Cannell Peter B & Co. Inc. reduced its stake in Range Resources Corp. (NYSE:RRC) by 83.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 11,750 shares of the oil and gas exploration company’s stock after selling 59,850 shares during the period. Cannell Peter B & Co. Inc.’s holdings in Range Resources were worth $171,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in RRC. Nisa Investment Advisors LLC increased its holdings in shares of Range Resources by 571.7% in the 4th quarter. Nisa Investment Advisors LLC now owns 22,360 shares of the oil and gas exploration company’s stock worth $381,000 after buying an additional 19,031 shares during the last quarter. Schwab Charles Investment Management Inc. increased its holdings in shares of Range Resources by 7.0% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 1,379,118 shares of the oil and gas exploration company’s stock worth $23,528,000 after buying an additional 90,580 shares during the last quarter. State of Alaska Department of Revenue increased its holdings in shares of Range Resources by 48.9% in the 4th quarter. State of Alaska Department of Revenue now owns 54,042 shares of the oil and gas exploration company’s stock worth $921,000 after buying an additional 17,752 shares during the last quarter. Shah Capital Management bought a new stake in shares of Range Resources in the 4th quarter worth about $1,366,000. Finally, Cerebellum GP LLC bought a new stake in shares of Range Resources in the 4th quarter worth about $1,683,000. Institutional investors own 96.04% of the company’s stock.
Shares of RRC traded down $0.47 during mid-day trading on Thursday, hitting $16.15. The company’s stock had a trading volume of 7,026,902 shares, compared to its average volume of 8,354,730. Range Resources Corp. has a 52-week low of $11.93 and a 52-week high of $23.84. The stock has a market capitalization of $4.04 billion, a PE ratio of 27.84, a PEG ratio of 1.09 and a beta of 0.60. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.45 and a current ratio of 0.50.
Range Resources (NYSE:RRC) last announced its quarterly earnings results on Wednesday, April 25th. The oil and gas exploration company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.09. Range Resources had a net margin of 8.24% and a return on equity of 4.36%. The firm had revenue of $742.60 million during the quarter, compared to analysts’ expectations of $725.60 million. During the same quarter in the prior year, the company earned $0.25 EPS. The company’s revenue was down 4.4% compared to the same quarter last year. equities research analysts forecast that Range Resources Corp. will post 0.92 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, June 15th will be given a $0.02 dividend. The ex-dividend date is Thursday, June 14th. This represents a $0.08 annualized dividend and a dividend yield of 0.50%. Range Resources’s payout ratio is presently 13.79%.
A number of research firms have recently weighed in on RRC. Seaport Global Securities downgraded shares of Range Resources from a “buy” rating to a “hold” rating in a report on Tuesday, April 3rd. Sanford C. Bernstein cut shares of Range Resources from an “outperform” rating to a “market perform” rating and set a $16.00 price target for the company. in a research note on Monday, March 26th. Jefferies Financial Group set a $24.00 price target on shares of Range Resources and gave the stock a “buy” rating in a research note on Monday, March 19th. ValuEngine cut shares of Range Resources from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 2nd. Finally, Morgan Stanley lifted their price target on shares of Range Resources from $11.00 to $12.00 and gave the stock an “underweight” rating in a research note on Friday, April 20th. Five investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $22.28.
Range Resources Company Profile
Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), and oil company. It engages in the exploration, development, and acquisition of natural gas and oil properties. It holds interests in developed and undeveloped natural gas and oil leases in the Appalachian and North Louisiana regions of the United States.
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