Van ECK Associates Corp raised its stake in RPC, Inc. (NYSE:RES) by 125.5% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 7,971,307 shares of the oil and gas company’s stock after buying an additional 4,436,206 shares during the quarter. Van ECK Associates Corp’s holdings in RPC were worth $39,458,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently bought and sold shares of the business. Marshall Wace North America L.P. bought a new stake in RPC in the first quarter valued at $25,000. Rhumbline Advisers lifted its stake in RPC by 1.5% in the first quarter. Rhumbline Advisers now owns 192,511 shares of the oil and gas company’s stock valued at $1,040,000 after buying an additional 2,768 shares during the last quarter. Swiss National Bank lifted its stake in RPC by 2.7% in the first quarter. Swiss National Bank now owns 122,900 shares of the oil and gas company’s stock valued at $664,000 after buying an additional 3,200 shares during the last quarter. American Century Companies Inc. lifted its stake in RPC by 6.0% in the second quarter. American Century Companies Inc. now owns 92,422 shares of the oil and gas company’s stock valued at $457,000 after buying an additional 5,267 shares during the last quarter. Finally, Citigroup Inc. lifted its stake in RPC by 36.3% in the first quarter. Citigroup Inc. now owns 21,200 shares of the oil and gas company’s stock valued at $114,000 after buying an additional 5,649 shares during the last quarter. Institutional investors own 26.79% of the company’s stock.
Separately, Citigroup upgraded RPC from a “sell” rating to a “neutral” rating in a research note on Monday.
Shares of NYSE RES opened at $4.18 on Wednesday. RPC, Inc. has a fifty-two week low of $2.23 and a fifty-two week high of $7.43. The firm’s 50-day simple moving average is $4.09 and its 200 day simple moving average is $5.00. The stock has a market cap of $901.73 million, a P/E ratio of -23.22 and a beta of 2.13.
RPC, Inc engages in the exploration, production and development of oil and gas properties. It operates through the following segments: Technical Services and Support Services. The Technical Services segment provides oil and gas, fracturing, acidizing, coiled tubing, snubbing, nitrogen, well control, wireline and fishing services.
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