Graham Capital Management L.P. Boosts Stock Holdings in Range Resources Corporation $RRC

Key Points

• Graham Capital Management L.P. increased its holdings in Range Resources Corporation by 41.1% during the 1st quarter, owning 232,045 shares worth approximately $9.27 million.
• Range Resources recently announced a quarterly dividend of $0.09 per share, with an annualized dividend of $0.36 and a yield of 1.1%.
• The company's stock has a market cap of $8.16 billion and reported a revenue of $856.28 million for the recent quarter, exceeding analysts' expectations.

Graham Capital Management L.P. increased its stake in Range Resources Corporation (NYSE:RRC - Free Report) by 41.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 232,045 shares of the oil and gas exploration company's stock after purchasing an additional 67,536 shares during the quarter. Graham Capital Management L.P. owned approximately 0.10% of Range Resources worth $9,266,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in RRC. Hollencrest Capital Management bought a new stake in Range Resources in the first quarter valued at $33,000. Bessemer Group Inc. raised its position in Range Resources by 48.0% in the 1st quarter. Bessemer Group Inc. now owns 971 shares of the oil and gas exploration company's stock valued at $39,000 after buying an additional 315 shares during the last quarter. Cullen Frost Bankers Inc. acquired a new position in shares of Range Resources during the 1st quarter worth approximately $39,000. State of Wyoming acquired a new position in shares of Range Resources during the 1st quarter worth approximately $71,000. Finally, Fifth Third Bancorp increased its holdings in shares of Range Resources by 20.6% during the 1st 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 during the last quarter. 98.93% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have commented on RRC. Scotiabank set a $46.00 target price on Range Resources and gave the company a "sector perform" rating in a research report on Friday, July 11th. Bank of America upped their target price on shares of Range Resources from $45.00 to $47.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Royal Bank Of Canada restated a "sector perform" rating and issued a $45.00 target price on shares of Range Resources in a research note on Tuesday, July 15th. Piper Sandler dropped their price objective on Range Resources from $41.00 to $39.00 and set a "neutral" rating for the company in a research note on Thursday, August 14th. Finally, Barclays boosted 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 note on Monday, July 7th. 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 company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $42.75.

Range Resources Stock Down 1.1%

RRC traded down $0.39 on Friday, reaching $34.56. The company's stock had a trading volume of 1,626,071 shares, compared to its average volume of 2,844,667. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.55 and a quick ratio of 0.55. The business's 50 day moving average is $35.96 and its 200 day moving average is $37.16. The stock has a market cap of $8.23 billion, a price-to-earnings ratio of 17.36, a price-to-earnings-growth ratio of 0.29 and a beta of 0.55. Range Resources Corporation has a 1 year low of $27.55 and a 1 year high of $43.50.

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

Range Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Friday, September 12th. Range Resources's payout ratio is presently 18.09%.

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.