Eventide Asset Management LLC Acquires Shares of 222,004 Range Resources Corporation $RRC

Key Points

• Eventide Asset Management LLC acquired a new position in Range Resources Corporation, purchasing 222,004 shares valued at approximately $8.85 million, which amounts to about 0.09% ownership in the company.
• Range Resources recently reported an earnings per share (EPS) of $0.66, surpassing analysts' expectations, and projected an annual dividend of $0.36 with a yield of 1.0%.
• Analysts have varied ratings for Range Resources, with a consensus rating of "Hold" and a target price averaging $42.75, reflecting a mix of upgrade and downgrade sentiments in recent reports.

Eventide Asset Management LLC bought a new stake in Range Resources Corporation (NYSE:RRC - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm bought 222,004 shares of the oil and gas exploration company's stock, valued at approximately $8,852,000. Eventide Asset Management LLC owned about 0.09% of Range Resources at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Wellington Management Group LLP bought a new stake in Range Resources during the fourth quarter valued at about $33,684,000. King Luther Capital Management Corp grew its holdings in Range Resources by 2,522.3% in the 1st quarter. King Luther Capital Management Corp now owns 823,650 shares of the oil and gas exploration company's stock valued at $32,888,000 after buying an additional 792,240 shares during the last quarter. Royal Bank of Canada increased its position in Range Resources by 367.6% in the 4th quarter. Royal Bank of Canada now owns 685,721 shares of the oil and gas exploration company's stock worth $24,673,000 after buying an additional 539,083 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Range Resources by 3,222.9% during the first quarter. AQR Capital Management LLC now owns 539,135 shares of the oil and gas exploration company's stock worth $21,528,000 after buying an additional 522,910 shares during the last quarter. Finally, Nuveen LLC bought a new stake in shares of Range Resources in the first quarter valued at approximately $19,396,000. Institutional investors and hedge funds own 98.93% of the company's stock.

Range Resources Price Performance

RRC stock traded up $0.21 during midday trading on Tuesday, reaching $34.27. 2,556,634 shares of the company's stock traded hands, compared to its average volume of 2,859,494. The company has a 50-day simple moving average of $35.69 and a two-hundred day simple moving average of $37.06. 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 1-year low of $27.55 and a 1-year high of $43.50. The company has a market cap of $8.16 billion, a price-to-earnings ratio of 17.22, a PEG ratio of 0.29 and a beta of 0.55.

Range Resources (NYSE:RRC - Get Free Report) last announced 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. Range Resources had a return on equity of 15.95% and a net margin of 17.22%.The company had revenue of $856.28 million for the quarter, compared to analysts' expectations of $708.38 million. During the same quarter in the prior year, the business earned $0.46 earnings per share. On average, analysts anticipate that Range Resources Corporation will post 2.02 earnings per share for the current year.

Range Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be given a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 1.1%. The ex-dividend date is Friday, September 12th. Range Resources's dividend payout ratio (DPR) is presently 18.09%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on RRC shares. Susquehanna upped their target price on shares of Range Resources from $36.00 to $39.00 and gave the company a "neutral" rating in a research note on Wednesday, July 23rd. UBS Group cut their price objective on shares of Range Resources from $42.00 to $40.00 and set a "neutral" rating for the company in a research report on Wednesday, August 20th. Mizuho increased their target price on shares of Range Resources from $46.00 to $48.00 and gave the company an "outperform" rating in a research note on Wednesday, July 23rd. Bank of America boosted their price target on Range Resources from $45.00 to $47.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. Finally, Scotiabank set a $46.00 target price on Range Resources and gave the stock a "sector perform" rating in a research report on Friday, July 11th. Seven investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $42.75.

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.