Algert Global LLC Takes Position in Range Resources Co. (NYSE:RRC)

Algert Global LLC acquired a new stake in shares of Range Resources Co. (NYSE:RRC) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 24,385 shares of the oil and gas exploration company’s stock, valued at approximately $818,000.

Several other institutional investors also recently bought and sold shares of RRC. Price T Rowe Associates Inc. MD boosted its holdings in Range Resources by 25.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 28,633,567 shares of the oil and gas exploration company’s stock valued at $985,855,000 after acquiring an additional 5,759,883 shares during the period. William Blair Investment Management LLC purchased a new stake in Range Resources during the 2nd quarter valued at about $78,223,000. Vanguard Group Inc. boosted its holdings in Range Resources by 4.1% during the 1st quarter. Vanguard Group Inc. now owns 24,490,639 shares of the oil and gas exploration company’s stock valued at $843,213,000 after acquiring an additional 959,011 shares during the period. Herr Investment Group LLC boosted its holdings in Range Resources by 4,594.4% during the 1st quarter. Herr Investment Group LLC now owns 497,611 shares of the oil and gas exploration company’s stock valued at $17,133,000 after acquiring an additional 487,011 shares during the period. Finally, Sagefield Capital LP lifted its holdings in Range Resources by 44.8% in the 2nd quarter. Sagefield Capital LP now owns 906,886 shares of the oil and gas exploration company’s stock worth $30,408,000 after buying an additional 280,452 shares during the period. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Range Resources

In other Range Resources news, VP Ashley Kavanaugh sold 12,700 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $31.45, for a total value of $399,415.00. Following the completion of the transaction, the vice president now owns 9,670 shares of the company’s stock, valued at approximately $304,121.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.57% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RRC. Wells Fargo & Company upgraded Range Resources from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $35.00 to $39.00 in a report on Tuesday, October 1st. Piper Sandler cut Range Resources from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $43.00 to $31.00 in a report on Thursday, August 15th. Susquehanna dropped their price objective on Range Resources from $36.00 to $31.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. Scotiabank upgraded Range Resources from a “sector perform” rating to a “sector outperform” rating and set a $45.00 price objective for the company in a report on Tuesday, August 20th. Finally, Barclays upgraded Range Resources from an “underweight” rating to an “equal weight” rating and dropped their price objective for the stock from $35.00 to $34.00 in a report on Wednesday. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $35.50.

Range Resources Stock Performance

Shares of RRC stock opened at $32.31 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.58 and a current ratio of 0.58. The company has a market capitalization of $7.84 billion, a price-to-earnings ratio of 16.40 and a beta of 1.80. Range Resources Co. has a one year low of $27.29 and a one year high of $39.33. The company’s 50-day moving average is $30.04 and its 200 day moving average is $33.39.

Range Resources (NYSE:RRC) last announced its quarterly earnings results on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.05. The company had revenue of $641.30 million during the quarter, compared to the consensus estimate of $610.24 million. Range Resources had a net margin of 17.62% and a return on equity of 13.93%. The firm’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.27 earnings per share. Sell-side analysts expect that Range Resources Co. will post 1.87 EPS for the current fiscal year.

Range Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date was Friday, September 13th. Range Resources’s payout ratio is currently 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.