Range Resources Co. (NYSE:RRC) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama decreased its holdings in shares of Range Resources Co. (NYSE:RRC) by 5.1% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 788,222 shares of the oil and gas exploration company’s stock after selling 42,633 shares during the quarter. Retirement Systems of Alabama owned about 0.33% of Range Resources worth $23,993,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Invesco Ltd. boosted its holdings in Range Resources by 22.4% in the third quarter. Invesco Ltd. now owns 3,796,629 shares of the oil and gas exploration company’s stock valued at $123,049,000 after acquiring an additional 693,970 shares during the last quarter. Vaughan Nelson Investment Management L.P. acquired a new stake in Range Resources during the 3rd quarter valued at approximately $19,704,000. Lord Abbett & CO. LLC raised its holdings in Range Resources by 66.6% in the third quarter. Lord Abbett & CO. LLC now owns 1,463,000 shares of the oil and gas exploration company’s stock valued at $47,416,000 after acquiring an additional 585,000 shares in the last quarter. Canoe Financial LP lifted its position in shares of Range Resources by 86.5% during the third quarter. Canoe Financial LP now owns 1,195,400 shares of the oil and gas exploration company’s stock worth $38,743,000 after purchasing an additional 554,400 shares during the last quarter. Finally, Boston Partners acquired a new position in shares of Range Resources in the 3rd quarter worth approximately $10,590,000. Hedge funds and other institutional investors own 98.93% of the company’s stock.

Insider Activity

In related news, VP Ashley Kavanaugh sold 15,978 shares of the company’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $37.75, for a total value of $603,169.50. Following the sale, the vice president now owns 22,370 shares of the company’s stock, valued at $844,467.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.50% of the company’s stock.

Wall Street Analysts Forecast Growth

RRC has been the topic of a number of recent research reports. Barclays assumed coverage on Range Resources in a research note on Wednesday, April 10th. They issued an “underweight” rating and a $35.00 target price on the stock. Benchmark restated a “hold” rating on shares of Range Resources in a report on Wednesday, April 24th. Royal Bank of Canada cut Range Resources from an “outperform” rating to a “sector perform” rating and raised their target price for the stock from $36.00 to $39.00 in a research report on Friday. Susquehanna boosted their price objective on shares of Range Resources from $34.00 to $36.00 and gave the company a “neutral” rating in a research report on Monday, April 22nd. Finally, Mizuho reaffirmed a “buy” rating and issued a $41.00 target price (up from $39.00) on shares of Range Resources in a research report on Friday. Five investment analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Range Resources currently has an average rating of “Hold” and a consensus price target of $36.65.

Range Resources Stock Up 0.1 %

Shares of RRC opened at $37.36 on Tuesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.35 and a current ratio of 1.35. The company has a 50-day simple moving average of $33.94 and a 200-day simple moving average of $32.42. Range Resources Co. has a 52 week low of $23.92 and a 52 week high of $38.25. The firm has a market capitalization of $9.06 billion, a P/E ratio of 18.96 and a beta of 1.83.

Range Resources (NYSE:RRC) last announced its quarterly earnings data on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.21. The company had revenue of $718.20 million for the quarter, compared to analyst estimates of $680.72 million. Range Resources had a return on equity of 13.30% and a net margin of 17.00%. Range Resources’s revenue for the quarter was down 15.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.96 EPS. On average, equities research analysts expect that Range Resources Co. will post 2 earnings per share for the current year.

Range Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.86%. The ex-dividend date was Thursday, March 14th. Range Resources’s dividend payout ratio (DPR) is presently 16.24%.

Range Resources Profile

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), crude oil, and condensate company in the United States. The company engages in the exploration, development, and acquisition of natural gas and crude oil properties located in the Appalachian region. It sells natural gas to utilities, marketing and midstream companies, and industrial users; NGLs to petrochemical end users, marketers/traders, and natural gas processors; and oil and condensate to crude oil processors, transporters, and refining and marketing companies.