Easterly Investment Partners LLC Acquires 153,966 Shares of Range Resources Corporation $RRC

Key Points

• Easterly Investment Partners LLC increased its stake in Range Resources Corporation by 123.7%, acquiring an additional 153,966 shares to own a total of 278,455 shares valued at approximately $11.3 million.
• Range Resources reported $0.66 EPS for the last quarter, surpassing estimates, with revenues totaling $856.28 million, significantly higher than expected.
• The company recently announced a quarterly dividend of $0.09, reflecting an annualized yield of 1.0% and a payout ratio of 18.09%.

Easterly Investment Partners LLC grew its stake in Range Resources Corporation (NYSE:RRC - Free Report) by 123.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 278,455 shares of the oil and gas exploration company's stock after purchasing an additional 153,966 shares during the period. Easterly Investment Partners LLC owned about 0.12% of Range Resources worth $11,325,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of RRC. GAMMA Investing LLC increased its stake in shares of Range Resources by 30.8% in the first quarter. GAMMA Investing LLC now owns 5,743 shares of the oil and gas exploration company's stock valued at $229,000 after buying an additional 1,352 shares during the period. Fifth Third Bancorp boosted its stake in 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 worth $83,000 after acquiring an additional 355 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Range Resources by 98.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 18,035 shares of the oil and gas exploration company's stock worth $720,000 after purchasing an additional 8,941 shares in the last quarter. QRG Capital Management Inc. acquired a new stake in Range Resources in the first quarter valued at approximately $240,000. Finally, State of Alaska Department of Revenue increased its stake in Range Resources by 2.8% during the 1st quarter. State of Alaska Department of Revenue now owns 28,276 shares of the oil and gas exploration company's stock valued at $1,129,000 after purchasing an additional 765 shares in the last quarter. Institutional investors own 98.93% of the company's stock.

Range Resources Price Performance

RRC stock opened at $35.70 on Friday. The firm has a market cap of $8.50 billion, a P/E ratio of 17.94, a P/E/G ratio of 0.34 and a beta of 0.51. The firm's fifty day moving average is $35.53 and its 200 day moving average is $36.78. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.55 and a current ratio of 0.55. Range Resources Corporation has a 52 week low of $28.99 and a 52 week high of $43.50.

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

Range Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 12th were paid a $0.09 dividend. 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 dividend payout ratio (DPR) is presently 18.09%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Susquehanna increased their price objective on Range Resources from $36.00 to $39.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 23rd. Mizuho increased their target price on shares of Range Resources from $42.00 to $46.00 and gave the company an "outperform" rating in a research report on Thursday, October 9th. JPMorgan Chase & Co. decreased their price objective on Range Resources from $46.00 to $44.00 and set a "neutral" rating for the company in a report on Monday, October 6th. Raymond James Financial lowered their target price on shares of Range Resources from $45.00 to $41.00 and set an "outperform" rating on the stock in a report on Friday, September 19th. Finally, Barclays increased their price target on shares of Range Resources from $39.00 to $44.00 and gave the stock an "equal weight" rating in a report on Monday, July 7th. Eight research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $42.05.

Range Resources Company 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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