1,573,656 Shares in Range Resources Corporation $RRC Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 1.57 million shares of Range Resources in the second quarter, worth approximately $58.5 million and representing 0.67% of the company. Institutional investors collectively own 98.93% of RRC.
• Range Resources beat quarterly earnings expectations, reporting $0.79 in EPS versus the $0.66 consensus and $759.6 million in revenue, although revenue declined 2.7% year over year.
• The stock has a consensus “Hold” rating and an average analyst price target of $44.29, compared with a recent price of $38.49. The company also announced a quarterly dividend of $0.10 per share, yielding about 1.0% annually.

Bank of America Corp DE purchased a new stake in Range Resources Corporation (NYSE:RRC - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 1,573,656 shares of the oil and gas exploration company's stock, valued at approximately $58,524,000. Bank of America Corp DE owned approximately 0.67% of Range Resources at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Man Group plc acquired a new stake in shares of Range Resources in the second quarter valued at about $33,612,000. Polar Asset Management Partners Inc. acquired a new position in Range Resources during the 2nd quarter worth approximately $232,000. Jupiter Topco LLC purchased a new position in Range Resources in the 2nd quarter worth approximately $9,096,000. Hsbc Holdings PLC purchased a new position in Range Resources in the 2nd quarter worth approximately $1,319,000. Finally, EFG International AG acquired a new stake in Range Resources in the second quarter valued at approximately $2,615,000. 98.93% of the stock is owned by hedge funds and other institutional investors.

Range Resources Trading Up 0.1%

NYSE:RRC opened at $38.49 on Monday. The stock has a market cap of $8.99 billion, a price-to-earnings ratio of 10.63 and a beta of 0.43. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.65 and a current ratio of 0.65. Range Resources Corporation has a 1 year low of $32.68 and a 1 year high of $48.31. The business has a fifty day moving average of $39.85 and a 200-day moving average of $40.58.

Range Resources (NYSE:RRC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share for the quarter, beating analysts' consensus estimates of $0.66 by $0.13. Range Resources had a net margin of 25.04% and a return on equity of 18.63%. The business had revenue of $759.58 million for the quarter, compared to analysts' expectations of $744.78 million. During the same period in the previous year, the business earned $0.66 earnings per share. The company's revenue was down 2.7% on a year-over-year basis. Equities analysts predict that Range Resources Corporation will post 3.65 earnings per share for the current year.

Range Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 11th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a $0.40 annualized dividend and a yield of 1.0%. Range Resources's payout ratio is presently 11.05%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on RRC. Truist Financial reduced their target price on shares of Range Resources from $46.00 to $43.00 and set a "hold" rating on the stock in a research report on Friday, July 10th. UBS Group upped their price objective on Range Resources from $44.00 to $49.00 and gave the stock a "neutral" rating in a research note on Monday, September 14th. The Goldman Sachs Group dropped their target price on Range Resources from $44.00 to $39.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 30th. Stephens raised their target price on Range Resources from $52.00 to $53.00 and gave the company an "overweight" rating in a research note on Wednesday, July 22nd. Finally, Weiss Ratings downgraded shares of Range Resources from a "buy (b-)" rating to a "hold (c)" rating in a report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, fifteen have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $44.29.

Insiders Place Their Bets

In other Range Resources news, Director Reginal Spiller sold 3,500 shares of the company's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $40.00, for a total value of $140,000.00. Following the completion of the sale, the director directly owned 13,421 shares in the company, valued at $536,840. This represents a 20.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.10% of the stock is owned by company insiders.

About Range Resources

Range Resources Corporation NYSE: RRC is an independent natural gas, natural gas liquids (NGLs) and oil exploration and production company. Its activities include acquiring, developing and operating unconventional properties, with a primary focus on the Marcellus Shale in the Appalachian Basin.

The company's production portfolio is centered on natural gas, along with NGLs such as ethane, propane, butane and natural gasoline, as well as condensate and oil. Range Resources also manages related gathering, processing, transportation and marketing activities to move its products from production areas to end markets.

Founded in 1976, Range Resources has built its operations through exploration, development and acquisitions in U.S.

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