Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Range Resources Corporation $RRC

Key Points

• Connor Clark & Lunn Investment Management Ltd. purchased 11,059 shares of Range Resources Corporation, valued at approximately $442,000, indicating strong institutional interest in the company.
• Range Resources reported earnings of $0.66 per share for the last quarter, surpassing analyst expectations, with revenue reaching $856.28 million versus the anticipated $708.38 million.
• The company recently announced a quarterly dividend of $0.09 per share, resulting in an annualized yield of 1.1% and a dividend payout ratio of 18.09%.

Connor Clark & Lunn Investment Management Ltd. purchased a new position in Range Resources Corporation (NYSE:RRC - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 11,059 shares of the oil and gas exploration company's stock, valued at approximately $442,000.

A number of other large investors also recently modified their holdings of RRC. Dimensional Fund Advisors LP grew its stake in shares of Range Resources by 9.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,330,676 shares of the oil and gas exploration company's stock worth $263,768,000 after purchasing an additional 624,955 shares during the last quarter. Fuller & Thaler Asset Management Inc. grew its position in Range Resources by 71.3% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 5,057,280 shares of the oil and gas exploration company's stock worth $181,961,000 after acquiring an additional 2,104,304 shares in the last quarter. Northern Trust Corp grew its position in Range Resources by 37.1% in the fourth quarter. Northern Trust Corp now owns 2,238,863 shares of the oil and gas exploration company's stock worth $80,554,000 after acquiring an additional 605,315 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position 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 worth $85,899,000 after acquiring an additional 38,648 shares in the last quarter. Finally, Goehring & Rozencwajg Associates LLC boosted its holdings in shares of Range Resources by 1.8% during the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 1,435,376 shares of the oil and gas exploration company's stock worth $57,803,000 after buying an additional 25,403 shares during the period. 98.93% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Reginal Spiller sold 4,200 shares of the firm's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $40.16, for a total transaction of $168,672.00. Following the transaction, the director directly owned 13,663 shares of the company's stock, valued at approximately $548,706.08. This trade represents a 23.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.00% of the company's stock.

Range Resources Trading Up 0.5%

Shares of NYSE:RRC traded up $0.1730 during mid-day trading on Monday, reaching $33.5230. The stock had a trading volume of 84,816 shares, compared to its average volume of 2,850,140. The firm has a market cap of $7.98 billion, a PE ratio of 16.85, a price-to-earnings-growth ratio of 0.28 and a beta of 0.60. The firm has a 50 day simple moving average of $37.35 and a two-hundred day simple moving average of $37.42. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.29. Range Resources Corporation has a twelve month low of $27.55 and a twelve month high of $43.50.

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

Range Resources Announces Dividend

The firm 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. 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 dividend payout ratio (DPR) is currently 18.09%.

Analyst Ratings Changes

Several research firms recently issued reports on RRC. Roth Capital downgraded shares of Range Resources from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $44.00 to $35.00 in a report on Monday, August 18th. Susquehanna increased their price objective 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. Piper Sandler dropped their price objective on shares of Range Resources from $41.00 to $39.00 and set a "neutral" rating for the company in a research note on Thursday, August 14th. Mizuho increased their price objective on shares of Range Resources from $46.00 to $48.00 and gave the company an "outperform" rating in a research note on Wednesday, July 23rd. Finally, Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $45.00 target price on shares of Range Resources in a report on Tuesday, July 15th. Seven equities 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 company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus 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.