Dockside LLC Buys New Stake in Range Resources Corporation $RRC

Key Points

• Dockside LLC acquired 82,652 shares of Range Resources in the second quarter, valued at approximately $3.07 million. Institutional investors collectively own 98.93% of the company.
• Range Resources exceeded quarterly expectations, reporting $0.79 in EPS versus the $0.66 consensus estimate and $759.58 million in revenue, although revenue declined 2.7% year over year.
• The stock opened at $40.31, while analysts maintain a consensus “Hold” rating with a $43.35 price target. The company also pays a quarterly dividend of $0.10, yielding about 1.0% annually.

Dockside LLC purchased a new stake in Range Resources Corporation (NYSE:RRC - Free Report) during the second quarter, according to its most recent filing with the SEC. The fund purchased 82,652 shares of the oil and gas exploration company's stock, valued at approximately $3,074,000.

Several other hedge funds have also bought and sold shares of RRC. Boston Partners increased its holdings in shares of Range Resources by 59.3% in the third quarter. Boston Partners now owns 11,817,550 shares of the oil and gas exploration company's stock worth $445,196,000 after purchasing an additional 4,398,042 shares during the last quarter. AQR Capital Management LLC boosted its stake in Range Resources by 517.6% during the third quarter. AQR Capital Management LLC now owns 2,440,277 shares of the oil and gas exploration company's stock valued at $91,852,000 after buying an additional 2,045,165 shares during the last quarter. UBS Group AG grew its holdings in Range Resources by 66.3% during the 4th quarter. UBS Group AG now owns 3,588,540 shares of the oil and gas exploration company's stock valued at $126,532,000 after buying an additional 1,430,477 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in Range Resources in the 1st quarter worth approximately $64,481,000. Finally, Morgan Stanley increased its stake in Range Resources by 54.1% in the 4th quarter. Morgan Stanley now owns 3,267,227 shares of the oil and gas exploration company's stock worth $115,202,000 after acquiring an additional 1,147,304 shares during the last quarter. Hedge funds and other institutional investors own 98.93% of the company's stock.

Range Resources Price Performance

RRC opened at $40.31 on Friday. The business has a fifty day moving average of $37.94 and a 200 day moving average of $39.95. The stock has a market cap of $9.42 billion, a P/E ratio of 11.14 and a beta of 0.42. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.18. Range Resources Corporation has a 52-week low of $32.60 and a 52-week high of $48.31.

Range Resources (NYSE:RRC - Get Free Report) last released its earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share for the quarter, topping analysts' consensus estimates of $0.66 by $0.13. The business had revenue of $759.58 million for the quarter, compared to analyst estimates of $744.78 million. Range Resources had a return on equity of 18.63% and a net margin of 25.04%.The business's revenue was down 2.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.66 earnings per share. As a group, sell-side analysts anticipate that Range Resources Corporation will post 3.49 EPS for the current year.

Range Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 12th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Friday, June 12th. Range Resources's dividend payout ratio (DPR) is currently 11.05%.

Insiders Place Their Bets

In related news, Director Reginal Spiller sold 3,500 shares of Range Resources 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 completion of the sale, the director owned 13,421 shares in the company, valued at $536,840. This trade represents a 20.68% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.10% of the stock is owned by insiders.

Wall Street Analyst Weigh In

RRC has been the subject of a number of research reports. The Goldman Sachs Group lowered their target price on Range Resources from $44.00 to $39.00 and set a "neutral" rating for the company in a research report on Tuesday, June 30th. Raymond James Financial set a $45.00 price target on shares of Range Resources in a research report on Monday, July 27th. Weiss Ratings lowered shares of Range Resources from a "buy (b-)" rating to a "hold (c)" rating in a research report on Thursday, July 23rd. Zacks Research lowered shares of Range Resources from a "hold" rating to a "strong sell" rating in a research report on Monday, July 13th. Finally, Freedom Capital raised shares of Range Resources from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $43.35.

Range Resources Company Profile

Range Resources Corporation, headquartered in Fort Worth, Texas, is an independent energy company engaged in the exploration, development and production of natural gas, oil and natural gas liquids. The company focuses its core operations on the Appalachian Basin, with a significant presence in Pennsylvania's Marcellus Shale. Through its drilling and completion activities, Range Resources seeks to optimize production efficiency while maintaining a disciplined approach to capital allocation and cost management.

The company's technical expertise centers on advanced horizontal drilling and hydraulic fracturing techniques, which it applies to unlock unconventional resources.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source