Selling Buzz: RPC Inc. [RES] 10% Owner LOR INC sells 170,781 shares of the company


Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. RPC Inc. shares valued at $1,204,109 were sold by LOR INC on Jun 22. At $7.05 per share, LOR INC sold 170,781 shares. The insider’s holdings dropped to 3,160,819 shares worth approximately $33.06 million following the completion of this transaction.

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Also, ROLLINS GARY W sold 170,781 shares, netting a total of over 1,204,109 in proceeds. Following the sale of shares at $7.05 each, the insider now holds 3,160,819 shares.

Before that, LOR INC had sold 474,442 shares from its account. In a trade valued at $3,562,917, the 10% Owner traded RPC Inc. shares for $7.51 each. Upon closing the transaction, the insider’s holdings decreased to 474,442 shares, worth approximately $34.85 million.

As published in a research note from Johnson Rice on April 28, 2022, RPC Inc. [RES] has been rated up from a Hold to a Accumulate and the price target has been revised to $13. This represents a 19.54% premium over Thursday’s closing price. Analysts at Citigroup upgraded the stock from ‘”a Sell”‘ to ‘”a Neutral”‘ outlook in a report released in mid September. As of November 10, 2020, Morgan Stanley has decreased its “an Equal-weight” rating to a “an Underweight” for RES. Earlier on April 13, 2020, Scotiabank upgraded its rating. Their new recommendation was “a Sector perform” for RES stock which previously was a “a Sector underperform”.

Analyzing RES Stock Performance

On Thursday, RPC Inc. [NYSE: RES] rose 0.10% to $10.46. The stock’s lowest price that day was $10.11, but it reached a high of $10.675 in the same session. During the last five days, there has been a surge of approximately 8.62%. Over the course of the year, RPC Inc. shares have jumped approximately 130.40%. Shares of the company reached a 52-week high of $12.91 on 04/18/22 and a 52-week low of $4.51 on 01/03/22. A 50-day SMA is recorded $8.15, while a 200-day SMA reached $8.48. Nevertheless, trading volume fell to 1.48 million shares from 1.65 million shares the previous day.

Support And Resistance Levels for RPC Inc. (RES)

According to the 24-hour chart, there is a support level at 10.15, which, if violated, would cause prices to drop to 9.85. In the upper region, resistance lies at 10.72. The next price resistance is at 10.98. RSI (Relative Strength Index) is 66.32 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 1.08, which suggests the price will increase in the coming days. Percent R is at 26.74%, indicating bullish price movement. Stochastics %K at holding indicates that the stock is to be held.

Is RPC Inc. subject to short interest?

Stocks of RPC Inc. saw a sharp rise in short interest on Jul 14, 2022 jumping by 0.77 million shares to 6.74 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 5.97 million shares. A jump of 11.42% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 3.78 of the overall float, the days-to-cover ratio (short ratio) jumped to 3.78.

Which companies own the most shares of RPC Inc. (RES)?

According to BlackRock Fund Advisors filings, the company currently owns 10,915,989 shares, which is about 5.04% of the total RES shares outstanding. The investor’s shares have appreciated by 109,825 from its previous 13-F filing of 10806164.0 shares. With the completion of the sale transaction, The Vanguard Group, Inc.’s stake is now worth $57,399,388. Dimensional Fund Advisors LP acquire a 8.21% interest valued at $37.0 million while Van Eck Associates Corp. sold a -2,657,292 stake. A total of 708,058 shares of RPC Inc. were sold by SSgA Funds Management, Inc. during the quarter, and 2,200,276 were bought by Millennium Management LLC. In its current portfolio, GAMCO Asset Management, Inc. holds 3,201,583 shares valued at $22.19 million.


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