Beacon Pointe Advisors LLC Acquires Shares of 38,760 Range Resources Corporation $RRC

Key Points

• Beacon Pointe Advisors acquired 38,760 shares of Range Resources worth approximately $1.44 million during the second quarter. Institutional investors collectively own 98.93% of the company, with several major funds also building positions.
• Analysts remain broadly neutral on RRC, with a consensus “Hold” rating and an average price target of $43.75 after several firms lowered their targets.
• Range Resources reported quarterly EPS of $0.79, exceeding estimates of $0.66, while revenue declined 2.7% year over year to $759.58 million. The company also declared a quarterly dividend of $0.10 per share, representing a 1.0% annualized yield.

Beacon Pointe Advisors LLC acquired a new stake in Range Resources Corporation (NYSE:RRC - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 38,760 shares of the oil and gas exploration company's stock, valued at approximately $1,441,000.

Other hedge funds also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in Range Resources during the 2nd quarter worth approximately $868,085,000. Boston Partners increased its position in Range Resources by 59.3% during 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 increased its position in Range Resources by 517.6% during the third 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 during the period. Bank of New York Mellon Corp acquired a new stake in Range Resources in the 2nd quarter worth about $67,470,000. Finally, Bank of America Corp DE acquired a new stake in Range Resources in the 2nd quarter worth about $58,524,000. Institutional investors and hedge funds own 98.93% of the company's stock.

Analysts Set New Price Targets

RRC has been the topic of several recent research reports. UBS Group reaffirmed a "neutral" rating on shares of Range Resources in a report on Thursday, August 13th. The Goldman Sachs Group cut their price target on Range Resources from $44.00 to $39.00 and set a "neutral" rating for the company in a research note on Tuesday, June 30th. Morgan Stanley reduced their price target on Range Resources from $44.00 to $43.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 19th. Barclays lowered their price objective on Range Resources from $43.00 to $40.00 and set an "equal weight" rating on the stock in a research note on Monday, August 17th. Finally, Truist Financial dropped their price objective on Range Resources from $46.00 to $43.00 and set a "hold" rating for the company in a report on Friday, July 10th. 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 one has given a Sell rating to the company. Based on data from MarketBeat, Range Resources currently has a consensus rating of "Hold" and an average target price of $43.75.

Range Resources Trading Up 0.1%

RRC opened at $41.52 on Monday. The company's 50 day moving average is $38.55 and its 200-day moving average is $40.28. Range Resources Corporation has a 1-year low of $32.68 and a 1-year high of $48.31. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.18. The company has a market cap of $9.70 billion, a P/E ratio of 11.47 and a beta of 0.42.

Range Resources (NYSE:RRC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 21st. The oil and gas exploration company reported $0.79 EPS 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 during the quarter, compared to the consensus estimate of $744.78 million. During the same quarter in the prior year, the firm earned $0.66 EPS. The firm's revenue was down 2.7% compared to the same quarter last year. Equities research analysts predict that Range Resources Corporation will post 3.62 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 11th will be given a dividend of $0.10 per share. The ex-dividend date is Friday, September 11th. This represents a $0.40 dividend on an annualized basis and a yield of 1.0%. Range Resources's payout ratio is currently 11.05%.

Insiders Place Their Bets

In other Range Resources news, Director Reginal Spiller sold 3,500 shares of the company's stock in a transaction dated 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 transaction, the director owned 13,421 shares of the company's stock, valued at $536,840. This represents a 20.68% decrease in their position. 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.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.