508,430 Shares in Range Resources Corporation $RRC Bought by Fearnley Asset Management AS

Key Points

• Fearnley Asset Management AS bought a new stake of 508,430 shares in Range Resources during the fourth quarter, worth about $17.9 million. The position made Range Resources its third-largest holding and represented about 0.22% of the company.
• Institutional ownership remains extremely high, with hedge funds and other institutions holding 98.93% of the stock. Several large investors, including Vanguard and Price T. Rowe, also increased their positions.
• Range Resources reported strong quarterly results, beating earnings and revenue estimates with EPS of $1.52 and revenue of $1.07 billion. The company also announced a quarterly dividend of $0.10 per share, implying a 1.1% yield.

Fearnley Asset Management AS acquired a new stake in shares of Range Resources Corporation (NYSE:RRC - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 508,430 shares of the oil and gas exploration company's stock, valued at approximately $17,927,000. Range Resources makes up approximately 8.2% of Fearnley Asset Management AS's investment portfolio, making the stock its 3rd biggest holding. Fearnley Asset Management AS owned about 0.22% of Range Resources as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its stake in shares of Range Resources by 1.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 27,660,494 shares of the oil and gas exploration company's stock worth $975,311,000 after acquiring an additional 326,748 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Range Resources by 2.8% during the fourth quarter. Vanguard Group Inc. now owns 25,553,637 shares of the oil and gas exploration company's stock worth $901,021,000 after purchasing an additional 701,751 shares during the last quarter. Boston Partners grew its holdings in Range Resources by 14.0% during the fourth quarter. Boston Partners now owns 13,467,808 shares of the oil and gas exploration company's stock worth $474,585,000 after acquiring an additional 1,650,258 shares during the period. Dimensional Fund Advisors LP grew its holdings in Range Resources by 8.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 8,965,029 shares of the oil and gas exploration company's stock worth $316,123,000 after acquiring an additional 673,827 shares during the period. Finally, Kopernik Global Investors LLC lifted its stake in shares of Range Resources by 18.5% in the 4th quarter. Kopernik Global Investors LLC now owns 5,238,903 shares of the oil and gas exploration company's stock valued at $184,724,000 after purchasing an additional 818,295 shares during the period. 98.93% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RRC has been the subject of a number of analyst reports. TD Cowen upped their price target on Range Resources from $40.00 to $45.00 and gave the stock a "hold" rating in a report on Tuesday, March 17th. Piper Sandler upped their price objective on shares of Range Resources from $41.00 to $42.00 and gave the stock a "neutral" rating in a research report on Thursday, March 12th. Wells Fargo & Company increased their price objective on shares of Range Resources from $43.00 to $46.00 and gave the company an "equal weight" rating in a report on Thursday, February 26th. Truist Financial decreased their target price on Range Resources from $48.00 to $46.00 and set a "hold" rating on the stock in a research report on Thursday, April 9th. Finally, Bank of America lifted their price target on Range Resources from $38.00 to $44.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $44.00.

Insider Activity at Range Resources

In related news, Director Brenda A. Cline sold 7,000 shares of Range Resources stock in a transaction dated Tuesday, April 7th. The stock was sold at an average price of $44.40, for a total transaction of $310,800.00. Following the completion of the sale, the director owned 28,668 shares in the company, valued at approximately $1,272,859.20. This trade represents a 19.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.10% of the stock is owned by corporate insiders.

Range Resources Price Performance

NYSE:RRC opened at $36.45 on Friday. Range Resources Corporation has a 52 week low of $32.60 and a 52 week high of $48.31. The stock's fifty day moving average is $40.69 and its two-hundred day moving average is $39.31. The company has a market capitalization of $8.59 billion, a P/E ratio of 9.64 and a beta of 0.42. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.18.

Range Resources (NYSE:RRC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 21st. The oil and gas exploration company reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.27. Range Resources had a net margin of 26.09% and a return on equity of 18.64%. The business had revenue of $1.07 billion for the quarter, compared to analysts' expectations of $898.20 million. During the same quarter in the prior year, the company earned $0.96 earnings per share. The business's quarterly revenue was up 49.8% on a year-over-year basis. Equities analysts expect that Range Resources Corporation will post 3.71 EPS for the current year.

Range Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 12th will be issued a $0.10 dividend. The ex-dividend date is Friday, June 12th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.1%. Range Resources's dividend payout ratio is currently 10.58%.

Range Resources Profile

Range Resources Corporation, headquartered in Fort Worth, Texas, is an independent energy company engaged in the exploration, development and production of natural gas, oil and natural gas liquids. The company focuses its core operations on the Appalachian Basin, with a significant presence in Pennsylvania's Marcellus Shale. Through its drilling and completion activities, Range Resources seeks to optimize production efficiency while maintaining a disciplined approach to capital allocation and cost management.

The company's technical expertise centers on advanced horizontal drilling and hydraulic fracturing techniques, which it applies to unlock unconventional resources.

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