Beck Bode LLC Invests $15.65 Million in Range Resources Corporation $RRC

Key Points

• Beck Bode LLC purchased 391,960 shares of Range Resources Corporation, valued at approximately $15.65 million, marking it as the firm's 14th biggest position.
• Several institutional investors have also increased their stakes in Range Resources recently, with Wellington Management acquiring $33.68 million worth of shares, and King Luther Capital Management growing its holdings by over 2,500%.
• Range Resources reported earnings of $0.66 per share for the last quarter, exceeding estimates, and declared a quarterly dividend of $0.09 with a current yield of 1.1%.

Beck Bode LLC purchased a new position in shares of Range Resources Corporation (NYSE:RRC - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 391,960 shares of the oil and gas exploration company's stock, valued at approximately $15,651,000. Range Resources makes up 2.9% of Beck Bode LLC's investment portfolio, making the stock its 14th largest position. Beck Bode LLC owned 0.16% of Range Resources as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Ieq Capital LLC raised its stake in shares of Range Resources by 523.4% during the 1st quarter. Ieq Capital LLC now owns 47,296 shares of the oil and gas exploration company's stock worth $1,889,000 after purchasing an additional 39,709 shares in the last quarter. Cramer Rosenthal Mcglynn LLC raised its stake in shares of Range Resources by 1.9% during the 1st quarter. Cramer Rosenthal Mcglynn LLC now owns 471,891 shares of the oil and gas exploration company's stock worth $18,843,000 after purchasing an additional 8,893 shares in the last quarter. Campbell & CO Investment Adviser LLC raised its stake in shares of Range Resources by 1,224.2% during the 1st quarter. Campbell & CO Investment Adviser LLC now owns 116,197 shares of the oil and gas exploration company's stock worth $4,640,000 after purchasing an additional 107,422 shares in the last quarter. Oliver Luxxe Assets LLC purchased a new stake in shares of Range Resources during the 1st quarter worth about $1,495,000. Finally, Jump Financial LLC purchased a new stake in shares of Range Resources during the 1st quarter worth about $367,000. 98.93% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Mizuho increased their price objective on Range Resources from $46.00 to $48.00 and gave the company an "outperform" rating in a report on Wednesday, July 23rd. Susquehanna increased their price objective on Range Resources from $36.00 to $39.00 and gave the company a "neutral" rating in a report on Wednesday, July 23rd. UBS Group lowered their price objective on Range Resources from $42.00 to $40.00 and set a "neutral" rating on the stock in a report on Wednesday, August 20th. Piper Sandler lowered their price objective on Range Resources from $41.00 to $39.00 and set a "neutral" rating on the stock in a report on Thursday, August 14th. Finally, Scotiabank set a $46.00 price objective on Range Resources and gave the company a "sector perform" rating in a report on Friday, July 11th. Seven equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Range Resources presently has an average rating of "Hold" and an average price target of $42.75.

Range Resources Stock Performance

RRC traded down $0.20 during midday trading on Friday, reaching $34.24. The company's stock had a trading volume of 1,928,658 shares, compared to its average volume of 2,369,049. The stock has a market cap of $8.16 billion, a P/E ratio of 17.21, a PEG ratio of 0.28 and a beta of 0.60. The company has a fifty day simple moving average of $36.50 and a 200 day simple moving average of $37.26. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.29. Range Resources Corporation has a twelve month low of $27.55 and a twelve month high of $43.50.

Range Resources (NYSE:RRC - Get Free Report) last released its earnings results on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.65 by $0.01. The firm had revenue of $856.28 million for the quarter, compared to analyst estimates of $708.38 million. Range Resources had a return on equity of 15.95% and a net margin of 17.22%.During the same quarter last year, the firm posted $0.46 EPS. Research analysts expect that Range Resources Corporation will post 2.02 earnings per share for the current year.

Range Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be issued a $0.09 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.36 dividend on an annualized basis and a yield of 1.1%. Range Resources's dividend payout ratio (DPR) is 18.09%.

About Range Resources

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), crude oil, and condensate company in the United States. The company engages in the exploration, development, and acquisition of natural gas and crude oil properties located in the Appalachian region. It sells natural gas to utilities, marketing and midstream companies, and industrial users; NGLs to petrochemical end users, marketers/traders, and natural gas processors; and oil and condensate to crude oil processors, transporters, and refining and marketing companies.