Envestnet Asset Management Inc. Raises Stake in Range Resources Co. (NYSE:RRC)

Envestnet Asset Management Inc. lifted its holdings in shares of Range Resources Co. (NYSE:RRC - Free Report) by 11.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 106,034 shares of the oil and gas exploration company's stock after purchasing an additional 11,254 shares during the period. Envestnet Asset Management Inc.'s holdings in Range Resources were worth $3,815,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Smartleaf Asset Management LLC boosted its holdings in shares of Range Resources by 87.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,012 shares of the oil and gas exploration company's stock worth $37,000 after purchasing an additional 471 shares during the period. UMB Bank n.a. lifted its stake in Range Resources by 59.0% in the fourth quarter. UMB Bank n.a. now owns 1,148 shares of the oil and gas exploration company's stock worth $41,000 after acquiring an additional 426 shares during the period. Headlands Technologies LLC bought a new stake in shares of Range Resources during the 4th quarter valued at about $42,000. Geneos Wealth Management Inc. bought a new stake in Range Resources during the 4th quarter valued at approximately $46,000. Finally, Versant Capital Management Inc boosted its position in shares of Range Resources by 42.8% during the fourth quarter. Versant Capital Management Inc now owns 1,544 shares of the oil and gas exploration company's stock valued at $56,000 after purchasing an additional 463 shares in the last quarter. 98.93% of the stock is owned by institutional investors.

Range Resources Stock Performance

Shares of RRC stock traded down $1.19 on Wednesday, reaching $33.91. The stock had a trading volume of 2,959,528 shares, compared to its average volume of 2,455,922. 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 $41.95. The stock has a market cap of $8.10 billion, a P/E ratio of 17.13, a price-to-earnings-growth ratio of 5.11 and a beta of 1.73. The company has a 50 day simple moving average of $36.45 and a 200 day simple moving average of $35.79.

Range Resources (NYSE:RRC - Get Free Report) last announced its earnings results on Tuesday, February 25th. The oil and gas exploration company reported $0.68 EPS for the quarter, beating analysts' consensus estimates of $0.55 by $0.13. The business had revenue of $626.42 million during the quarter, compared to analysts' expectations of $676.53 million. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. During the same period in the prior year, the company earned $0.63 earnings per share. Equities research analysts expect that Range Resources Co. will post 2.02 EPS for the current year.

Range Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were given a dividend of $0.09 per share. The ex-dividend date was Friday, March 14th. This is an increase from Range Resources's previous quarterly dividend of $0.08. This represents a $0.36 annualized dividend and a yield of 1.06%. Range Resources's payout ratio is 32.14%.

Wall Street Analysts Forecast Growth

RRC has been the subject of several research reports. Bank of America upgraded shares of Range Resources from a "neutral" rating to a "buy" rating and increased their price target for the stock from $34.00 to $45.00 in a research note on Monday, January 13th. Roth Capital raised Range Resources from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 8th. Stephens reissued an "overweight" rating and issued a $49.00 target price on shares of Range Resources in a research note on Wednesday, April 23rd. Benchmark reaffirmed a "hold" rating on shares of Range Resources in a research report on Friday, January 17th. Finally, Truist Financial upped their price target on shares of Range Resources from $35.00 to $37.00 and gave the stock a "hold" rating in a research note on Monday, March 17th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Range Resources currently has an average rating of "Hold" and a consensus price target of $41.50.

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.