Brown Advisory Inc. acquired a new position in Range Resources Corp. (NYSE:RRC) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 12,200 shares of the oil and gas exploration company’s stock, valued at approximately $85,000.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in RRC. Renaissance Technologies LLC purchased a new position in Range Resources during the 2nd quarter valued at about $23,468,000. Caymus Capital Partners L.P. increased its holdings in Range Resources by 240.5% during the 2nd quarter. Caymus Capital Partners L.P. now owns 4,631,218 shares of the oil and gas exploration company’s stock valued at $32,326,000 after purchasing an additional 3,271,218 shares during the period. Allianz Asset Management GmbH increased its holdings in Range Resources by 1,200.8% during the 2nd quarter. Allianz Asset Management GmbH now owns 3,009,562 shares of the oil and gas exploration company’s stock valued at $21,007,000 after purchasing an additional 2,778,208 shares during the period. Russell Investments Group Ltd. increased its holdings in Range Resources by 21.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 5,922,151 shares of the oil and gas exploration company’s stock valued at $41,317,000 after purchasing an additional 1,047,461 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in Range Resources by 308.4% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 924,725 shares of the oil and gas exploration company’s stock valued at $6,455,000 after purchasing an additional 698,275 shares during the period.
A number of research analysts recently issued reports on the company. Jefferies Financial Group downgraded Range Resources from a “buy” rating to a “hold” rating and reduced their price target for the company from $17.00 to $7.00 in a report on Monday, July 15th. Susquehanna Bancshares reduced their price target on Range Resources from $11.00 to $8.50 and set a “positive” rating on the stock in a report on Monday, July 29th. Morgan Stanley set a $4.00 price target on Range Resources and gave the company a “sell” rating in a report on Monday, June 24th. TD Securities reduced their price target on Range Resources from $7.50 to $5.50 and set a “hold” rating on the stock in a report on Friday, July 26th. Finally, Zacks Investment Research downgraded Range Resources from a “buy” rating to a “hold” rating in a report on Wednesday, May 22nd. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $13.01.
RRC stock opened at $4.63 on Monday. The stock has a market capitalization of $1.10 billion, a PE ratio of 4.10, a price-to-earnings-growth ratio of 3.55 and a beta of 1.03. Range Resources Corp. has a 12-month low of $3.36 and a 12-month high of $18.59. The company has a current ratio of 0.75, a quick ratio of 0.70 and a debt-to-equity ratio of 0.91. The stock’s 50 day simple moving average is $4.30 and its 200 day simple moving average is $7.61.
Range Resources (NYSE:RRC) last announced its 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 business had revenue of $851.43 million during the quarter, compared to analyst estimates of $672.93 million. Range Resources had a negative net margin of 45.91% and a positive return on equity of 4.66%. The company’s quarterly revenue was up 29.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.20 EPS. On average, research analysts predict that Range Resources Corp. will post 0.37 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a dividend of $0.02 per share. The ex-dividend date is Thursday, September 12th. This represents a $0.08 dividend on an annualized basis and a yield of 1.73%. Range Resources’s dividend payout ratio is presently 7.08%.
In related news, CFO Mark Scucchi bought 9,483 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was acquired at an average cost of $5.27 per share, for a total transaction of $49,975.41. Following the purchase, the chief financial officer now owns 14,149 shares in the company, valued at $74,565.23. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, VP David P. Poole sold 5,843 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $5.69, for a total transaction of $33,246.67. Following the sale, the vice president now owns 58,196 shares of the company’s stock, valued at $331,135.24. The disclosure for this sale can be found here. Over the last quarter, insiders have acquired 42,938 shares of company stock valued at $176,159. Company insiders own 0.35% of the company’s stock.
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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