of $23.36. The stock’s market capitalization is $4.62 billion.
RPC (NYSE:RES) last released its quarterly earnings data on Wednesday, January 25th. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.03. RPC had a negative return on equity of 16.10% and a negative net margin of 19.38%. The company had revenue of $221 million for the quarter, compared to analyst estimates of $204.55 million. During the same period in the prior year, the company posted ($0.18) EPS. The company’s revenue was down 17.6% compared to the same quarter last year. On average, equities research analysts expect that RPC, Inc. will post $0.09 earnings per share for the current fiscal year.
A number of brokerages have weighed in on RES. Credit Suisse Group upgraded RPC from a “neutral” rating to an “outperform” rating and set a $25.00 price objective for the company in a research note on Thursday, January 26th. Guggenheim raised RPC from a “neutral” rating to a “buy” rating and set a $29.00 target price on the stock in a report on Thursday, January 26th. SunTrust Banks, Inc. started coverage on RPC in a report on Wednesday, January 18th. They set a “buy” rating and a $25.00 target price on the stock. Cowen and Company downgraded RPC from an “outperform” rating to a “market perform” rating and set a $20.00 target price on the stock. in a report on Thursday, January 19th. Finally, Stephens raised RPC from an “underweight” rating to an “equal weight” rating in a report on Wednesday, January 25th. Seven analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $21.44.
In other news, Director Gary W. Rollins sold 71,000 shares of the business’s stock in a transaction that occurred on Monday, December 12th. The stock was sold at an average price of $21.14, for a total value of $1,500,940.00. Following the transaction, the director now directly owns 4,266,295 shares of the company’s stock, valued at approximately $90,189,476.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Ben M. Palmer sold 14,521 shares of the business’s stock in a transaction that occurred on Thursday, December 1st. The stock was sold at an average price of $20.30, for a total value of $294,776.30. Following the completion of the transaction, the chief financial officer now directly owns 632,104 shares in the company, valued at $12,831,711.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 121,000 shares of company stock worth $2,430,790. Corporate insiders own 73.40% of the company’s stock.
RPC, Inc (RPC) is a holding company for several oilfield services companies. The Company provides a range of specialized oilfield services and equipment to oil and gas companies engaged in the exploration, production and development of oil and gas properties across the United States, including the southwest, mid-continent, Gulf of Mexico, Rocky Mountain and Appalachian regions, and in selected international markets.
Want to see what other hedge funds are holding RES? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for RPC, Inc. (NYSE:RES).