Viking Fund Management buys $23,641,600 stake in RPC (RES)

RPC (RES) : Viking Fund Management scooped up 380,000 additional shares in RPC during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Oct 13, 2016. The investment management firm now holds a total of 1,280,000 shares of RPC which is valued at $23,641,600.RPC makes up approximately 3.80% of Viking Fund Management’s portfolio.

Other Hedge Funds, Including , Msi Financial Services Inc reduced its stake in RES by selling 1 shares or 0.41% in the most recent quarter. The Hedge Fund company now holds 243 shares of RES which is valued at $4,488. Cutler Group Lp added RES to its portfolio by purchasing 12,587 company shares during the most recent quarter which is valued at $228,706. RPC makes up approx 0.01% of Cutler Group Lp’s portfolio. First Mercantile Trust Co added RES to its portfolio by purchasing 21,780 company shares during the most recent quarter which is valued at $389,426. RPC makes up approx 0.05% of First Mercantile Trust Co’s portfolio.Bnp Paribas Arbitrage Sa boosted its stake in RES in the latest quarter, The investment management firm added 1,319 additional shares and now holds a total of 6,118 shares of RPC which is valued at $107,126.

RPC closed down -0.13 points or -0.72% at $18.04 with 18,78,378 shares getting traded on Tuesday. Post opening the session at $18.15, the shares hit an intraday low of $17.97 and an intraday high of $18.325 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

On the company’s financial health, RPC reported $-0.23 EPS for the quarter, based on the information available during the earnings call on Jul 27, 2016. Analyst had a consensus estimate of $-0.23. The company had revenue of $143.00 million for the quarter, compared to analysts expectations of $151.40 million. The company’s revenue was down -51.9 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-0.16 EPS.

Many Wall Street Analysts have commented on RPC. Company shares were Upgraded by Seaport Global Securities on Oct 4, 2016 to ” Neutral”, Firm has raised the Price Target to $ 17 from a previous price target of $14 .

RPC Inc. (RPC) is an oilfield services holding company. The Company provides a specialized oilfield services and equipment to independent and oil and gas companies engaged in the exploration production and development of oil and gas properties. The services and equipment provided include pressure pumping services downhole tool services coiled tubing services snubbing services nitrogen services the rental of drill pipe and other specialized oilfield equipment and well control. The Company’s service lines include two segments in oil and gas services business segments: Technical Services and Support Services. RPC acts as a holding company for its operating units Cudd Energy Services Patterson Rental and Fishing Tools Bronco Oilfield Services Thru Tubing Solutions Well Control School and others.

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