Bank of America Corp DE Grows Stake in Range Resources Corporation $RRC

Key Points

• Institutional ownership increased: Bank of America raised its Range Resources stake by 12.9% to 1.63 million shares, while hedge funds and other institutions collectively own 98.93% of the company.
• Analyst sentiment remains cautious: Range Resources has a consensus “Hold” rating and an average price target of $43.35 after several firms lowered their targets; the stock recently opened at $38.29.
• Quarterly results beat expectations: Range Resources reported adjusted earnings of $0.79 per share versus the $0.66 consensus estimate and revenue of $759.6 million, while maintaining a $0.10 quarterly dividend.

Bank of America Corp DE raised its position in shares of Range Resources Corporation (NYSE:RRC - Free Report) by 12.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,633,203 shares of the oil and gas exploration company's stock after purchasing an additional 187,195 shares during the period. Bank of America Corp DE owned about 0.69% of Range Resources worth $73,788,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions 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 worth $445,196,000 after acquiring an additional 4,398,042 shares during the period. AQR Capital Management LLC grew its holdings in 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 worth $91,852,000 after acquiring an additional 2,045,165 shares in the last quarter. UBS Group AG increased its position in Range Resources by 66.3% during the 4th 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 during the period. Arrowstreet Capital Limited Partnership purchased a new position in Range Resources during the 1st quarter valued at about $64,481,000. Finally, Morgan Stanley raised its holdings in shares of Range Resources by 54.1% in the 4th 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. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Range Resources

In other news, Director Reginal Spiller sold 3,500 shares of the firm's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $40.00, for a total value of $140,000.00. Following the completion of the sale, the director owned 13,421 shares of the company's stock, valued at $536,840. This trade represents a 20.68% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.10% of the company's stock.

Analysts Set New Price Targets

RRC has been the subject of several research reports. Morgan Stanley lowered their price target on shares of Range Resources from $50.00 to $44.00 and set an "equal weight" rating for the company in a research report on Monday, June 29th. The Goldman Sachs Group cut their price objective on shares of Range Resources from $44.00 to $39.00 and set a "neutral" rating on the stock in a report on Tuesday, June 30th. Freedom Capital raised shares of Range Resources from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 24th. UBS Group lowered their target price on Range Resources from $49.00 to $44.00 and set a "neutral" rating for the company in a report on Friday, July 10th. Finally, Zacks Research downgraded Range Resources from a "hold" rating to a "strong sell" rating in a report on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $43.35.

Range Resources Stock Up 0.0%

NYSE:RRC opened at $38.29 on Monday. The company's 50-day simple moving average is $37.89 and its 200-day simple moving average is $39.82. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.65 and a current ratio of 0.65. Range Resources Corporation has a fifty-two week low of $32.60 and a fifty-two week high of $48.31. The stock has a market capitalization of $8.95 billion, a P/E ratio of 10.58 and a beta of 0.42.

Range Resources (NYSE:RRC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 21st. The oil and gas exploration company reported $0.79 EPS for the quarter, topping the consensus estimate of $0.66 by $0.13. The firm had revenue of $759.58 million during the quarter, compared to analyst estimates of $744.78 million. Range Resources had a net margin of 25.04% and a return on equity of 18.63%. Range Resources's revenue was down 2.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.66 EPS. On average, equities analysts anticipate that Range Resources Corporation will post 3.49 earnings per share for the current fiscal year.

Range Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 12th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Friday, June 12th. Range Resources's dividend payout ratio is currently 11.05%.

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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