Congress Asset Management Co. Sells 142,536 Shares of Range Resources Corporation $RRC

Key Points

• Congress Asset Management Co. reduced its stake in Range Resources Corporation by 22.9%, selling 142,536 shares and holding a total of 480,950 shares worth approximately $19.56 million.
• Multiple hedge funds have increased their positions in Range Resources, with Wellington Management boosting their stake by 50.1%, bringing their total to 1,405,033 shares valued at $56.1 million.
• Range Resources reported an EPS of $0.66 for the last quarter, exceeding estimates, and has announced a quarterly dividend of $0.09, yielding 1.0%.

Congress Asset Management Co. reduced its holdings in Range Resources Corporation (NYSE:RRC - Free Report) by 22.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 480,950 shares of the oil and gas exploration company's stock after selling 142,536 shares during the quarter. Congress Asset Management Co. owned about 0.20% of Range Resources worth $19,560,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Kopernik Global Investors LLC increased its stake in shares of Range Resources by 5.2% in the 1st quarter. Kopernik Global Investors LLC now owns 2,846,663 shares of the oil and gas exploration company's stock valued at $113,667,000 after acquiring an additional 140,043 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Range Resources by 1.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,151,250 shares of the oil and gas exploration company's stock valued at $85,899,000 after purchasing an additional 38,648 shares in the last quarter. Goehring & Rozencwajg Associates LLC increased its stake in Range Resources by 1.8% in the first quarter. Goehring & Rozencwajg Associates LLC now owns 1,435,376 shares of the oil and gas exploration company's stock valued at $57,803,000 after purchasing an additional 25,403 shares in the last quarter. Wellington Management Group LLP increased its stake in Range Resources by 50.1% in the first quarter. Wellington Management Group LLP now owns 1,405,033 shares of the oil and gas exploration company's stock valued at $56,103,000 after purchasing an additional 468,841 shares in the last quarter. Finally, Jefferies Financial Group Inc. increased its position in Range Resources by 21.9% in the 1st quarter. Jefferies Financial Group Inc. now owns 968,759 shares of the oil and gas exploration company's stock valued at $38,683,000 after buying an additional 173,785 shares in the last quarter. Institutional investors own 98.93% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $45.00 target price on shares of Range Resources in a research report on Tuesday, July 15th. Scotiabank set a $46.00 price objective on Range Resources and gave the company a "sector perform" rating in a report on Friday, July 11th. Barclays boosted their price objective on Range Resources from $39.00 to $44.00 and gave the company an "equal weight" rating in a report on Monday, July 7th. Roth Capital lowered shares of Range Resources from a "buy" rating to a "neutral" rating and decreased their price target for the company from $44.00 to $35.00 in a research note on Monday, August 18th. Finally, Susquehanna boosted their price target on shares of Range Resources from $36.00 to $39.00 and gave the company a "neutral" rating in a research note on Wednesday, July 23rd. Seven equities research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the stock. According to data from MarketBeat, Range Resources currently has a consensus rating of "Hold" and an average target price of $41.80.

Range Resources Trading Up 0.8%

Shares of RRC stock opened at $37.63 on Friday. Range Resources Corporation has a 52-week low of $28.99 and a 52-week high of $43.50. 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 50-day simple moving average of $34.92 and a two-hundred day simple moving average of $36.92. The company has a market capitalization of $8.96 billion, a price-to-earnings ratio of 18.91, a PEG ratio of 0.32 and a beta of 0.55.

Range Resources (NYSE:RRC - Get Free Report) last released its earnings results on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.01. The company 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 period in the prior year, the company posted $0.46 earnings per share. Research analysts anticipate that Range Resources Corporation will post 2.02 EPS for the current fiscal year.

Range Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 12th were paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Friday, September 12th. Range Resources's dividend payout ratio is 18.09%.

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.

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