Diversified Trust Co Cuts Stock Position in Range Resources Corporation $RRC

Key Points

• Diversified Trust Co reduced its holdings in Range Resources Corporation by 73.6% during Q2, now owning 6,970 shares worth $283,000.
• Analysts have varied opinions on the stock, with Barclays raising its price target to $44.00 while others like Piper Sandler and Citigroup lowered it to $39.00.
• Range Resources announced a quarterly dividend of $0.09 per share, representing a 1.0% annual yield, payable on September 26th.

Diversified Trust Co lessened its holdings in Range Resources Corporation (NYSE:RRC - Free Report) by 73.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,970 shares of the oil and gas exploration company's stock after selling 19,448 shares during the period. Diversified Trust Co's holdings in Range Resources were worth $283,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Hollencrest Capital Management purchased a new position in Range Resources in the first quarter valued at about $33,000. Bessemer Group Inc. raised its holdings in shares of Range Resources by 48.0% during the 1st quarter. Bessemer Group Inc. now owns 971 shares of the oil and gas exploration company's stock valued at $39,000 after buying an additional 315 shares during the period. Cullen Frost Bankers Inc. purchased a new stake in shares of Range Resources during the first quarter valued at approximately $39,000. State of Wyoming purchased a new stake in shares of Range Resources during the first quarter valued at approximately $71,000. Finally, Fifth Third Bancorp raised its stake in shares of Range Resources by 20.6% during the first quarter. Fifth Third Bancorp now owns 2,078 shares of the oil and gas exploration company's stock valued at $83,000 after purchasing an additional 355 shares during the period. 98.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Piper Sandler dropped their price target 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. Citigroup dropped their target price on Range Resources from $40.00 to $39.00 and set a "neutral" rating on the stock in a research report on Tuesday. Barclays lifted their target price on Range Resources from $39.00 to $44.00 and gave the stock an "equal weight" rating in a research report on Monday, July 7th. Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $45.00 target price on shares of Range Resources in a research report on Tuesday, July 15th. Finally, Susquehanna lifted their price objective on Range Resources from $36.00 to $39.00 and gave the stock a "neutral" rating in a report on Wednesday, July 23rd. Seven investment analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $41.80.

Range Resources Price Performance

Shares of NYSE:RRC opened at $36.82 on Thursday. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.29. Range Resources Corporation has a fifty-two week low of $28.99 and a fifty-two week high of $43.50. The firm has a 50-day simple moving average of $34.94 and a 200 day simple moving average of $36.91. The company has a market cap of $8.77 billion, a PE ratio of 18.50, a P/E/G ratio of 0.31 and a beta of 0.55.

Range Resources (NYSE:RRC - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 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 earned $0.46 earnings per share. On average, sell-side analysts anticipate that Range Resources Corporation will post 2.02 EPS for the current year.

Range Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Friday, September 12th. Range Resources's dividend payout ratio is presently 18.09%.

Range Resources Profile

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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