Empowered Funds LLC Buys Shares of 413,474 Range Resources Corporation $RRC

Key Points

• Empowered Funds LLC acquired 413,474 shares of Range Resources worth approximately $15.4 million, while institutional investors collectively own 98.93% of the company.
• Analysts remain broadly cautious, with a consensus “Hold” rating and a $43.75 price target; several firms recently lowered their targets, despite Stephens raising its target to $53.
• Range Resources beat quarterly earnings expectations with EPS of $0.79 versus $0.66 estimated, but revenue declined 2.7% year over year. The company also announced a quarterly dividend of $0.10 per share, representing a 1.0% yield.

Empowered Funds LLC acquired a new stake in Range Resources Corporation (NYSE:RRC - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 413,474 shares of the oil and gas exploration company's stock, valued at approximately $15,377,000. Empowered Funds LLC owned about 0.18% of Range Resources as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. BlackRock Inc. acquired a new stake in Range Resources in the 2nd quarter valued at $868,085,000. Boston Partners boosted its stake in shares of Range Resources by 59.3% during the 3rd quarter. Boston Partners now owns 11,817,550 shares of the oil and gas exploration company's stock worth $445,196,000 after buying an additional 4,398,042 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Range Resources by 517.6% during the 3rd quarter. AQR Capital Management LLC now owns 2,440,277 shares of the oil and gas exploration company's stock worth $91,852,000 after buying an additional 2,045,165 shares during the last quarter. Bank of New York Mellon Corp bought a new position in shares of Range Resources in the 2nd quarter valued at about $67,470,000. Finally, Bank of America Corp DE bought a new position in shares of Range Resources in the 2nd quarter valued at about $58,524,000. Institutional investors own 98.93% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on RRC shares. Morgan Stanley dropped their price objective on Range Resources from $44.00 to $43.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 19th. Truist Financial lowered their target price on shares of Range Resources from $46.00 to $43.00 and set a "hold" rating on the stock in a report on Friday, July 10th. Susquehanna dropped their price target 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. Barclays cut their price target on shares of Range Resources from $43.00 to $40.00 and set an "equal weight" rating for the company in a research note on Monday, August 17th. Finally, Stephens lifted their price objective on shares of Range Resources from $52.00 to $53.00 and gave the company an "overweight" rating in a research report on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $43.75.

Insider Buying and Selling

In related news, Director Reginal Spiller sold 3,500 shares of Range Resources stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $40.00, for a total transaction of $140,000.00. Following the sale, the director directly owned 13,421 shares of the company's stock, valued at approximately $536,840. The trade was a 20.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.10% of the company's stock.

Range Resources Stock Down 0.3%

RRC stock opened at $41.52 on Friday. Range Resources Corporation has a fifty-two week low of $32.68 and a fifty-two week high of $48.31. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.65 and a quick ratio of 0.65. The stock has a market capitalization of $9.70 billion, a price-to-earnings ratio of 11.47 and a beta of 0.42. The business's fifty day moving average price is $38.55 and its two-hundred day moving average price is $40.25.

Range Resources (NYSE:RRC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.13. The business had revenue of $759.58 million during the quarter, compared to analysts' expectations of $744.78 million. Range Resources had a return on equity of 18.63% and a net margin of 25.04%.The firm's revenue for the quarter was down 2.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.66 earnings per share. On average, equities analysts anticipate that Range Resources Corporation will post 3.62 earnings per share for the current year.

Range Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 11th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a $0.40 annualized dividend and a yield of 1.0%. Range Resources's payout ratio is presently 11.05%.

Range Resources 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.

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