Assenagon Asset Management S.A. Sells 993,565 Shares of Range Resources Corporation $RRC

Key Points

• Assenagon Asset Management slashed its Range Resources position by 92.6% in Q1, selling 993,565 shares and leaving it with 79,028 shares valued at about $3.57 million.
• Range Resources reported better-than-expected Q1 results, posting EPS of $1.52 versus the $1.25 consensus and revenue of $1.07 billion, up 49.8% year over year.
• Wall Street remains cautious on the stock, with an average “Hold” rating and an average price target of $43.59, while shares recently traded at $36.34.

Assenagon Asset Management S.A. decreased its position in shares of Range Resources Corporation (NYSE:RRC - Free Report) by 92.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 79,028 shares of the oil and gas exploration company's stock after selling 993,565 shares during the period. Assenagon Asset Management S.A.'s holdings in Range Resources were worth $3,570,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of RRC. Empowered Funds LLC increased its position in Range Resources by 2.1% in the 1st quarter. Empowered Funds LLC now owns 75,851 shares of the oil and gas exploration company's stock worth $3,029,000 after buying an additional 1,563 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Range Resources by 1.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 466,796 shares of the oil and gas exploration company's stock valued at $18,639,000 after acquiring an additional 8,816 shares during the period. Focus Partners Wealth acquired a new stake in shares of Range Resources in the first quarter worth $285,000. EverSource Wealth Advisors LLC grew its stake in shares of Range Resources by 63.5% in the second quarter. EverSource Wealth Advisors LLC now owns 2,932 shares of the oil and gas exploration company's stock worth $119,000 after acquiring an additional 1,139 shares during the last quarter. Finally, California Public Employees Retirement System increased its position in Range Resources by 8.0% during the second quarter. California Public Employees Retirement System now owns 410,651 shares of the oil and gas exploration company's stock worth $16,701,000 after acquiring an additional 30,481 shares during the period. 98.93% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Citigroup decreased their price target on shares of Range Resources from $50.00 to $45.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 14th. Truist Financial cut their price objective on shares of Range Resources from $48.00 to $46.00 and set a "hold" rating for the company in a research report on Thursday, April 9th. Weiss Ratings cut shares of Range Resources from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, June 2nd. Freedom Capital raised Range Resources from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 24th. Finally, Stephens set a $53.00 price target on Range Resources in a research note on Tuesday, June 23rd. 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 assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $43.59.

Range Resources Stock Performance

NYSE RRC opened at $36.34 on Tuesday. The stock has a market cap of $8.56 billion, a P/E ratio of 9.61 and a beta of 0.42. The company's 50-day simple moving average is $40.05 and its 200 day simple moving average is $39.22. Range Resources Corporation has a twelve month low of $32.60 and a twelve month high of $48.31. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.18.

Range Resources (NYSE:RRC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 21st. The oil and gas exploration company reported $1.52 EPS for the quarter, topping analysts' consensus estimates of $1.25 by $0.27. Range Resources had a net margin of 26.09% and a return on equity of 18.64%. The firm had revenue of $1.07 billion during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. As a group, research analysts forecast that Range Resources Corporation will post 3.71 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 12th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Friday, June 12th. Range Resources's dividend payout ratio (DPR) is 10.58%.

Insider Buying and Selling

In other Range Resources news, Director Brenda A. Cline sold 7,000 shares of Range Resources stock in a transaction on Tuesday, April 7th. The stock was sold at an average price of $44.40, for a total transaction of $310,800.00. Following the completion of the transaction, the director directly owned 28,668 shares of the company's stock, valued at approximately $1,272,859.20. This trade represents a 19.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.10% of the stock is currently owned by corporate insiders.

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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