Ceredex Value Advisors LLC Buys New Stake in Range Resources Corporation $RRC

Key Points

• Ceredex Value Advisors purchased 270,300 shares of Range Resources in the second quarter, valued at approximately $10.1 million and representing about 0.12% of the company.
• Range Resources exceeded quarterly earnings expectations, reporting $0.79 EPS versus the $0.66 consensus estimate and revenue of $759.6 million; however, revenue declined 2.7% year over year.
• Analysts maintain a consensus “Hold” rating with an average price target of $43.75, while the company continues paying a $0.10 quarterly dividend, yielding approximately 1.0%.

Ceredex Value Advisors LLC purchased a new position in Range Resources Corporation (NYSE:RRC - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 270,300 shares of the oil and gas exploration company's stock, valued at approximately $10,052,000. Ceredex Value Advisors LLC owned about 0.12% of Range Resources as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Range Resources in the 2nd quarter worth $26,000. Los Angeles Capital Management LLC bought a new position in shares of Range Resources in the 4th quarter valued at about $34,000. Root Financial Partners LLC lifted its holdings in shares of Range Resources by 37.8% in the 1st quarter. Root Financial Partners LLC now owns 1,006 shares of the oil and gas exploration company's stock valued at $45,000 after acquiring an additional 276 shares during the last quarter. Trust Co. of Vermont purchased a new position in Range Resources in the second quarter worth about $45,000. Finally, SBI Okasan Asset Management Co.Ltd. purchased a new position in Range Resources in the fourth quarter worth about $57,000. Hedge funds and other institutional investors own 98.93% of the company's stock.

Range Resources Stock Performance

RRC stock opened at $41.13 on Friday. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.18. The business's fifty day simple moving average is $38.10 and its two-hundred day simple moving average is $40.06. Range Resources Corporation has a twelve month low of $32.68 and a twelve month high of $48.31. The firm has a market cap of $9.61 billion, a price-to-earnings ratio of 11.36 and a beta of 0.42.

Range Resources (NYSE:RRC - Get Free Report) last issued its earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.66 by $0.13. The firm had revenue of $759.58 million during the quarter, compared to analyst estimates of $744.78 million. Range Resources had a net margin of 25.04% and a return on equity of 18.63%. The business's revenue was down 2.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.66 earnings per share. Analysts predict that Range Resources Corporation will post 3.49 earnings per share for the current year.

Range Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Friday, June 12th. Range Resources's payout ratio is 11.05%.

Wall Street Analysts Forecast Growth

RRC has been the subject of several analyst reports. Zacks Research raised Range Resources from a "strong sell" rating to a "hold" rating in a research note on Wednesday. Freedom Capital raised Range Resources from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 24th. Truist Financial decreased their price target on Range Resources from $46.00 to $43.00 and set a "hold" rating on the stock in a report on Friday, July 10th. Morgan Stanley lowered their price target on Range Resources from $44.00 to $43.00 and set an "equal weight" rating for the company in a research report on Wednesday. Finally, Stephens lifted their price objective on shares of Range Resources from $52.00 to $53.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $43.75.

Insider Transactions at Range Resources

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 shares were sold at an average price of $40.00, for a total value of $140,000.00. Following the transaction, the director directly owned 13,421 shares in the company, valued at $536,840. This represents a 20.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.10% of the stock is currently owned by company insiders.

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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