Energy Income Partners LLC Boosts Holdings in Range Resources Corporation $RRC

Key Points

• Energy Income Partners increased its Range Resources stake by 79% in the first quarter, owning 612,947 shares worth approximately $27.7 million. Institutional investors collectively own 98.93% of the company.
• Analyst sentiment remains cautious, with Range Resources carrying a consensus “Hold” rating and an average price target of $43.35; several firms recently lowered their targets.
• Range Resources exceeded quarterly earnings expectations, reporting $0.79 EPS versus the $0.66 consensus and $759.6 million in revenue. The company also maintains a quarterly dividend of $0.10 per share, representing a 1.1% yield.

Energy Income Partners LLC boosted its holdings in shares of Range Resources Corporation (NYSE:RRC - Free Report) by 79.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 612,947 shares of the oil and gas exploration company's stock after acquiring an additional 270,453 shares during the period. Energy Income Partners LLC owned about 0.26% of Range Resources worth $27,693,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of RRC. Los Angeles Capital Management LLC acquired a new stake in shares of Range Resources in the fourth quarter valued at approximately $34,000. Root Financial Partners LLC increased its stake in shares of Range Resources by 37.8% during the 1st quarter. Root Financial Partners LLC now owns 1,006 shares of the oil and gas exploration company's stock worth $45,000 after purchasing an additional 276 shares in the last quarter. SBI Okasan Asset Management Co.Ltd. acquired a new position in shares of Range Resources during the 4th quarter worth approximately $57,000. Basepoint Wealth LLC acquired a new position in shares of Range Resources during the 4th quarter worth approximately $61,000. Finally, International Assets Investment Management LLC purchased a new stake in Range Resources in the 4th quarter valued at approximately $71,000. Hedge funds and other institutional investors own 98.93% of the company's stock.

Analysts Set New Price Targets

RRC has been the subject of several recent research reports. Citigroup reissued a "neutral" rating on shares of Range Resources in a research report on Thursday. Susquehanna reduced their price objective on Range Resources from $45.00 to $41.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 21st. Weiss Ratings lowered Range Resources from a "buy (b-)" rating to a "hold (c)" rating in a research note on Thursday. The Goldman Sachs Group dropped their price objective 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. Finally, Bank of America lifted their price objective on Range Resources from $38.00 to $44.00 and gave the stock a "neutral" rating in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $43.35.

Range Resources Stock Down 2.9%

RRC opened at $37.85 on Tuesday. Range Resources Corporation has a 12 month low of $32.60 and a 12 month high of $48.31. The business has a 50-day moving average of $38.14 and a two-hundred day moving average of $39.48. 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 $8.84 billion, a price-to-earnings ratio of 10.45 and a beta of 0.41.

Range Resources (NYSE:RRC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.13. Range Resources had a net margin of 25.04% and a return on equity of 18.63%. The business had revenue of $759.58 million for the quarter, compared to analyst estimates of $744.78 million. During the same period in the prior year, the firm posted $0.66 EPS. The company's revenue was down 2.7% on a year-over-year basis. On average, research analysts expect that Range Resources Corporation will post 3.49 earnings per share for the current year.

Range Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Friday, June 12th. Range Resources's dividend payout ratio (DPR) is 11.05%.

About Range Resources

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.

Want to see what other hedge funds are holding RRC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Range Resources Corporation (NYSE:RRC - Free Report).

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