Range Resources Corp. (NYSE:RRC) was the recipient of a significant increase in short interest in the month of September. As of September 30th, there was short interest totalling 77,370,000 shares, an increase of 8.0% from the August 30th total of 71,610,000 shares. Currently, 31.2% of the company’s shares are sold short. Based on an average daily volume of 14,010,000 shares, the days-to-cover ratio is presently 5.5 days.
RRC stock traded up $0.03 during midday trading on Thursday, reaching $3.62. 132,794 shares of the company’s stock traded hands, compared to its average volume of 14,588,136. The company has a market capitalization of $872.28 million, a P/E ratio of 3.22, a PEG ratio of 3.12 and a beta of 1.02. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.75 and a quick ratio of 0.70. Range Resources has a fifty-two week low of $3.26 and a fifty-two week high of $18.36. The business has a 50-day moving average price of $4.00 and a two-hundred day moving average price of $6.52.
Range Resources (NYSE:RRC) last announced its quarterly earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The firm had revenue of $851.43 million for the quarter, compared to analysts’ expectations of $672.93 million. Range Resources had a negative net margin of 45.91% and a positive return on equity of 4.66%. Range Resources’s revenue was up 29.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.20 earnings per share. As a group, research analysts forecast that Range Resources will post 0.33 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a dividend of $0.02 per share. The ex-dividend date was Thursday, September 12th. This represents a $0.08 dividend on an annualized basis and a yield of 2.21%. Range Resources’s dividend payout ratio (DPR) is 7.08%.
A number of equities research analysts recently issued reports on RRC shares. Morgan Stanley set a $4.00 target price on shares of Range Resources and gave the company a “sell” rating in a report on Monday, June 24th. Credit Suisse Group downgraded shares of Range Resources from an “outperform” rating to a “neutral” rating in a report on Friday, October 4th. ValuEngine upgraded shares of Range Resources from a “strong sell” rating to a “sell” rating in a report on Wednesday, October 2nd. LADENBURG THALM/SH SH downgraded shares of Range Resources from a “buy” rating to a “neutral” rating and lowered their target price for the company from $11.00 to $5.00 in a report on Monday, August 26th. Finally, Susquehanna Bancshares lowered their target price on shares of Range Resources from $11.00 to $8.50 and set a “positive” rating for the company in a report on Monday, July 29th. Three research analysts have rated the stock with a sell rating, thirteen have given a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $12.18.
In related news, Director Margaret K. Dorman bought 20,500 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was purchased at an average cost of $3.40 per share, for a total transaction of $69,700.00. Following the completion of the acquisition, the director now owns 57,233 shares in the company, valued at $194,592.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark Scucchi bought 12,955 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was bought at an average price of $4.36 per share, with a total value of $56,483.80. Following the completion of the acquisition, the chief financial officer now owns 14,149 shares of the company’s stock, valued at approximately $61,689.64. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 42,938 shares of company stock valued at $176,159. 0.35% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Enlightenment Research LLC acquired a new stake in Range Resources in the third quarter worth about $40,000. Virginia National Bank lifted its stake in Range Resources by 157.3% during the third quarter. Virginia National Bank now owns 329,030 shares of the oil and gas exploration company’s stock valued at $1,256,000 after buying an additional 201,130 shares in the last quarter. Everence Capital Management Inc. purchased a new stake in Range Resources during the third quarter valued at about $94,000. Carroll Financial Associates Inc. lifted its stake in Range Resources by 20,967.3% during the third quarter. Carroll Financial Associates Inc. now owns 23,174 shares of the oil and gas exploration company’s stock valued at $88,000 after buying an additional 23,064 shares in the last quarter. Finally, Cerebellum GP LLC purchased a new stake in Range Resources during the third quarter valued at about $328,000.
About Range Resources
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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