Log Out

State of Alaska Department of Revenue Boosts Position in Range Resources Co. (NYSE:RRC)

Defense World · Sep 29, 2022 04:32

State of Alaska Department of Revenue lifted its stake in shares of Range Resources Co. (NYSE:RRC – Get Rating) by 5.8% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 37,200 shares of the oil and gas exploration company's stock after acquiring an additional 2,045 shares during the period. State of Alaska Department of Revenue's holdings in Range Resources were worth $920,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Nkcfo LLC purchased a new position in shares of Range Resources during the 2nd quarter worth $4,514,000. Centre Asset Management LLC purchased a new position in shares of Range Resources during the 2nd quarter worth $10,241,000. Amalgamated Bank raised its holdings in Range Resources by 38.0% in the 1st quarter. Amalgamated Bank now owns 158,196 shares of the oil and gas exploration company's stock valued at $4,806,000 after buying an additional 43,532 shares during the period. Offit Capital Advisors LLC purchased a new stake in Range Resources in the 1st quarter valued at about $269,000. Finally, Neuberger Berman Group LLC purchased a new stake in Range Resources in the 1st quarter valued at about $276,000. Hedge funds and other institutional investors own 84.31% of the company's stock.

Get Range Resources alerts:

Range Resources Stock Performance

Shares of Range Resources stock opened at $24.84 on Thursday. Range Resources Co. has a one year low of $16.71 and a one year high of $37.44. The company has a market cap of $6.53 billion, a PE ratio of 12.80, a P/E/G ratio of 0.16 and a beta of 2.11. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.33 and a current ratio of 0.33. The business has a 50-day simple moving average of $31.46 and a 200-day simple moving average of $30.28.

Range Resources (NYSE:RRC – Get Rating) last announced its quarterly earnings results on Monday, July 25th. The oil and gas exploration company reported $1.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.15 by $0.08. The firm had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $959.91 million. Range Resources had a return on equity of 56.92% and a net margin of 16.40%. The firm's quarterly revenue was up 181.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.24 earnings per share. On average, equities research analysts forecast that Range Resources Co. will post 5.27 EPS for the current fiscal year.

Range Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be paid a $0.08 dividend. This is a positive change from Range Resources's previous quarterly dividend of $0.02. This represents a $0.32 annualized dividend and a yield of 1.29%. The ex-dividend date is Wednesday, September 14th. Range Resources's dividend payout ratio is currently 16.49%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on RRC shares. Scotiabank restated an "assumes" rating on shares of Range Resources in a report on Monday, July 25th. Morgan Stanley reduced their price objective on shares of Range Resources from $32.00 to $31.00 and set an "underweight" rating on the stock in a report on Tuesday, July 19th. Susquehanna Bancshares boosted their price objective on shares of Range Resources to $36.00 and gave the company an "outperform" rating in a report on Wednesday, July 27th. Mizuho reduced their price objective on shares of Range Resources from $42.00 to $38.00 and set a "neutral" rating on the stock in a report on Tuesday, July 19th. Finally, MKM Partners reaffirmed a "neutral" rating and issued a $25.00 target price on shares of Range Resources in a research report on Wednesday, July 20th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $34.35.

Insider Buying and Selling at Range Resources

In other Range Resources news, Director Reginal Spiller sold 1,600 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $31.44, for a total value of $50,304.00. Following the transaction, the director now directly owns 10,685 shares in the company, valued at $335,936.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, SVP Dori Ginn sold 5,000 shares of the firm's stock in a transaction that occurred on 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 directly owns 80,801 shares in the company, valued at $2,799,754.65. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Reginal Spiller sold 1,600 shares of the firm's stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $31.44, for a total transaction of $50,304.00. Following the transaction, the director now owns 10,685 shares in the company, valued at $335,936.40. The disclosure for this sale can be found here. 0.93% of the stock is currently owned by insiders.

Range Resources Profile

(Get Rating)

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.