Charles Schwab Investment Management Inc. boosted its position in shares of Range Resources Co. (NYSE:RRC – Free Report) by 4.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,017,704 shares of the oil and gas exploration company’s stock after buying an additional 92,217 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.84% of Range Resources worth $62,065,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also added to or reduced their stakes in the company. Blue Trust Inc. grew its position in shares of Range Resources by 107.8% in the 3rd quarter. Blue Trust Inc. now owns 1,359 shares of the oil and gas exploration company’s stock worth $46,000 after buying an additional 705 shares during the last quarter. Bogart Wealth LLC bought a new stake in Range Resources in the third quarter valued at $49,000. Fifth Third Bancorp increased its position in Range Resources by 21.2% during the 2nd quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock valued at $57,000 after purchasing an additional 299 shares during the period. Perkins Coie Trust Co bought a new position in Range Resources in the 2nd quarter worth $67,000. Finally, International Assets Investment Management LLC purchased a new stake in shares of Range Resources in the 2nd quarter worth about $67,000. Hedge funds and other institutional investors own 98.93% of the company’s stock.
Insider Activity
In other news, VP Ashley Kavanaugh sold 12,700 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $31.45, for a total transaction of $399,415.00. Following the sale, the vice president now directly owns 9,670 shares of the company’s stock, valued at $304,121.50. This represents a 56.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Charles G. Griffie bought 1,275 shares of the business’s stock in a transaction that occurred on Thursday, October 24th. The stock was acquired at an average cost of $31.46 per share, with a total value of $40,111.50. Following the completion of the acquisition, the director now owns 5,921 shares of the company’s stock, valued at $186,274.66. This represents a 27.44 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 1.57% of the company’s stock.
Range Resources Stock Up 0.4 %
Range Resources (NYSE:RRC – Get Free Report) last released its quarterly earnings data on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.16. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. The firm had revenue of $615.03 million for the quarter, compared to analysts’ expectations of $617.90 million. During the same quarter last year, the business posted $0.43 earnings per share. The company’s revenue for the quarter was up .9% compared to the same quarter last year. Research analysts predict that Range Resources Co. will post 1.9 EPS for the current fiscal year.
Range Resources Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.90%. Range Resources’s dividend payout ratio (DPR) is presently 16.16%.
Wall Street Analysts Forecast Growth
RRC has been the topic of several research reports. JPMorgan Chase & Co. cut their price objective on Range Resources from $37.00 to $31.00 and set an “underweight” rating on the stock in a research report on Thursday, September 12th. Royal Bank of Canada upped their price target on Range Resources from $35.00 to $40.00 and gave the stock a “sector perform” rating in a research note on Monday, November 25th. Piper Sandler lowered their price objective on Range Resources from $31.00 to $30.00 and set a “neutral” rating for the company in a research report on Monday, November 18th. Mizuho reduced their target price 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. Finally, Susquehanna lowered their price target on shares of Range Resources from $36.00 to $31.00 and set a “neutral” rating for the company in a research report on Wednesday, September 4th. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $35.00.
Read Our Latest Report on Range Resources
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.
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