Allianz Asset Management GmbH boosted its holdings in Range Resources Corp. (NYSE:RRC) by 1,200.8% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,009,562 shares of the oil and gas exploration company’s stock after purchasing an additional 2,778,208 shares during the quarter. Allianz Asset Management GmbH owned about 1.20% of Range Resources worth $21,007,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Quadrant Capital Group LLC lifted its holdings in shares of Range Resources by 667.8% in the 1st quarter. Quadrant Capital Group LLC now owns 2,242 shares of the oil and gas exploration company’s stock worth $25,000 after acquiring an additional 1,950 shares during the last quarter. Machina Capital S.A.S. bought a new stake in Range Resources during the 2nd quarter valued at about $46,000. Reilly Financial Advisors LLC bought a new stake in Range Resources during the 2nd quarter valued at about $70,000. Hapanowicz & Associates Financial Services Inc bought a new stake in Range Resources during the 2nd quarter valued at about $102,000. Finally, Quantitative Systematic Strategies LLC bought a new stake in Range Resources during the 2nd quarter valued at about $113,000.
RRC has been the subject of a number of research analyst reports. MKM Partners upgraded shares of Range Resources from a “neutral” rating to a “buy” rating and set a $6.00 price objective for the company in a report on Monday, August 19th. Jefferies Financial Group lowered shares of 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. Citigroup reduced their price target on shares of Range Resources from $7.50 to $6.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. LADENBURG THALM/SH SH lowered shares of Range Resources from a “buy” rating to a “neutral” rating and reduced their price target for the company from $11.00 to $5.00 in a report on Monday, August 26th. Finally, Zacks Investment Research lowered shares of Range Resources from a “buy” rating to a “hold” rating in a report on Wednesday, May 22nd. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $13.01.
In related news, Director Margaret K. Dorman bought 20,500 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were bought at an average price of $3.40 per share, with a total value of $69,700.00. Following the transaction, the director now owns 57,233 shares in the company, valued at $194,592.20. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mark Scucchi bought 9,483 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were bought at an average cost of $5.27 per share, for a total transaction of $49,975.41. Following the transaction, the chief financial officer now owns 14,149 shares in the company, valued at approximately $74,565.23. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 42,938 shares of company stock worth $176,159. Insiders own 0.35% of the company’s stock.
Shares of Range Resources stock traded down $0.24 on Friday, reaching $3.93. The stock had a trading volume of 16,130,146 shares, compared to its average volume of 10,116,465. The company has a 50 day moving average price of $4.42 and a 200 day moving average price of $7.81. The company has a quick ratio of 0.70, a current ratio of 0.75 and a debt-to-equity ratio of 0.91. Range Resources Corp. has a 1 year low of $3.36 and a 1 year high of $18.59. The stock has a market capitalization of $1.05 billion, a P/E ratio of 4.91, a P/E/G ratio of 3.44 and a beta of 1.03.
Range Resources (NYSE:RRC) last issued its quarterly earnings data on Thursday, July 25th. The oil and gas exploration company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. Range Resources had a negative net margin of 45.91% and a positive return on equity of 4.66%. The firm had revenue of $851.43 million for the quarter, compared to the consensus estimate of $672.93 million. During the same quarter in the previous year, the firm earned $0.20 EPS. The company’s quarterly revenue was up 29.8% compared to the same quarter last year. On average, analysts forecast that Range Resources Corp. will post 0.36 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date is Thursday, September 12th. Range Resources’s payout ratio is currently 7.08%.
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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