Beck Bode LLC Makes New Investment 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 bought a new stake in shares of Range Resources Corporation (NYSE:RRC - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 391,960 shares of the oil and gas exploration company's stock, valued at approximately $15,651,000. Range Resources makes up approximately 2.9% of Beck Bode LLC's holdings, making the stock its 14th biggest holding. Beck Bode LLC owned 0.16% of Range Resources at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Kopernik Global Investors LLC grew its stake in Range Resources by 5.2% in the 1st quarter. Kopernik Global Investors LLC now owns 2,846,663 shares of the oil and gas exploration company's stock worth $113,667,000 after acquiring an additional 140,043 shares in the last quarter. Northern Trust Corp lifted its position in Range Resources by 37.1% during the fourth quarter. Northern Trust Corp now owns 2,238,863 shares of the oil and gas exploration company's stock valued at $80,554,000 after acquiring an additional 605,315 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Range Resources by 1.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,151,250 shares of the oil and gas exploration company's stock valued at $85,899,000 after acquiring an additional 38,648 shares during the last quarter. Goehring & Rozencwajg Associates LLC raised its holdings in shares of Range Resources by 1.8% in the first quarter. Goehring & Rozencwajg Associates LLC now owns 1,435,376 shares of the oil and gas exploration company's stock worth $57,803,000 after buying an additional 25,403 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in shares of Range Resources by 50.1% in the first quarter. Wellington Management Group LLP now owns 1,405,033 shares of the oil and gas exploration company's stock worth $56,103,000 after buying an additional 468,841 shares during the last quarter. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RRC has been the topic of a number of research reports. UBS Group cut their price objective on shares of Range Resources from $42.00 to $40.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 20th. Roth Capital lowered shares of Range Resources from a "buy" rating to a "neutral" rating and dropped their target price for the company from $44.00 to $35.00 in a research report on Monday, August 18th. Mizuho lifted their target price on shares of Range Resources from $46.00 to $48.00 and gave the company an "outperform" rating in a research report on Wednesday, July 23rd. Piper Sandler dropped their target price on shares of Range Resources from $41.00 to $39.00 and set a "neutral" rating on the stock in a research report on Thursday, August 14th. Finally, Bank of America raised their price target on shares of Range Resources from $45.00 to $47.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd. Seven analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $42.75.

Range Resources Stock Down 0.2%

NYSE RRC traded down $0.06 on Tuesday, hitting $34.22. 485,559 shares of the stock were exchanged, compared to its average volume of 2,842,242. The company has a 50-day moving average price of $36.36 and a 200-day moving average price of $37.22. Range Resources Corporation has a fifty-two week low of $27.55 and a fifty-two week high of $43.50. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.29. The company has a market cap of $8.15 billion, a PE ratio of 17.19, a PEG ratio of 0.29 and a beta of 0.55.

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

Range Resources Dividend Announcement

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

Range Resources Profile

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.