Comerica Bank Sells 16,835 Shares of Range Resources Corporation $RRC

Key Points

• Comerica Bank has reduced its stake in Range Resources Corporation by 15.7%, owning 90,700 shares after selling 16,835 shares in the first quarter.
• The company recently reported earnings of $0.66 per share for the last quarter, beating analyst expectations, with revenues of $856.28 million.
• Range Resources declared a quarterly dividend of $0.09 per share, representing a 1.1% yield, with an ex-dividend date of September 12th.

Comerica Bank decreased its stake in shares of Range Resources Corporation (NYSE:RRC - Free Report) by 15.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 90,700 shares of the oil and gas exploration company's stock after selling 16,835 shares during the period. Comerica Bank's holdings in Range Resources were worth $3,622,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Bessemer Group Inc. increased its position in Range Resources by 48.0% during the first 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 last quarter. Xponance Inc. increased its position in shares of Range Resources by 1.2% in the first quarter. Xponance Inc. now owns 27,512 shares of the oil and gas exploration company's stock worth $1,099,000 after acquiring an additional 326 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Range Resources by 0.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 66,014 shares of the oil and gas exploration company's stock worth $2,636,000 after acquiring an additional 328 shares in the last quarter. Fifth Third Bancorp increased its position in shares of Range Resources by 20.6% in the first quarter. Fifth Third Bancorp now owns 2,078 shares of the oil and gas exploration company's stock worth $83,000 after acquiring an additional 355 shares in the last quarter. Finally, Kestra Private Wealth Services LLC increased its position in shares of Range Resources by 5.7% in the first quarter. Kestra Private Wealth Services LLC now owns 6,664 shares of the oil and gas exploration company's stock worth $266,000 after acquiring an additional 360 shares in the last quarter. Institutional investors and hedge funds own 98.93% of the company's stock.

Range Resources Stock Down 1.5%

RRC traded down $0.53 on Friday, reaching $34.41. 933,887 shares of the company traded hands, compared to its average volume of 2,840,569. The stock's 50 day moving average price is $35.96 and its 200-day moving average price is $37.16. Range Resources Corporation has a 52-week low of $27.55 and a 52-week high of $43.50. The company has a market cap of $8.20 billion, a price-to-earnings ratio of 17.29, a PEG ratio of 0.29 and a beta of 0.55. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.55 and a quick ratio of 0.55.

Range Resources (NYSE:RRC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.01. The firm 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 firm earned $0.46 earnings per share. On average, sell-side analysts expect that Range Resources Corporation will post 2.02 EPS for the current fiscal year.

Range Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be given a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Friday, September 12th. Range Resources's payout ratio is currently 18.09%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RRC. Roth Capital downgraded shares of Range Resources from a "buy" rating to a "neutral" rating and decreased their target price for the company from $44.00 to $35.00 in a research note on Monday, August 18th. Bank of America lifted their price objective on shares of Range Resources from $45.00 to $47.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Scotiabank set a $46.00 target price on shares of Range Resources and gave the company a "sector perform" rating in a research note on Friday, July 11th. Mizuho upped their price objective on Range Resources from $46.00 to $48.00 and gave the company an "outperform" rating in a report on Wednesday, July 23rd. Finally, Piper Sandler lowered their price objective on shares of Range Resources from $41.00 to $39.00 and set a "neutral" rating on the stock in a research note on Thursday, August 14th. Seven research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $42.75.

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.