The Manufacturers Life Insurance Company Sells 7,489 Shares of Range Resources Co. (NYSE:RRC)

The Manufacturers Life Insurance Company lowered its stake in Range Resources Co. (NYSE:RRC) by 3.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 189,022 shares of the oil and gas exploration company’s stock after selling 7,489 shares during the period. The Manufacturers Life Insurance Company owned 0.08% of Range Resources worth $5,814,000 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. Blue Trust Inc. lifted 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 purchasing an additional 705 shares during the period. Bogart Wealth LLC purchased a new stake in Range Resources in the third quarter worth about $49,000. Fifth Third Bancorp boosted 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 acquiring an additional 299 shares in the last quarter. Perkins Coie Trust Co purchased a new position in shares of Range Resources during the 2nd quarter worth approximately $67,000. Finally, International Assets Investment Management LLC bought a new position in shares of Range Resources in the 2nd quarter worth approximately $67,000. 98.93% of the stock is owned by hedge funds and other institutional investors.

Range Resources Stock Performance

Shares of NYSE RRC opened at $34.52 on Friday. The firm’s 50-day moving average price is $32.42 and its 200-day moving average price is $32.50. Range Resources Co. has a 52-week low of $27.29 and a 52-week high of $39.33. The company has a market cap of $8.33 billion, a PE ratio of 17.58 and a beta of 1.85. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.28.

Range Resources (NYSE:RRC) last issued its earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.16. The company had revenue of $615.03 million for the quarter, compared to analysts’ expectations of $617.90 million. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. The firm’s quarterly revenue was up .9% on a year-over-year basis. During the same quarter last year, the company posted $0.43 earnings per share. As a group, analysts anticipate that Range Resources Co. will post 1.9 EPS for the current year.

Range Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.93%. The ex-dividend date is Friday, December 13th. Range Resources’s payout ratio is currently 16.16%.

Insider Activity at Range Resources

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

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. reduced their price target on Range Resources from $37.00 to $31.00 and set an “underweight” rating on the stock in a research note on Thursday, September 12th. Piper Sandler reduced their target price on shares of Range Resources from $31.00 to $30.00 and set a “neutral” rating on the stock in a research report on Monday, November 18th. 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. Stephens upped their price objective on shares of Range Resources from $36.00 to $37.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Finally, StockNews.com raised shares of Range Resources to a “sell” rating in a research note on Wednesday, November 27th. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $35.00.

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.