Alyeska Investment Group L.P. Makes New Investment in Range Resources Corporation $RRC

Key Points

• Alyeska Investment Group initiated a position in Range Resources by purchasing 89,161 shares valued at approximately $3.3 million. Institutional ownership now accounts for 98.93% of the company’s outstanding stock.
• Range Resources reported quarterly EPS of $0.79, beating analysts’ $0.66 estimate, while revenue of $759.6 million also exceeded expectations. However, revenue declined 2.7% year over year.
• The company declared a quarterly dividend of $0.10 per share, equivalent to a 0.9% yield. Analysts maintain a consensus “Hold” rating with an average price target of $43.75, compared with the stock’s $42.47 price.

Alyeska Investment Group L.P. bought a new position in Range Resources Corporation (NYSE:RRC - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 89,161 shares of the oil and gas exploration company's stock, valued at approximately $3,316,000.

Other large investors have also made changes to their positions in the company. BlackRock Inc. bought a new stake in Range Resources during the 2nd quarter worth approximately $868,085,000. Boston Partners boosted its position in shares of Range Resources by 59.3% in the third quarter. Boston Partners now owns 11,817,550 shares of the oil and gas exploration company's stock worth $445,196,000 after purchasing an additional 4,398,042 shares during the period. AQR Capital Management LLC increased its stake in shares of Range Resources by 517.6% in the third quarter. AQR Capital Management LLC now owns 2,440,277 shares of the oil and gas exploration company's stock worth $91,852,000 after purchasing an additional 2,045,165 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Range Resources in the second quarter worth $67,470,000. Finally, Bank of America Corp DE bought a new stake in shares of Range Resources during the 2nd quarter valued at $58,524,000. 98.93% of the stock is currently owned by institutional investors.

Range Resources Stock Up 2.8%

RRC opened at $42.47 on Wednesday. The firm has a 50-day simple moving average of $38.76 and a two-hundred day simple moving average of $40.36. Range Resources Corporation has a 52 week low of $32.68 and a 52 week high of $48.31. The company has a market capitalization of $9.92 billion, a PE ratio of 11.73 and a beta of 0.42. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.18.

Range Resources (NYSE:RRC - Get Free Report) last issued its earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.13. The firm had revenue of $759.58 million for the quarter, compared to analysts' expectations of $744.78 million. Range Resources had a return on equity of 18.63% and a net margin of 25.04%.The business's revenue was down 2.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.66 earnings per share. Analysts forecast that Range Resources Corporation will post 3.62 earnings per share for the current fiscal year.

Range Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 11th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Friday, September 11th. Range Resources's payout ratio is presently 11.05%.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Barclays dropped their target price on shares of Range Resources from $43.00 to $40.00 and set an "equal weight" rating for the company in a report on Monday, August 17th. UBS Group reissued a "neutral" rating on shares of Range Resources in a report on Thursday, August 13th. Weiss Ratings downgraded Range Resources from a "buy (b-)" rating to a "hold (c)" rating in a research report on Thursday, July 23rd. Truist Financial cut their target price on Range Resources from $46.00 to $43.00 and set a "hold" rating for the company in a research report on Friday, July 10th. Finally, Zacks Research raised Range Resources from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Range Resources currently has an average rating of "Hold" and a consensus price target of $43.75.

Insiders Place Their Bets

In other news, Director Reginal Spiller sold 3,500 shares of the stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $40.00, for a total value of $140,000.00. Following the sale, the director owned 13,421 shares of the company's stock, valued at approximately $536,840. This represents a 20.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.10% of the stock is owned by company insiders.

Range Resources Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source