Copeland Capital Management LLC Makes New $14.88 Million Investment in Range Resources Corporation $RRC

Key Points

• Copeland Capital Management initiated a roughly $14.88 million position in Range Resources, purchasing 401,731 shares, while institutional investors collectively own 98.93% of the company.
• Range Resources exceeded quarterly expectations, reporting $0.79 in earnings per share versus the $0.66 consensus estimate and $759.6 million in revenue. Analysts currently have a consensus “Hold” rating with an average price target of $44.
• The company pays a quarterly dividend of $0.10 per share, equivalent to $0.40 annually and a 0.9% yield; shares recently opened at $42.49, within a 52-week range of $32.68 to $48.31.

Copeland Capital Management LLC purchased a new position in Range Resources Corporation (NYSE:RRC - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 401,731 shares of the oil and gas exploration company's stock, valued at approximately $14,880,000. Copeland Capital Management LLC owned about 0.17% of Range Resources as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Range Resources in the second quarter worth about $868,085,000. Dimensional Fund Advisors LP boosted its stake in shares of Range Resources by 2.5% during the first quarter. Dimensional Fund Advisors LP now owns 9,192,740 shares of the oil and gas exploration company's stock valued at $415,354,000 after purchasing an additional 227,711 shares during the period. Goehring & Rozencwajg Associates LLC boosted its stake in shares of Range Resources by 35.9% during the first quarter. Goehring & Rozencwajg Associates LLC now owns 2,721,749 shares of the oil and gas exploration company's stock valued at $122,969,000 after purchasing an additional 718,648 shares during the period. Canoe Financial LP boosted its stake in shares of Range Resources by 45.6% during the first quarter. Canoe Financial LP now owns 2,290,309 shares of the oil and gas exploration company's stock valued at $103,476,000 after purchasing an additional 717,000 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of Range Resources by 1.1% in the first quarter. Bank of New York Mellon Corp now owns 1,962,499 shares of the oil and gas exploration company's stock worth $88,666,000 after purchasing an additional 22,278 shares during the last quarter. 98.93% of the stock is owned by institutional investors.

Range Resources Price Performance

Shares of Range Resources stock opened at $42.49 on Wednesday. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.18. The company has a market cap of $9.93 billion, a PE ratio of 11.74 and a beta of 0.71. The business has a 50 day moving average of $40.17 and a 200 day moving average of $40.09. Range Resources Corporation has a 52 week low of $32.68 and a 52 week high of $48.31.

Range Resources (NYSE:RRC - Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 EPS for the quarter, topping analysts' consensus estimates of $0.66 by $0.13. Range Resources had a return on equity of 18.63% and a net margin of 25.04%. The company had revenue of $759.58 million during the quarter, compared to analyst estimates of $744.78 million. During the same quarter last year, the firm posted $0.66 earnings per share. The firm's revenue was down 2.7% on a year-over-year basis. As a group, equities research analysts forecast that Range Resources Corporation will post 3.74 earnings per share for the current year.

Range Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 11th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, September 11th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.9%. Range Resources's payout ratio is presently 11.05%.

Insider Buying and Selling at Range Resources

In related news, Director Reginal Spiller sold 3,500 shares of the business's stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $40.00, for a total transaction of $140,000.00. Following the transaction, the director owned 13,421 shares in the company, valued at $536,840. The trade was a 20.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.10% of the company's stock.

Analyst Ratings Changes

RRC has been the subject of a number of recent analyst reports. Barclays upped their price target on shares of Range Resources from $40.00 to $42.00 and gave the company an "equal weight" rating in a report on Tuesday, September 8th. Raymond James Financial set a $45.00 price target on shares of Range Resources in a research report on Monday, July 27th. Stifel Nicolaus began coverage on shares of Range Resources in a report on Thursday, September 10th. They issued a "hold" rating and a $46.00 price target on the stock. Wells Fargo & Company decreased their price objective on shares of Range Resources from $46.00 to $45.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 23rd. Finally, Susquehanna decreased their price objective on shares of Range Resources from $45.00 to $41.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, sixteen have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Range Resources has an average rating of "Hold" and an average target price of $44.00.

About Range Resources

Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil producer headquartered in Fort Worth, Texas. The company explores for, develops and produces hydrocarbons, with a primary focus on unconventional shale resources in the Appalachian Basin.

Range's principal operating area is the Marcellus Shale in southwestern Pennsylvania, where it produces natural gas, NGLs and condensate. Its products are sold to customers through regional and interstate pipeline systems and other market channels serving utilities, industrial users, power generators and other energy markets.

Founded in 1976, Range Resources has historically operated in several U.S.

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