Bank of America Corp DE reduced its stake in Range Resources Co. (NYSE:RRC – Get Rating) by 14.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,693,200 shares of the oil and gas exploration company's stock after selling 278,818 shares during the period. Bank of America Corp DE owned approximately 0.63% of Range Resources worth $51,439,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also made changes to their positions in the company. Quent Capital LLC acquired a new position in Range Resources during the first quarter valued at approximately $37,000. Exchange Traded Concepts LLC raised its position in Range Resources by 385.3% during the first quarter. Exchange Traded Concepts LLC now owns 1,485 shares of the oil and gas exploration company's stock valued at $45,000 after purchasing an additional 1,179 shares in the last quarter. Chilton Capital Management LLC acquired a new position in Range Resources during the fourth quarter valued at approximately $80,000. Van ECK Associates Corp acquired a new position in Range Resources during the first quarter valued at approximately $84,000. Finally, Archer Investment Corp acquired a new position in Range Resources during the first quarter valued at approximately $100,000. 84.31% of the stock is currently owned by institutional investors.
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Insider Transactions at Range Resources
In other news, SVP Dori Ginn sold 5,000 shares of the stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $34.65, for a total transaction of $173,250.00. Following the transaction, the senior vice president now owns 80,801 shares of the company's stock, valued at approximately $2,799,754.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, SVP Dori Ginn sold 5,000 shares of the firm's stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $34.65, for a total value of $173,250.00. Following the transaction, the senior vice president now owns 80,801 shares of the company's stock, valued at approximately $2,799,754.65. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Reginal Spiller sold 1,600 shares of the firm's stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $31.44, for a total transaction of $50,304.00. Following the completion of the transaction, the director now directly owns 10,685 shares in the company, valued at approximately $335,936.40. The disclosure for this sale can be found here. Insiders own 0.93% of the company's stock.
Analyst Upgrades and Downgrades
Several brokerages have commented on RRC. Truist Financial boosted their price objective on shares of Range Resources to $34.00 and gave the company an "outperform" rating in a research report on Wednesday, July 27th. Susquehanna Bancshares upped their price target on shares of Range Resources to $36.00 and gave the stock an "outperform" rating in a report on Wednesday, July 27th. Credit Suisse Group upped their price target on shares of Range Resources from $34.00 to $35.00 and gave the stock a "neutral" rating in a report on Tuesday, July 26th. Mizuho lowered their price target on shares of Range Resources from $42.00 to $38.00 and set a "neutral" rating for the company in a report on Tuesday, July 19th. Finally, Wells Fargo & Company upgraded shares of Range Resources from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $44.00 to $49.00 in a report on Monday, July 11th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $34.35.
Range Resources Stock Performance
Shares of RRC opened at $23.69 on Wednesday. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $6.23 billion, a P/E ratio of 12.21, a price-to-earnings-growth ratio of 0.17 and a beta of 2.11. The firm's fifty day simple moving average is $31.57 and its two-hundred day simple moving average is $30.31. Range Resources Co. has a 12 month low of $16.71 and a 12 month high of $37.44.
Range Resources (NYSE:RRC – Get Rating) last issued its quarterly earnings results on Monday, July 25th. The oil and gas exploration company reported $1.23 EPS for the quarter, beating analysts' consensus estimates of $1.15 by $0.08. The business had revenue of $1.23 billion for the quarter, compared to analysts' expectations of $959.91 million. Range Resources had a net margin of 16.40% and a return on equity of 56.92%. The business's quarterly revenue was up 181.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.24 earnings per share. As a group, analysts predict that Range Resources Co. will post 5.27 EPS for the current year.
Range Resources Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 15th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date of this dividend is Wednesday, September 14th. This is a boost from Range Resources's previous quarterly dividend of $0.02. Range Resources's dividend payout ratio is 16.49%.
Range Resources Profile
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Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), and oil company in the United States. The company engages in the exploration, development, and acquisition of natural gas and oil properties. As of December 31, 2021, the company owned and operated 1,350 net producing wells and approximately 794,000 net acres under lease located in the Appalachian region of the northeastern United States.
Further Reading
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