American Century Companies Inc. Increases Stake in Range Resources Corporation $RRC

Key Points

• American Century Companies Inc. increased its stake in Range Resources Corporation by 34.9%, holding about 0.20% of the company with a value of approximately $19.50 million.
• Range Resources reported $0.66 earnings per share (EPS) for its recent quarter, surpassing the consensus estimate and showing a revenue of $856.28 million.
• The company announced a quarterly dividend of $0.09 per share, resulting in a 1.1% dividend yield with a payout ratio of 18.09%.

American Century Companies Inc. boosted its holdings in Range Resources Corporation (NYSE:RRC - Free Report) by 34.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 488,224 shares of the oil and gas exploration company's stock after purchasing an additional 126,258 shares during the quarter. American Century Companies Inc. owned about 0.20% of Range Resources worth $19,495,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of RRC. Hollencrest Capital Management acquired a new stake in Range Resources in the 1st quarter valued at $33,000. Bessemer Group Inc. lifted its stake in Range Resources by 48.0% during the 1st quarter. Bessemer Group Inc. now owns 971 shares of the oil and gas exploration company's stock valued at $39,000 after acquiring an additional 315 shares in the last quarter. Cullen Frost Bankers Inc. bought a new position in Range Resources during the 1st quarter valued at $39,000. Fifth Third Bancorp lifted its stake in Range Resources by 20.6% during the 1st quarter. Fifth Third Bancorp now owns 2,078 shares of the oil and gas exploration company's stock valued at $83,000 after acquiring an additional 355 shares in the last quarter. Finally, UMB Bank n.a. lifted its stake in Range Resources by 124.9% during the 1st quarter. UMB Bank n.a. now owns 2,582 shares of the oil and gas exploration company's stock valued at $103,000 after acquiring an additional 1,434 shares in the last quarter. Institutional investors and hedge funds own 98.93% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Royal Bank Of Canada restated a "sector perform" rating and set a $45.00 price objective on shares of Range Resources in a research note on Tuesday, July 15th. Roth Capital cut Range Resources from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $44.00 to $35.00 in a research note on Monday, August 18th. Piper Sandler dropped their price objective on Range Resources from $41.00 to $39.00 and set a "neutral" rating on the stock in a research note on Thursday, August 14th. Wall Street Zen cut Range Resources from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Finally, UBS Group dropped their price objective on Range Resources from $42.00 to $40.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 20th. Seven equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Range Resources currently has a consensus rating of "Hold" and an average price target of $42.75.

Range Resources Stock Performance

Shares of NYSE RRC traded up $0.63 during mid-day trading on Thursday, reaching $34.46. 1,302,438 shares of the company's stock were exchanged, compared to its average volume of 2,856,819. The firm has a market capitalization of $8.21 billion, a price-to-earnings ratio of 17.33, a price-to-earnings-growth ratio of 0.28 and a beta of 0.60. 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 firm has a 50-day moving average price of $36.84 and a two-hundred day moving average price of $37.34.

Range Resources (NYSE:RRC - Get Free Report) last released its earnings results on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 EPS for the quarter, topping analysts' consensus estimates of $0.65 by $0.01. The company had revenue of $856.28 million for the quarter, compared to analysts' expectations of $708.38 million. Range Resources had a return on equity of 15.95% and a net margin of 17.22%.During the same period in the previous year, the business posted $0.46 EPS. Analysts predict that Range Resources Corporation will post 2.02 EPS for the current year.

Range Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 13th were issued a $0.09 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.36 annualized dividend and a yield of 1.0%. Range Resources's dividend payout ratio (DPR) is 18.09%.

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.