BlackRock Inc. Takes $868.09 Million Position in Range Resources Corporation $RRC

Key Points

• BlackRock acquired 23.34 million Range Resources shares worth approximately $868.1 million, giving it a 9.99% stake. Institutional investors and hedge funds collectively own 98.93% of the company.
• Analyst sentiment remains cautious: Range Resources has a consensus “Hold” rating and a $43.75 average price target, while several firms recently lowered their targets.
• Range Resources beat quarterly earnings expectations with $0.79 EPS versus the $0.66 consensus and reported $759.6 million in revenue, though revenue declined 2.7% year over year. The company also maintains a $0.10 quarterly dividend, yielding about 1.0%.

BlackRock Inc. purchased a new position 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. The fund purchased 23,341,901 shares of the oil and gas exploration company's stock, valued at approximately $868,085,000. BlackRock Inc. owned approximately 9.99% of Range Resources as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its stake in shares of Range Resources by 1.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 27,660,494 shares of the oil and gas exploration company's stock worth $975,311,000 after purchasing an additional 326,748 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Range Resources by 2.8% during the fourth quarter. Vanguard Group Inc. now owns 25,553,637 shares of the oil and gas exploration company's stock valued at $901,021,000 after acquiring an additional 701,751 shares during the last quarter. Boston Partners increased its position in shares of Range Resources by 14.0% during the fourth quarter. Boston Partners now owns 13,467,808 shares of the oil and gas exploration company's stock worth $474,585,000 after purchasing an additional 1,650,258 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Range Resources by 2.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 9,192,740 shares of the oil and gas exploration company's stock valued at $415,354,000 after purchasing an additional 227,711 shares during the last quarter. Finally, Kopernik Global Investors LLC raised its stake in Range Resources by 18.5% in the 4th quarter. Kopernik Global Investors LLC now owns 5,238,903 shares of the oil and gas exploration company's stock valued at $184,724,000 after purchasing an additional 818,295 shares during the last quarter. 98.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Range Resources

In other news, Director Reginal Spiller sold 3,500 shares of the firm's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $40.00, for a total transaction 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.10% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Weiss Ratings cut shares of Range Resources from a "buy (b-)" rating to a "hold (c)" rating in a research note on Thursday, July 23rd. Citigroup reiterated a "neutral" rating on shares of Range Resources in a research report on Thursday, July 23rd. Zacks Research raised shares of Range Resources from a "strong sell" rating to a "hold" rating in a research note on Wednesday. The Goldman Sachs Group lowered their price target on shares of Range Resources from $44.00 to $39.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 30th. Finally, Susquehanna dropped their price objective on shares of Range Resources from $45.00 to $41.00 and set a "neutral" rating for the company in a research note on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $43.75.

Range Resources Stock Up 1.1%

Shares of NYSE:RRC opened at $41.13 on Friday. Range Resources Corporation has a 52-week low of $32.68 and a 52-week high of $48.31. The stock has a market cap of $9.61 billion, a P/E ratio of 11.36 and a beta of 0.42. The business has a fifty day moving average of $38.10 and a two-hundred day moving average of $40.06. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.18.

Range Resources (NYSE:RRC - Get Free Report) last posted its quarterly earnings results 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. Range Resources had a return on equity of 18.63% and a net margin of 25.04%.The business had revenue of $759.58 million for the quarter, compared to analyst estimates of $744.78 million. During the same quarter in the previous year, the firm earned $0.66 EPS. The company's quarterly revenue was down 2.7% compared to the same quarter last year. On average, research analysts expect that Range Resources Corporation will post 3.59 earnings per share for the current year.

Range Resources Dividend Announcement

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