JPMorgan Chase & Co. Raises Stock Position in Range Resources Co. (NYSE:RRC)

JPMorgan Chase & Co. grew its position in Range Resources Co. (NYSE:RRC) by 61.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,579,579 shares of the oil and gas exploration company’s stock after buying an additional 604,199 shares during the period. JPMorgan Chase & Co. owned 0.65% of Range Resources worth $48,588,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Brooklyn Investment Group purchased a new position in Range Resources in the third quarter worth approximately $25,000. Blue Trust Inc. increased its position in shares of Range Resources by 107.8% during 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 last quarter. Bogart Wealth LLC purchased a new stake in Range Resources in the 3rd quarter valued at about $49,000. CWM LLC lifted its position in Range Resources by 276.8% in the third quarter. CWM LLC now owns 2,306 shares of the oil and gas exploration company’s stock valued at $71,000 after buying an additional 1,694 shares during the last quarter. Finally, Hara Capital LLC purchased a new position in Range Resources during the third quarter worth about $92,000. Institutional investors and hedge funds own 98.93% of the company’s stock.

Range Resources Stock Performance

Shares of RRC stock opened at $35.91 on Friday. The stock’s 50-day moving average is $34.13 and its two-hundred day moving average is $32.24. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.54 and a current ratio of 0.54. Range Resources Co. has a 1 year low of $27.29 and a 1 year high of $39.33. The firm has a market cap of $8.67 billion, a price-to-earnings ratio of 18.14 and a beta of 1.81.

Range Resources (NYSE:RRC) last issued its quarterly earnings data on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.16. The company had revenue of $615.03 million during the quarter, compared to analysts’ expectations of $617.90 million. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The firm’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.43 earnings per share. Analysts predict that Range Resources Co. will post 1.91 earnings per share for the current year.

Range Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 13th were issued a $0.08 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.89%. Range Resources’s payout ratio is 16.16%.

Insider Transactions at Range Resources

In other Range Resources news, Director Charles G. Griffie acquired 1,275 shares of the stock in a transaction on Thursday, October 24th. The shares were bought at an average price of $31.46 per share, with a total value of $40,111.50. Following the acquisition, the director now owns 5,921 shares of the company’s stock, valued at $186,274.66. This trade represents a 27.44 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.57% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. StockNews.com upgraded shares of Range Resources to a “sell” rating in a report on Wednesday, November 27th. JPMorgan Chase & Co. lowered their price target on Range Resources from $37.00 to $31.00 and set an “underweight” rating for the company in a research report on Thursday, September 12th. Stephens boosted their price objective on Range Resources from $36.00 to $37.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Wells Fargo & Company raised their target price on Range Resources from $38.00 to $40.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. Finally, Barclays raised shares of Range Resources from an “underweight” rating to an “equal weight” rating and reduced their price target for the stock from $35.00 to $34.00 in a research report on Wednesday, October 2nd. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Range Resources currently has a consensus rating of “Hold” and a consensus price target of $36.32.

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.