Mutual of America Capital Management LLC Cuts Stake in Range Resources Co. (NYSE:RRC)

Mutual of America Capital Management LLC cut its holdings in shares of Range Resources Co. (NYSE:RRC) by 3.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 138,916 shares of the oil and gas exploration company’s stock after selling 4,861 shares during the quarter. Mutual of America Capital Management LLC owned 0.06% of Range Resources worth $4,658,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Fifth Third Bancorp grew its stake 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 worth $57,000 after purchasing an additional 299 shares in the last quarter. Perkins Coie Trust Co purchased a new position in shares of Range Resources in the 2nd quarter valued at about $67,000. International Assets Investment Management LLC acquired a new position in shares of Range Resources during the second quarter worth about $67,000. SYSTM Wealth Solutions LLC increased its stake in shares of Range Resources by 17.9% during the first quarter. SYSTM Wealth Solutions LLC now owns 2,141 shares of the oil and gas exploration company’s stock worth $74,000 after buying an additional 325 shares during the period. Finally, nVerses Capital LLC acquired a new stake in Range Resources in the second quarter valued at approximately $107,000. Hedge funds and other institutional investors own 98.93% of the company’s stock.

Range Resources Trading Up 0.3 %

Shares of RRC opened at $30.61 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.58 and a quick ratio of 0.58. Range Resources Co. has a 1-year low of $27.29 and a 1-year high of $39.33. The stock has a market cap of $7.43 billion, a price-to-earnings ratio of 15.54 and a beta of 1.80. The firm has a 50 day simple moving average of $30.40 and a 200-day simple moving average of $33.49.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.05. The company had revenue of $641.30 million during the quarter, compared to analysts’ expectations of $610.24 million. Range Resources had a return on equity of 13.93% and a net margin of 17.62%. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.27 earnings per share. Equities analysts forecast that Range Resources Co. will post 2.07 EPS for the current fiscal year.

Range Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be paid a dividend of $0.08 per share. The ex-dividend date is Friday, September 13th. This represents a $0.32 annualized dividend and a dividend yield of 1.05%. Range Resources’s dividend payout ratio is currently 16.24%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. 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 report on Tuesday, August 20th. Morgan Stanley lowered their price objective on Range Resources from $33.00 to $31.00 and set an “underweight” rating for the company in a research report on Monday, September 16th. The Goldman Sachs Group cut their target price on Range Resources from $40.00 to $35.00 and set a “neutral” rating on the stock in a research report on Friday, September 6th. Benchmark reaffirmed a “hold” rating on shares of Range Resources in a report on Wednesday, July 24th. Finally, Wolfe Research started coverage on shares of Range Resources in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. Five investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $36.10.

About Range Resources

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.