Bank of New York Mellon Corp Buys Shares of 1,814,198 Range Resources Corporation $RRC

Key Points

• Bank of New York Mellon acquired 1,814,198 shares of Range Resources, valued at approximately $67.5 million, giving it a 0.78% stake. Institutional investors collectively own 98.93% of the company.
• Analyst sentiment remains largely neutral: Range Resources has an average “Hold” rating and a consensus price target of $43.75, compared with shares opening at $40.97.
• Range Resources exceeded quarterly earnings expectations, reporting $0.79 in earnings per share versus the $0.66 consensus estimate, while revenue declined 2.7% year over year. The company also maintains a quarterly dividend of $0.10 per share.

Bank of New York Mellon Corp acquired a new stake in Range Resources Corporation (NYSE:RRC - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,814,198 shares of the oil and gas exploration company's stock, valued at approximately $67,470,000. Bank of New York Mellon Corp owned 0.78% of Range Resources as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Los Angeles Capital Management LLC purchased a new position in Range Resources in the fourth quarter valued at $34,000. Root Financial Partners LLC boosted its position in shares of Range Resources by 37.8% during the 1st quarter. Root Financial Partners LLC now owns 1,006 shares of the oil and gas exploration company's stock worth $45,000 after acquiring an additional 276 shares in the last quarter. Western Wealth Management LLC purchased a new position in shares of Range Resources in the 1st quarter valued at about $59,000. SBI Okasan Asset Management Co.Ltd. purchased a new position in shares of Range Resources in the 4th quarter valued at about $57,000. Finally, Basepoint Wealth LLC purchased a new position in shares of Range Resources in the 4th quarter valued at about $61,000. Institutional investors and hedge funds own 98.93% of the company's stock.

Insider Activity

In related news, Director Reginal Spiller sold 3,500 shares of the firm's stock in a transaction dated Wednesday, August 5th. The shares were 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 in the company, valued at $536,840. This trade represents a 20.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.10% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Citigroup reissued a "neutral" rating on shares of Range Resources in a report on Thursday, July 23rd. Wells Fargo & Company lowered their target price on shares of Range Resources from $46.00 to $45.00 and set an "equal weight" rating for the company in a report on Thursday, July 23rd. Zacks Research raised shares of Range Resources from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 19th. Susquehanna dropped their target price on shares of Range Resources from $45.00 to $41.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 21st. Finally, Raymond James Financial set a $45.00 price target on shares of Range Resources in a research note on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $43.75.

Range Resources Stock Down 0.7%

Shares of Range Resources stock opened at $40.97 on Wednesday. Range Resources Corporation has a one year low of $32.68 and a one year high of $48.31. The company has a market cap of $9.57 billion, a P/E ratio of 11.32 and a beta of 0.42. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.65 and a current ratio of 0.65. The firm has a fifty day moving average of $38.25 and a two-hundred day moving average of $40.17.

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 for the quarter, beating the consensus estimate of $0.66 by $0.13. Range Resources had a net margin of 25.04% and a return on equity of 18.63%. The business had revenue of $759.58 million for the quarter, compared to the consensus estimate of $744.78 million. During the same quarter in the previous year, the firm earned $0.66 earnings per share. The business's quarterly revenue was down 2.7% compared to the same quarter last year. On average, analysts forecast that Range Resources Corporation will post 3.62 earnings per share for the current year.

Range Resources Announces Dividend

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

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.

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