Short Interest in Range Resources Co. (NYSE:RRC) Rises By 26.2%

Range Resources Co. (NYSE:RRC) was the recipient of a significant growth in short interest in October. As of October 31st, there was short interest totalling 14,830,000 shares, a growth of 26.2% from the October 15th total of 11,750,000 shares. Based on an average daily trading volume, of 2,080,000 shares, the short-interest ratio is presently 7.1 days. Currently, 6.2% of the shares of the company are sold short.

Range Resources Price Performance

Range Resources stock opened at $33.63 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.54 and a current ratio of 0.54. The company has a market capitalization of $8.12 billion, a price-to-earnings ratio of 16.98 and a beta of 1.80. The company’s 50 day simple moving average is $30.87 and its 200-day simple moving average is $32.65. Range Resources has a 1 year low of $27.29 and a 1 year high of $39.33.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.16. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The company had revenue of $615.03 million for the quarter, compared to analysts’ expectations of $617.90 million. During the same period in the prior year, the firm earned $0.43 earnings per share. The firm’s revenue was up .9% compared to the same quarter last year. As a group, equities research analysts expect that Range Resources will post 1.87 earnings per share for the current year.

Range Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date was Friday, September 13th. Range Resources’s dividend payout ratio (DPR) is currently 16.16%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RRC. StockNews.com raised Range Resources to a “sell” rating in a research note on Tuesday. UBS Group reduced their target price on shares of Range Resources from $30.00 to $27.00 and set a “sell” rating for the company in a research report on Wednesday, September 18th. Mizuho lowered their price target on shares of Range Resources from $45.00 to $40.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 9th. Scotiabank raised shares of Range Resources from a “sector perform” rating to a “sector outperform” rating and set a $45.00 price objective for the company in a research note on Tuesday, August 20th. Finally, Wolfe Research assumed coverage on shares of Range Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Range Resources presently has an average rating of “Hold” and a consensus target price of $35.00.

Insider Activity at Range Resources

In related news, VP Ashley Kavanaugh sold 12,700 shares of Range Resources stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $31.45, for a total value of $399,415.00. Following the sale, the vice president now owns 9,670 shares of the company’s stock, valued at approximately $304,121.50. This trade represents a 56.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles G. Griffie purchased 1,275 shares of the business’s stock in a transaction that occurred on Thursday, October 24th. The stock was bought at an average cost of $31.46 per share, with a total value of $40,111.50. Following the acquisition, the director now owns 5,921 shares in the company, valued at $186,274.66. This represents a 27.44 % increase in their position. The disclosure for this purchase can be found here. 1.57% of the stock is owned by company insiders.

Institutional Investors Weigh In On Range Resources

A number of hedge funds have recently added to or reduced their stakes in RRC. Verition Fund Management LLC increased its holdings in Range Resources by 379.3% during the 3rd quarter. Verition Fund Management LLC now owns 409,427 shares of the oil and gas exploration company’s stock worth $12,594,000 after purchasing an additional 324,011 shares during the period. Rockefeller Capital Management L.P. grew its position in shares of Range Resources by 3.4% during the third quarter. Rockefeller Capital Management L.P. now owns 53,637 shares of the oil and gas exploration company’s stock worth $1,650,000 after buying an additional 1,787 shares in the last quarter. Townsquare Capital LLC increased its stake in shares of Range Resources by 5.9% during the third quarter. Townsquare Capital LLC now owns 78,455 shares of the oil and gas exploration company’s stock worth $2,413,000 after buying an additional 4,364 shares during the period. BNP Paribas Financial Markets raised its holdings in Range Resources by 329.7% in the third quarter. BNP Paribas Financial Markets now owns 57,618 shares of the oil and gas exploration company’s stock valued at $1,772,000 after acquiring an additional 44,209 shares in the last quarter. Finally, Brooklyn Investment Group purchased a new position in Range Resources in the third quarter worth approximately $25,000. 98.93% of the stock is currently owned by institutional investors and hedge funds.

Range Resources Company 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.