Algert Global LLC Invests $3.84 Million in Range Resources Corporation $RRC

Key Points

• Algert Global LLC has invested approximately $3.84 million in Range Resources Corporation, acquiring 96,120 shares in the 1st quarter.
• Several other institutional investors have also increased their stakes in Range Resources, with 98.93% of the stock now owned by hedge funds and institutional investors.
• Analysts have mixed views on Range Resources, with recent price targets ranging from $35.00 to $48.00 and the stock receiving a consensus rating of "Hold".

Algert Global LLC acquired a new position in shares of Range Resources Corporation (NYSE:RRC - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 96,120 shares of the oil and gas exploration company's stock, valued at approximately $3,838,000.

Several other institutional investors have also modified their holdings of RRC. Envestnet Asset Management Inc. lifted its position in shares of Range Resources by 11.9% during the 4th quarter. Envestnet Asset Management Inc. now owns 106,034 shares of the oil and gas exploration company's stock worth $3,815,000 after purchasing an additional 11,254 shares during the last quarter. Mariner LLC lifted its position in shares of Range Resources by 6.1% during the 4th quarter. Mariner LLC now owns 16,575 shares of the oil and gas exploration company's stock worth $596,000 after purchasing an additional 960 shares during the last quarter. Commerce Bank lifted its position in shares of Range Resources by 11.7% during the 4th quarter. Commerce Bank now owns 7,648 shares of the oil and gas exploration company's stock worth $275,000 after purchasing an additional 800 shares during the last quarter. Forum Financial Management LP lifted its position in shares of Range Resources by 19.1% during the 4th quarter. Forum Financial Management LP now owns 8,046 shares of the oil and gas exploration company's stock worth $289,000 after purchasing an additional 1,293 shares during the last quarter. Finally, First Trust Advisors LP lifted its position in shares of Range Resources by 1.9% during the 4th quarter. First Trust Advisors LP now owns 801,881 shares of the oil and gas exploration company's stock worth $28,852,000 after purchasing an additional 14,819 shares during the last quarter. 98.93% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Range Resources

In other news, Director Reginal Spiller sold 4,200 shares of the company's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $40.16, for a total value of $168,672.00. Following the completion of the sale, the director directly owned 13,663 shares of the company's stock, valued at approximately $548,706.08. This represents a 23.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.00% of the company's stock.

Range Resources Stock Performance

Shares of NYSE:RRC traded up $0.0570 on Monday, reaching $33.4070. The company's stock had a trading volume of 350,842 shares, compared to its average volume of 2,851,459. The stock's 50-day moving average is $37.35 and its two-hundred day moving average is $37.42. Range Resources Corporation has a 52-week low of $27.55 and a 52-week high of $43.50. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.55 and a quick ratio of 0.55. The stock has a market capitalization of $7.96 billion, a P/E ratio of 16.78, a PEG ratio of 0.28 and a beta of 0.60.

Range Resources (NYSE:RRC - Get Free Report) last announced its earnings results 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 during the quarter, compared to analysts' expectations of $708.38 million. During the same period in the prior year, the company earned $0.46 earnings per share. As a group, sell-side analysts forecast that Range Resources Corporation will post 2.02 EPS for the current year.

Range Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 13th were issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Friday, June 13th. Range Resources's dividend payout ratio is presently 18.09%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on RRC. Mizuho lifted their price objective on shares of Range Resources from $46.00 to $48.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 23rd. Susquehanna boosted their price target on shares of Range Resources from $36.00 to $39.00 and gave the company a "neutral" rating in a research report on Wednesday, July 23rd. Barclays boosted their price target on shares of Range Resources from $39.00 to $44.00 and gave the company an "equal weight" rating in a research report on Monday, July 7th. Bank of America boosted their price target on shares of Range Resources from $45.00 to $47.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Finally, Roth Capital cut shares of Range Resources from a "buy" rating to a "neutral" rating and reduced their price target for the company from $44.00 to $35.00 in a research report on Monday, August 18th. Seven research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $42.75.

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.