Citigroup Inc. Increases Stock Position in Range Resources Corporation $RRC

Key Points

• Citigroup Inc. increased its stake in Range Resources Corporation by 64.7% during the first quarter, totaling approximately $9.76 million for 244,326 shares.
• The company's quarterly earnings report showed an EPS of $0.66, exceeding analyst expectations, with revenue of $856.28 million.
• Range Resources recently declared a quarterly dividend of $0.09 per share, resulting in an annual yield of 1.0%.

Citigroup Inc. raised its stake in shares of Range Resources Corporation (NYSE:RRC - Free Report) by 64.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 244,326 shares of the oil and gas exploration company's stock after acquiring an additional 95,978 shares during the period. Citigroup Inc. owned about 0.10% of Range Resources worth $9,756,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of RRC. Bessemer Group Inc. raised its stake in shares of Range Resources by 48.0% during the 1st quarter. Bessemer Group Inc. now owns 971 shares of the oil and gas exploration company's stock worth $39,000 after purchasing an additional 315 shares during the period. Xponance Inc. raised its stake in shares of Range Resources by 1.2% during the 1st quarter. Xponance Inc. now owns 27,512 shares of the oil and gas exploration company's stock worth $1,099,000 after purchasing an additional 326 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Range Resources by 0.5% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 66,014 shares of the oil and gas exploration company's stock worth $2,636,000 after purchasing an additional 328 shares during the period. Fifth Third Bancorp raised its stake in shares of Range Resources by 20.6% during the 1st quarter. Fifth Third Bancorp now owns 2,078 shares of the oil and gas exploration company's stock worth $83,000 after purchasing an additional 355 shares during the period. Finally, Kestra Private Wealth Services LLC raised its stake in shares of Range Resources by 5.7% during the 1st quarter. Kestra Private Wealth Services LLC now owns 6,664 shares of the oil and gas exploration company's stock worth $266,000 after purchasing an additional 360 shares during the period. 98.93% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Range Resources news, Director Reginal Spiller sold 4,200 shares of Range Resources stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $40.16, for a total transaction of $168,672.00. Following the completion of the transaction, the director owned 13,663 shares of the company's stock, valued at $548,706.08. The trade was a 23.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.00% of the stock is owned by insiders.

Range Resources Price Performance

RRC stock traded up $0.2250 during mid-day trading on Wednesday, reaching $33.0150. 818,198 shares of the company traded hands, compared to its average volume of 2,868,196. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.55 and a quick ratio of 0.55. The company has a market capitalization of $7.86 billion, a P/E ratio of 16.59, a P/E/G ratio of 0.26 and a beta of 0.60. Range Resources Corporation has a 52-week low of $27.55 and a 52-week high of $43.50. The company has a fifty day moving average price of $37.78 and a 200-day moving average price of $37.52.

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

Range Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 13th were issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Friday, June 13th. Range Resources's payout ratio is presently 18.09%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on RRC shares. Roth Capital cut Range Resources from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $44.00 to $35.00 in a research note on Monday. Bank of America lifted their price objective on Range Resources from $45.00 to $47.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. Susquehanna lifted their price objective on Range Resources from $36.00 to $39.00 and gave the stock a "neutral" rating in a report on Wednesday, July 23rd. Scotiabank set a $46.00 price objective on Range Resources and gave the stock a "sector perform" rating in a report on Friday, July 11th. Finally, Barclays lifted their price objective on Range Resources from $39.00 to $44.00 and gave the stock an "equal weight" rating in a report on Monday, July 7th. Seven research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $42.85.

About Range Resources

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.