Aristeia Capital L.L.C. Sells 78,562 Shares of Range Resources Corporation $RRC

Key Points

• Aristeia Capital cut its Range Resources stake by 27.8% in the fourth quarter, selling 78,562 shares and leaving it with 204,226 shares valued at about $7.2 million.
• Insider selling and mixed institutional activity continued around the stock, including director Brenda A. Cline’s sale of 7,000 shares and several large funds increasing positions; institutional investors still own 98.93% of the company.
• Range Resources reported strong quarterly results, beating EPS and revenue estimates, while analysts mostly remain cautious with a consensus “Hold” rating and an average price target of $44.

Aristeia Capital L.L.C. trimmed its holdings in Range Resources Corporation (NYSE:RRC - Free Report) by 27.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 204,226 shares of the oil and gas exploration company's stock after selling 78,562 shares during the quarter. Aristeia Capital L.L.C. owned about 0.09% of Range Resources worth $7,201,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also added to or reduced their stakes in RRC. Boston Partners lifted its stake in 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 valued at $445,196,000 after buying an additional 4,398,042 shares during the period. AQR Capital Management LLC lifted its position in shares of Range Resources by 517.6% during the 3rd quarter. AQR Capital Management LLC now owns 2,440,277 shares of the oil and gas exploration company's stock valued at $91,852,000 after acquiring an additional 2,045,165 shares during the period. Holocene Advisors LP bought a new position in Range Resources during the third quarter worth $66,560,000. UBS Group AG increased its stake in Range Resources by 66.3% in the fourth quarter. UBS Group AG now owns 3,588,540 shares of the oil and gas exploration company's stock valued at $126,532,000 after purchasing an additional 1,430,477 shares in the last quarter. Finally, Morgan Stanley increased its stake in Range Resources by 54.1% in the fourth quarter. Morgan Stanley now owns 3,267,227 shares of the oil and gas exploration company's stock valued at $115,202,000 after purchasing an additional 1,147,304 shares in the last quarter. Institutional investors and hedge funds own 98.93% of the company's stock.

Insiders Place Their Bets

In other Range Resources news, Director Brenda A. Cline sold 7,000 shares of the company's stock in a transaction dated Tuesday, April 7th. The shares were sold at an average price of $44.40, for a total value of $310,800.00. Following the completion of the sale, the director directly owned 28,668 shares of the company's stock, valued at approximately $1,272,859.20. This represents a 19.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 1.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on RRC. Piper Sandler increased their price objective on shares of Range Resources from $41.00 to $42.00 and gave the stock a "neutral" rating in a research report on Thursday, March 12th. Barclays upped their price target on Range Resources from $39.00 to $41.00 and gave the stock an "equal weight" rating in a research note on Monday, March 16th. Truist Financial cut their price target on Range Resources from $48.00 to $46.00 and set a "hold" rating on the stock in a report on Thursday, April 9th. Bank of America boosted their price objective on Range Resources from $38.00 to $44.00 and gave the company a "neutral" rating in a report on Tuesday, April 21st. Finally, Stephens lowered their target price on Range Resources from $55.00 to $54.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Range Resources currently has an average rating of "Hold" and an average target price of $44.00.

Range Resources Stock Performance

Shares of RRC opened at $36.67 on Thursday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.55 and a current ratio of 0.55. The stock has a 50 day moving average price of $40.98 and a two-hundred day moving average price of $39.35. The firm has a market capitalization of $8.64 billion, a P/E ratio of 9.70 and a beta of 0.42. Range Resources Corporation has a 52 week low of $32.60 and a 52 week high of $48.31.

Range Resources (NYSE:RRC - Get Free Report) last posted its earnings results on Tuesday, April 21st. The oil and gas exploration company reported $1.52 earnings per share for the quarter, beating analysts' consensus estimates of $1.25 by $0.27. Range Resources had a return on equity of 18.64% and a net margin of 26.09%.The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $898.20 million. During the same quarter last year, the company earned $0.96 earnings per share. The company's revenue for the quarter was up 49.8% on a year-over-year basis. Equities analysts forecast that Range Resources Corporation will post 3.71 earnings per share for the current fiscal year.

Range Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 12th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, June 12th. Range Resources's dividend payout ratio (DPR) is presently 10.58%.

About Range Resources

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.

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