AlphaQuest LLC Invests $416,000 in Range Resources Corporation $RRC

Key Points

• AlphaQuest LLC has acquired a new stake in Range Resources Corporation by purchasing 10,414 shares worth approximately $416,000 during the first quarter.
• Range Resources reported $0.66 EPS for the latest quarter, exceeding analysts' estimates, with a revenue of $856.28 million compared to the expected $708.38 million.
• The company has a dividend yield of 1.1% and recently declared a quarterly dividend of $0.09 per share, indicating a payout ratio of 18.09%.

AlphaQuest LLC purchased a new position in Range Resources Corporation (NYSE:RRC - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 10,414 shares of the oil and gas exploration company's stock, valued at approximately $416,000.

Other large investors also recently modified their holdings of the company. Hollencrest Capital Management acquired a new position in shares of Range Resources during the first quarter valued at $33,000. Bessemer Group Inc. increased its holdings 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 purchasing an additional 315 shares during the period. Cullen Frost Bankers Inc. acquired a new position in shares of Range Resources during the first quarter valued at $39,000. Fifth Third Bancorp increased its holdings 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 purchasing an additional 355 shares during the period. Finally, UMB Bank n.a. increased its holdings in shares of Range Resources by 124.9% during the first quarter. UMB Bank n.a. now owns 2,582 shares of the oil and gas exploration company's stock valued at $103,000 after purchasing an additional 1,434 shares during the period. 98.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

RRC has been the topic of a number of research analyst reports. Susquehanna raised their price target on Range Resources from $36.00 to $39.00 and gave the company a "neutral" rating in a report on Wednesday, July 23rd. UBS Group lowered their price target on Range Resources from $42.00 to $40.00 and set a "neutral" rating on the stock in a report on Wednesday, August 20th. Mizuho raised their target price on Range Resources from $46.00 to $48.00 and gave the company an "outperform" rating in a research note on Wednesday, July 23rd. Piper Sandler decreased their target price on Range Resources from $41.00 to $39.00 and set a "neutral" rating for the company in a research note on Thursday, August 14th. Finally, Barclays raised their target price on Range Resources from $39.00 to $44.00 and gave the company an "equal weight" rating in a research note on Monday, July 7th. 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 stock. Based on data from MarketBeat.com, Range Resources has a consensus rating of "Hold" and an average target price of $42.75.

Range Resources Trading Down 0.6%

Shares of NYSE RRC traded down $0.20 during mid-day trading on Friday, hitting $34.24. 1,928,658 shares of the company traded hands, compared to its average volume of 2,369,049. Range Resources Corporation has a 1 year low of $27.55 and a 1 year high of $43.50. The stock has a market capitalization of $8.16 billion, a price-to-earnings ratio of 17.21, a PEG ratio of 0.28 and a beta of 0.60. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.29. The business has a 50 day moving average of $36.50 and a two-hundred day moving average of $37.26.

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 the consensus estimate of $0.65 by $0.01. Range Resources had a return on equity of 15.95% and a net margin of 17.22%.The business had revenue of $856.28 million during the quarter, compared to the consensus estimate of $708.38 million. During the same period in the prior year, the business posted $0.46 earnings per share. On average, sell-side analysts anticipate that Range Resources Corporation will post 2.02 earnings per share for the current fiscal year.

Range Resources Announces Dividend

The firm 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 $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Friday, September 12th. Range Resources's dividend payout ratio is currently 18.09%.

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.