Acadian Asset Management LLC Acquires 72,403 Shares of Range Resources Corporation $RRC

Key Points

• Acadian Asset Management LLC significantly increased its holdings in Range Resources Corporation by 2,646.3%, owning 75,139 shares valued at approximately $3 million.
• Range Resources reported $0.66 earnings per share for the last quarter, surpassing expectations by $0.01, with revenues reaching $856.28 million.
• The company declared a quarterly dividend of $0.09 per share, resulting in an annualized yield of 1.0% and a payout ratio of 18.09%.

Acadian Asset Management LLC grew its stake in Range Resources Corporation (NYSE:RRC - Free Report) by 2,646.3% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 75,139 shares of the oil and gas exploration company's stock after purchasing an additional 72,403 shares during the quarter. Acadian Asset Management LLC's holdings in Range Resources were worth $3,000,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Kopernik Global Investors LLC boosted its holdings in Range Resources by 5.2% during the first quarter. Kopernik Global Investors LLC now owns 2,846,663 shares of the oil and gas exploration company's stock worth $113,667,000 after purchasing an additional 140,043 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Range Resources by 1.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,151,250 shares of the oil and gas exploration company's stock worth $85,899,000 after buying an additional 38,648 shares during the last quarter. Goehring & Rozencwajg Associates LLC increased its stake in shares of Range Resources by 1.8% during the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 1,435,376 shares of the oil and gas exploration company's stock worth $57,803,000 after purchasing an additional 25,403 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Range Resources by 50.1% during the 1st quarter. Wellington Management Group LLP now owns 1,405,033 shares of the oil and gas exploration company's stock worth $56,103,000 after purchasing an additional 468,841 shares during the last quarter. Finally, Jefferies Financial Group Inc. grew its holdings in Range Resources by 21.9% during the first quarter. Jefferies Financial Group Inc. now owns 968,759 shares of the oil and gas exploration company's stock valued at $38,683,000 after purchasing an additional 173,785 shares during the period. 98.93% of the stock is owned by hedge funds and other institutional investors.

Range Resources Stock Down 2.4%

NYSE:RRC traded down $0.86 on Friday, reaching $34.43. 5,784,170 shares of the stock traded hands, compared to its average volume of 2,767,923. The company's fifty day simple moving average is $35.10 and its 200 day simple moving average is $36.92. Range Resources Corporation has a 12 month low of $28.99 and a 12 month high of $43.50. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $8.20 billion, a price-to-earnings ratio of 17.30, a PEG ratio of 0.30 and a beta of 0.55.

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

Range Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be issued a $0.09 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.36 annualized dividend and a dividend yield of 1.0%. Range Resources's payout ratio is presently 18.09%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on RRC. UBS Group dropped their price target on Range Resources from $42.00 to $40.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 20th. Barclays lifted their target price on shares of Range Resources from $39.00 to $44.00 and gave the stock an "equal weight" rating in a research note on Monday, July 7th. Scotiabank set a $46.00 price objective on shares of Range Resources and gave the stock a "sector perform" rating in a report on Friday, July 11th. Raymond James Financial cut their price objective on shares of Range Resources from $45.00 to $41.00 and set an "outperform" rating for the company in a report on Friday. Finally, Bank of America lifted their target price on Range Resources from $45.00 to $47.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Seven research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Range Resources currently has a consensus rating of "Hold" and a consensus price target of $41.75.

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.