Strs Ohio Makes New Investment in Range Resources Corporation $RRC

Key Points

• Strs Ohio has acquired 30,339 shares of Range Resources Corporation, valued at approximately $1.2 million, reflecting growing institutional interest in the company.
• Range Resources recently reported an earnings per share (EPS) of $0.66, exceeding the consensus estimate and generating revenue of $856.28 million for the quarter.
• The company declared a quarterly dividend of $0.09 per share, representing an annualized dividend yield of 1.0%, with an ex-dividend date set for September 12th.

Strs Ohio purchased a new stake in Range Resources Corporation (NYSE:RRC - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor purchased 30,339 shares of the oil and gas exploration company's stock, valued at approximately $1,211,000.

Several other large investors have also recently added to or reduced their stakes in RRC. Hollencrest Capital Management acquired a new stake in Range Resources in the 1st quarter valued at $33,000. Bessemer Group Inc. grew its stake in shares of Range Resources by 48.0% during the first quarter. Bessemer Group Inc. now owns 971 shares of the oil and gas exploration company's stock valued at $39,000 after acquiring an additional 315 shares in the last quarter. Cullen Frost Bankers Inc. acquired a new stake in shares of Range Resources during the first quarter valued at about $39,000. State of Wyoming acquired a new stake in shares of Range Resources during the first quarter valued at about $71,000. Finally, Fifth Third Bancorp grew its stake in shares of Range Resources by 20.6% during the first quarter. Fifth Third Bancorp now owns 2,078 shares of the oil and gas exploration company's stock valued at $83,000 after acquiring an additional 355 shares in the last quarter. 98.93% of the stock is currently owned by institutional investors and hedge funds.

Range Resources Stock Performance

Shares of RRC traded down $0.86 during mid-day trading on Friday, reaching $34.43. 5,784,170 shares of the company's stock traded hands, compared to its average volume of 2,949,743. The business's 50-day moving average price is $35.10 and its 200-day moving average price is $36.92. The stock has a market capitalization of $8.20 billion, a P/E ratio of 17.30, a price-to-earnings-growth ratio of 0.29 and a beta of 0.55. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.55 and a current ratio of 0.55. Range Resources Corporation has a 12 month low of $28.99 and a 12 month high of $43.50.

Range Resources (NYSE:RRC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 EPS for the quarter, beating analysts' consensus estimates of $0.65 by $0.01. Range Resources had a net margin of 17.22% and a return on equity of 15.95%. The business had revenue of $856.28 million for the quarter, compared to analyst estimates of $708.38 million. During the same quarter last year, the business earned $0.46 earnings per share. Equities analysts predict that Range Resources Corporation will post 2.02 earnings per share for the current year.

Range Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Friday, September 12th. Range Resources's dividend payout ratio (DPR) is currently 18.09%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on RRC shares. Scotiabank set a $46.00 price target on shares of Range Resources and gave the stock a "sector perform" rating in a research report on Friday, July 11th. Raymond James Financial reduced their price target on shares of Range Resources from $45.00 to $41.00 and set an "outperform" rating on the stock in a research report on Friday. Susquehanna increased their price target on shares of Range Resources from $36.00 to $39.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 23rd. Mizuho reduced their price target on shares of Range Resources from $48.00 to $42.00 and set an "outperform" rating on the stock in a research report on Monday, September 15th. Finally, Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $45.00 price target on shares of Range Resources in a research report on Tuesday, July 15th. Seven research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Range Resources presently has a consensus rating of "Hold" and an average price target of $41.75.

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.