CWA Asset Management Group LLC Invests $11.02 Million in Range Resources Corporation $RRC

Key Points

• CWA Asset Management Group LLC has invested approximately $11.02 million in Range Resources Corporation by purchasing 270,847 shares, indicating a growing interest from institutional investors in the company.
• Range Resources reported a Q2 earnings per share of $0.66, beating estimates and reflecting significant revenue growth of $856.28 million compared to the expected $708.38 million.
• The company declared a quarterly dividend of $0.09 per share, translating to an annualized dividend of $0.36 and a yield of 1.0%, with a payout ratio of 18.09% as part of their capital return strategy.

CWA Asset Management Group LLC purchased a new stake in shares of Range Resources Corporation (NYSE:RRC - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 270,847 shares of the oil and gas exploration company's stock, valued at approximately $11,015,000. CWA Asset Management Group LLC owned 0.11% of Range Resources at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of RRC. Wellington Management Group LLP purchased a new position in shares of Range Resources during the 4th quarter worth approximately $33,684,000. King Luther Capital Management Corp grew its stake in Range Resources by 2,522.3% in the first quarter. King Luther Capital Management Corp now owns 823,650 shares of the oil and gas exploration company's stock worth $32,888,000 after purchasing an additional 792,240 shares during the period. AQR Capital Management LLC raised its holdings in Range Resources by 3,222.9% in the first quarter. AQR Capital Management LLC now owns 539,135 shares of the oil and gas exploration company's stock worth $21,528,000 after purchasing an additional 522,910 shares in the last quarter. Nuveen LLC purchased a new position in Range Resources during the first quarter valued at $19,396,000. Finally, Beck Bode LLC bought a new stake in shares of Range Resources during the 1st quarter valued at $15,651,000. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Range Resources Trading Up 0.8%

Shares of RRC stock opened at $37.63 on Friday. 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 12-month low of $28.99 and a 12-month high of $43.50. The stock has a market capitalization of $8.96 billion, a P/E ratio of 18.91, a P/E/G ratio of 0.32 and a beta of 0.55. The firm's 50 day moving average is $34.92 and its 200 day moving average is $36.92.

Range Resources (NYSE:RRC - Get Free Report) last released its quarterly earnings results 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 analysts' expectations 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 firm earned $0.46 EPS. Research analysts expect that Range Resources Corporation will post 2.02 earnings per share for the current year.

Range Resources Dividend Announcement

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

Analysts Set New Price Targets

Several equities research analysts recently commented on RRC shares. Piper Sandler dropped 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. Scotiabank set a $46.00 price target on shares of Range Resources and gave the company a "sector perform" rating in a report on Friday, July 11th. Citigroup decreased their price objective on shares of Range Resources from $40.00 to $39.00 and set a "neutral" rating for the company in a report on Tuesday, September 23rd. Roth Capital downgraded Range Resources from a "buy" rating to a "neutral" rating and cut their target price for the company from $44.00 to $35.00 in a research note on Monday, August 18th. Finally, Mizuho decreased their price target on Range Resources from $48.00 to $42.00 and set an "outperform" rating for the company in a research note on Monday, September 15th. Seven research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $41.80.

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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