Voya Investment Management LLC Buys 178,275 Shares of RPC, Inc. $RES

Voya Investment Management LLC increased its stake in shares of RPC, Inc. (NYSE:RES) by 652.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 205,602 shares of the oil and gas company’s stock after purchasing an additional 178,275 shares during the quarter. Voya Investment Management LLC owned approximately 0.09% of RPC worth $979,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. American Century Companies Inc. grew its stake in shares of RPC by 7.8% during the second quarter. American Century Companies Inc. now owns 3,651,829 shares of the oil and gas company’s stock worth $17,273,000 after buying an additional 263,022 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of RPC by 31.5% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,800,246 shares of the oil and gas company’s stock valued at $13,245,000 after acquiring an additional 670,432 shares in the last quarter. Geode Capital Management LLC grew its position in RPC by 4.1% during the 2nd quarter. Geode Capital Management LLC now owns 2,078,778 shares of the oil and gas company’s stock worth $9,834,000 after acquiring an additional 82,457 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in RPC by 1.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,692,483 shares of the oil and gas company’s stock worth $8,005,000 after purchasing an additional 23,408 shares in the last quarter. Finally, Bridgeway Capital Management LLC increased its holdings in RPC by 1.1% in the 1st quarter. Bridgeway Capital Management LLC now owns 1,684,972 shares of the oil and gas company’s stock worth $9,267,000 after purchasing an additional 19,014 shares in the last quarter. Institutional investors and hedge funds own 41.06% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on RES. Piper Sandler restated an “underweight” rating on shares of RPC in a report on Thursday, December 18th. Weiss Ratings reissued a “hold (c-)” rating on shares of RPC in a report on Monday. Wall Street Zen cut shares of RPC from a “buy” rating to a “hold” rating in a research report on Saturday, December 13th. Finally, Citigroup lifted their price target on shares of RPC from $5.75 to $6.00 and gave the stock a “neutral” rating in a report on Thursday, December 11th. Four research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $5.00.

RPC Stock Up 1.2%

Shares of NYSE RES opened at $5.49 on Wednesday. The company’s 50 day moving average price is $5.40 and its 200-day moving average price is $4.96. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.31 and a current ratio of 2.78. RPC, Inc. has a 52-week low of $4.10 and a 52-week high of $7.17. The company has a market capitalization of $1.21 billion, a P/E ratio of 23.85 and a beta of 0.63.

RPC (NYSE:RES) last posted its quarterly earnings data on Wednesday, November 16th. The oil and gas company reported $0.02 earnings per share for the quarter. The company had revenue of $225.31 million during the quarter. RPC had a net margin of 3.12% and a return on equity of 5.58%. Equities analysts forecast that RPC, Inc. will post 0.31 earnings per share for the current year.

RPC Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 10th. Stockholders of record on Monday, November 10th were given a $0.04 dividend. The ex-dividend date of this dividend was Monday, November 10th. This represents a $0.16 annualized dividend and a dividend yield of 2.9%. RPC’s dividend payout ratio (DPR) is 69.57%.

About RPC

RPC, Inc (NYSE: RES) provides essential equipment and services to companies engaged in the exploration, production and maintenance of oil and natural gas wells. The firm operates as an equity interest holding company, partnering with a network of independent service businesses to deliver a comprehensive suite of offerings for well completion and production operations.

Through its affiliated service companies, RPC offers pressure pumping and fracturing services, coiled tubing and nitrogen pumping, downhole tools and telemetry solutions, well intervention and workover services, along with rental tools and supply-chain logistics.