The Manufacturers Life Insurance Company Has $6.59 Million Position in Range Resources Co. (NYSE:RRC)

The Manufacturers Life Insurance Company decreased its holdings in shares of Range Resources Co. (NYSE:RRC) by 1.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 196,511 shares of the oil and gas exploration company’s stock after selling 2,606 shares during the period. The Manufacturers Life Insurance Company owned 0.08% of Range Resources worth $6,589,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in RRC. Caxton Associates LP bought a new position in shares of Range Resources during the 2nd quarter worth approximately $3,731,000. Squarepoint Ops LLC bought a new position in Range Resources during the second quarter worth $6,048,000. Aristeia Capital L.L.C. acquired a new stake in Range Resources in the second quarter worth $639,000. Sagefield Capital LP increased its stake in Range Resources by 44.8% in the second quarter. Sagefield Capital LP now owns 906,886 shares of the oil and gas exploration company’s stock valued at $30,408,000 after purchasing an additional 280,452 shares in the last quarter. Finally, Magnetar Financial LLC acquired a new position in shares of Range Resources during the second quarter valued at about $682,000. Institutional investors and hedge funds own 98.93% of the company’s stock.

Range Resources Price Performance

Shares of NYSE:RRC opened at $32.31 on Friday. The company has a 50-day moving average price of $30.04 and a two-hundred day moving average price of $33.39. The firm has a market capitalization of $7.84 billion, a PE ratio of 16.40 and a beta of 1.80. Range Resources Co. has a twelve month low of $27.29 and a twelve month high of $39.33. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.28.

Range Resources (NYSE:RRC) last posted its quarterly earnings data on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.05. Range Resources had a net margin of 17.62% and a return on equity of 13.93%. The company had revenue of $641.30 million for the quarter, compared to analysts’ expectations of $610.24 million. During the same period in the prior year, the business earned $0.27 earnings per share. Range Resources’s revenue for the quarter was up 8.7% compared to the same quarter last year. Equities analysts forecast that Range Resources Co. will post 1.87 EPS for the current year.

Range Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were issued a $0.08 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.32 annualized dividend and a yield of 0.99%. Range Resources’s dividend payout ratio (DPR) is presently 16.24%.

Analysts Set New Price Targets

A number of brokerages recently commented on RRC. Jefferies Financial Group boosted their target price on Range Resources from $34.00 to $35.00 and gave the company a “hold” rating in a research report on Monday, July 8th. UBS Group lowered their target price on Range Resources from $30.00 to $27.00 and set a “sell” rating on the stock in a research report on Wednesday, September 18th. Benchmark reissued a “hold” rating on shares of Range Resources in a research report on Wednesday, July 24th. Barclays upgraded shares of Range Resources from an “underweight” rating to an “equal weight” rating and lowered their price objective for the stock from $35.00 to $34.00 in a report on Wednesday. Finally, Morgan Stanley reduced their price objective on shares of Range Resources from $33.00 to $31.00 and set an “underweight” rating for the company in a report on Monday, September 16th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Range Resources has a consensus rating of “Hold” and a consensus target price of $35.50.

Insider Activity at Range Resources

In other Range Resources news, VP Ashley Kavanaugh sold 12,700 shares of Range Resources stock in a transaction 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 completion of the transaction, the vice president now owns 9,670 shares in the company, valued at approximately $304,121.50. The trade was a 0.00 % decrease in their ownership of the stock. 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 corporate insiders.

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.