Canada Pension Plan Investment Board Invests $6.11 Million in Range Resources Corporation $RRC

Key Points

• Canada Pension Plan Investment Board initiated a $6.11 million position in Range Resources, purchasing 164,400 shares, while institutional investors collectively own 98.93% of the company.
• Range Resources beat quarterly earnings expectations, reporting $0.79 EPS versus the $0.66 consensus and $759.6 million in revenue, though revenue declined 2.7% year over year.
• Analysts maintain a broadly neutral view, with a consensus “Hold” rating and an average price target of $43.75; the company also announced a quarterly dividend of $0.10 per share.

Canada Pension Plan Investment Board bought a new position in shares of Range Resources Corporation (NYSE:RRC - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 164,400 shares of the oil and gas exploration company's stock, valued at approximately $6,114,000. Canada Pension Plan Investment Board owned about 0.07% of Range Resources as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Range Resources in the 2nd quarter valued at about $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 buying 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 buying an additional 2,045,165 shares during the period. Bank of New York Mellon Corp purchased a new stake in Range Resources in the second quarter valued at approximately $67,470,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in Range Resources in the second quarter valued at approximately $53,264,000. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Range Resources news, Director Reginal Spiller sold 3,500 shares of the company's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $40.00, for a total value of $140,000.00. Following the sale, the director owned 13,421 shares of the company's stock, valued at approximately $536,840. This represents a 20.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.10% of the company's stock.

Range Resources Trading Up 0.1%

Shares of Range Resources stock opened at $41.52 on Monday. The company has a 50-day moving average of $38.55 and a two-hundred day moving average of $40.28. Range Resources Corporation has a 12-month low of $32.68 and a 12-month 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 stock has a market cap of $9.70 billion, a PE ratio of 11.47 and a beta of 0.42.

Range Resources (NYSE:RRC - Get Free Report) last announced 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. The business had revenue of $759.58 million for the quarter, compared to analyst estimates of $744.78 million. Range Resources had a return on equity of 18.63% and a net margin of 25.04%.The company's quarterly revenue was down 2.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.66 EPS. On average, research analysts anticipate that Range Resources Corporation will post 3.62 EPS for the current fiscal year.

Range Resources Dividend Announcement

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

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on RRC shares. Zacks Research upgraded shares of Range Resources from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 19th. Susquehanna reduced their price objective on Range Resources from $45.00 to $41.00 and set a "neutral" rating for the company in a research note on Tuesday, July 21st. Truist Financial reduced their price objective on Range Resources from $46.00 to $43.00 and set a "hold" rating for the company in a research note on Friday, July 10th. Morgan Stanley decreased their price objective on Range Resources from $44.00 to $43.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 19th. Finally, Wells Fargo & Company lowered their target price on Range Resources from $46.00 to $45.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $43.75.

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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