Cerity Partners LLC Buys Shares of 11,346 Range Resources Corporation (NYSE:RRC)

Key Points

• Cerity Partners LLC invested $453,000 in Range Resources Corporation by acquiring 11,346 shares in the first quarter.
• Range Resources reported $0.66 EPS for the last quarter, surpassing the consensus estimate of $0.65, with revenue of $856.28 million.
• The company announced a quarterly dividend of $0.09, yielding about 1.02%, with a payout ratio of 18.09%.

Cerity Partners LLC bought a new position in shares of Range Resources Corporation (NYSE:RRC - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 11,346 shares of the oil and gas exploration company's stock, valued at approximately $453,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Bessemer Group Inc. raised its holdings in shares of Range Resources by 48.0% in the 1st quarter. Bessemer Group Inc. now owns 971 shares of the oil and gas exploration company's stock valued at $39,000 after purchasing an additional 315 shares during the period. Headlands Technologies LLC bought a new stake in shares of Range Resources in the 4th quarter valued at about $42,000. Fifth Third Bancorp raised its holdings in shares of Range Resources by 20.6% in the 1st quarter. Fifth Third Bancorp now owns 2,078 shares of the oil and gas exploration company's stock valued at $83,000 after purchasing an additional 355 shares during the period. UMB Bank n.a. raised its holdings in shares of Range Resources by 124.9% in the 1st quarter. UMB Bank n.a. now owns 2,582 shares of the oil and gas exploration company's stock valued at $103,000 after purchasing an additional 1,434 shares during the period. Finally, ORG Wealth Partners LLC bought a new stake in shares of Range Resources in the 1st quarter valued at about $133,000. Institutional investors own 98.93% of the company's stock.

Insider Buying and Selling at Range Resources

In other Range Resources news, VP Ashley Kavanaugh sold 12,880 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $39.00, for a total value of $502,320.00. Following the sale, the vice president owned 1,723 shares in the company, valued at $67,197. This trade represents a 88.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Dennis Degner sold 35,850 shares of the firm's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $40.42, for a total transaction of $1,449,057.00. Following the completion of the sale, the chief executive officer owned 58,431 shares in the company, valued at $2,361,781.02. This represents a 38.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 76,080 shares of company stock worth $2,984,479 in the last three months. Company insiders own 1.00% of the company's stock.

Range Resources Price Performance

Shares of NYSE RRC traded up $0.90 during trading hours on Tuesday, hitting $36.46. 207,628 shares of the stock were exchanged, compared to its average volume of 2,923,590. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.55 and a current ratio of 0.55. The company has a market cap of $8.68 billion, a PE ratio of 18.30, a price-to-earnings-growth ratio of 0.29 and a beta of 0.63. The company's fifty day simple moving average is $39.09 and its two-hundred day simple moving average is $38.02. Range Resources Corporation has a 1-year low of $27.29 and a 1-year high of $43.50.

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

Range Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 13th were given a dividend of $0.09 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.36 annualized dividend and a dividend yield of 0.99%. Range Resources's dividend payout ratio is 18.09%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RRC. Barclays upped their target price on shares of Range Resources from $39.00 to $44.00 and gave the company an "equal weight" rating in a report on Monday, July 7th. Roth Mkm raised shares of Range Resources from a "neutral" rating to a "buy" rating and upped their target price for the company from $41.00 to $42.00 in a report on Tuesday, April 8th. Mizuho upped their target price on shares of Range Resources from $46.00 to $48.00 and gave the company an "outperform" rating in a report on Wednesday, July 23rd. Piper Sandler upped their price target on shares of Range Resources from $40.00 to $41.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. Finally, Raymond James Financial upped their price target on shares of Range Resources from $46.00 to $55.00 and gave the company an "outperform" rating in a research note on Monday, March 31st. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Range Resources presently has an average rating of "Hold" and a consensus price target of $43.37.

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.