Range Resources Corporation $RRC Position Reduced by First Manhattan CO. LLC.

Key Points

• First Manhattan CO. LLC reduced its stake in Range Resources Corporation by 2.0%, selling 8,611 shares and now holding 413,570 shares valued at approximately $16.5 million.
• Range Resources reported better-than-expected earnings, with $0.66 earnings per share in its most recent quarter, surpassing the analysts' consensus estimate of $0.65.
• The company has announced a quarterly dividend of $0.09 per share, representing an annualized dividend of $0.36 and a yield of 1.1%.

First Manhattan CO. LLC. decreased its position in shares of Range Resources Corporation (NYSE:RRC - Free Report) by 2.0% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 413,570 shares of the oil and gas exploration company's stock after selling 8,611 shares during the period. First Manhattan CO. LLC. owned 0.17% of Range Resources worth $16,514,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Hollencrest Capital Management acquired a new position in Range Resources during the first quarter worth approximately $33,000. Bessemer Group Inc. increased its position in Range Resources by 48.0% during the first quarter. Bessemer Group Inc. now owns 971 shares of the oil and gas exploration company's stock worth $39,000 after purchasing an additional 315 shares during the last quarter. Cullen Frost Bankers Inc. acquired a new position in Range Resources during the first quarter worth approximately $39,000. State of Wyoming acquired a new position in Range Resources during the first quarter worth approximately $71,000. Finally, Fifth Third Bancorp increased its position 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 purchasing an additional 355 shares during the last quarter. Institutional investors and hedge funds own 98.93% of the company's stock.

Range Resources Stock Down 0.7%

Shares of RRC stock traded down $0.26 on Friday, hitting $34.68. The stock had a trading volume of 2,998,652 shares, compared to its average volume of 2,387,227. The firm has a market capitalization of $8.26 billion, a price-to-earnings ratio of 17.43, a P/E/G ratio of 0.29 and a beta of 0.55. The stock's 50 day moving average is $35.83 and its 200-day moving average is $37.09. 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 $27.55 and a 52-week high of $43.50.

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 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.01. The business had revenue of $856.28 million during 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 prior year, the firm earned $0.46 earnings per share. As a group, research analysts expect that Range Resources Corporation will post 2.02 earnings per share for the current year.

Range Resources Dividend Announcement

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 paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Friday, September 12th. Range Resources's dividend payout ratio is 18.09%.

Analyst Ratings Changes

RRC has been the subject of several research analyst reports. UBS Group dropped their price target 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. Roth Capital lowered shares of Range Resources from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $44.00 to $35.00 in a research report on Monday, August 18th. Barclays increased their price objective on shares of Range Resources from $39.00 to $44.00 and gave the stock an "equal weight" rating in a research report on Monday, July 7th. Susquehanna increased their price objective on shares of Range Resources from $36.00 to $39.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 23rd. Finally, Wall Street Zen lowered shares of Range Resources from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Seven equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Range Resources presently has a consensus rating of "Hold" and a consensus target price of $42.75.

Range Resources 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.