Goldman Sachs Group Inc. Trims Position in Range Resources Co. (NYSE:RRC)

Goldman Sachs Group Inc. lessened its stake in shares of Range Resources Co. (NYSE:RRC) by 7.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,434,119 shares of the oil and gas exploration company’s stock after selling 122,633 shares during the quarter. Goldman Sachs Group Inc. owned about 0.59% of Range Resources worth $43,655,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in RRC. Boston Partners grew its holdings in Range Resources by 1,858.7% during the 4th quarter. Boston Partners now owns 6,397,521 shares of the oil and gas exploration company’s stock valued at $194,722,000 after buying an additional 6,070,900 shares in the last quarter. Invesco Ltd. grew its holdings in Range Resources by 22.4% during the 3rd quarter. Invesco Ltd. now owns 3,796,629 shares of the oil and gas exploration company’s stock valued at $123,049,000 after buying an additional 693,970 shares in the last quarter. Canoe Financial LP grew its holdings in shares of Range Resources by 42.5% during the fourth quarter. Canoe Financial LP now owns 1,702,900 shares of the oil and gas exploration company’s stock worth $51,836,000 after purchasing an additional 507,500 shares in the last quarter. TD Asset Management Inc grew its holdings in shares of Range Resources by 177.7% during the fourth quarter. TD Asset Management Inc now owns 692,722 shares of the oil and gas exploration company’s stock worth $21,086,000 after purchasing an additional 443,298 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. grew its holdings in shares of Range Resources by 56.5% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 951,501 shares of the oil and gas exploration company’s stock worth $28,964,000 after purchasing an additional 343,541 shares in the last quarter. Hedge funds and other institutional investors own 98.93% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Benchmark reissued a “hold” rating on shares of Range Resources in a report on Wednesday, April 24th. Piper Sandler boosted their price objective on Range Resources from $41.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, April 30th. StockNews.com raised Range Resources to a “sell” rating in a report on Wednesday, March 13th. Susquehanna boosted their price objective on Range Resources from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Monday, April 22nd. Finally, Morgan Stanley boosted their price objective on Range Resources from $23.00 to $33.00 and gave the stock an “underweight” rating in a report on Wednesday, April 17th. Five analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $37.10.

Insider Activity at Range Resources

In other Range Resources news, Director Charles G. Griffie bought 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was bought at an average price of $34.65 per share, for a total transaction of $51,975.00. Following the completion of the acquisition, the director now directly owns 4,646 shares in the company, valued at $160,983.90. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Reginal Spiller sold 1,460 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $38.68, for a total transaction of $56,472.80. Following the completion of the transaction, the director now owns 15,253 shares in the company, valued at $589,986.04. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Charles G. Griffie bought 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were acquired at an average price of $34.65 per share, with a total value of $51,975.00. Following the acquisition, the director now owns 4,646 shares of the company’s stock, valued at $160,983.90. The disclosure for this purchase can be found here. Insiders sold a total of 197,107 shares of company stock worth $7,379,095 over the last quarter. 1.57% of the stock is owned by corporate insiders.

Range Resources Stock Performance

Shares of RRC stock opened at $34.06 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.35 and a current ratio of 1.35. Range Resources Co. has a fifty-two week low of $27.52 and a fifty-two week high of $39.33. The stock has a 50 day moving average price of $36.25 and a two-hundred day moving average price of $32.99. The company has a market capitalization of $8.26 billion, a P/E ratio of 17.29 and a beta of 1.81.

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, beating the consensus estimate of $0.48 by $0.21. The firm had revenue of $718.20 million during the quarter, compared to the consensus estimate of $680.72 million. Range Resources had a return on equity of 13.30% and a net margin of 17.00%. The business’s revenue was down 15.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.96 earnings per share. Analysts expect that Range Resources Co. will post 2.11 earnings per share for the current year.

Range Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.94%. Range Resources’s dividend payout ratio 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.