Horizon Investments LLC Decreases Stock Holdings in Range Resources Corporation $RRC

Key Points

• Horizon Investments LLC cut its Range Resources stake by 93.5% in the fourth quarter, selling 92,462 shares and leaving it with 6,456 shares valued at about $228,000.
• Range Resources reported strong first-quarter results, with EPS of $1.52 and revenue of $1.07 billion, both beating analyst estimates and revenue rising nearly 50% year over year.
• The company raised its quarterly dividend to $0.10 per share from $0.09, while analysts currently rate the stock a consensus Hold with an average price target of $43.41.

Horizon Investments LLC decreased its holdings in shares of Range Resources Corporation (NYSE:RRC - Free Report) by 93.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,456 shares of the oil and gas exploration company's stock after selling 92,462 shares during the period. Horizon Investments LLC's holdings in Range Resources were worth $228,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Smartleaf Asset Management LLC lifted its position in shares of Range Resources by 49.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,013 shares of the oil and gas exploration company's stock valued at $38,000 after buying an additional 336 shares in the last quarter. Clearstead Advisors LLC lifted its position in shares of Range Resources by 439.5% during the 3rd quarter. Clearstead Advisors LLC now owns 2,104 shares of the oil and gas exploration company's stock valued at $79,000 after buying an additional 1,714 shares in the last quarter. Hantz Financial Services Inc. lifted its position in shares of Range Resources by 206.4% during the 3rd quarter. Hantz Financial Services Inc. now owns 2,301 shares of the oil and gas exploration company's stock valued at $87,000 after buying an additional 1,550 shares in the last quarter. Quent Capital LLC purchased a new position in shares of Range Resources during the 3rd quarter valued at approximately $96,000. Finally, Toth Financial Advisory Corp lifted its position in shares of Range Resources by 59.5% during the 4th quarter. Toth Financial Advisory Corp now owns 2,680 shares of the oil and gas exploration company's stock valued at $94,000 after buying an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 98.93% of the company's stock.

Range Resources Stock Down 0.9%

Shares of NYSE:RRC opened at $40.51 on Friday. The business has a 50-day moving average price of $42.91 and a 200 day moving average price of $38.84. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $9.55 billion, a price-to-earnings ratio of 10.72, a PEG ratio of 0.74 and a beta of 0.46. Range Resources Corporation has a 12-month low of $32.60 and a 12-month high of $48.31.

Range Resources (NYSE:RRC - Get Free Report) last issued its quarterly earnings data on Tuesday, April 21st. The oil and gas exploration company reported $1.52 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.25 by $0.27. The firm had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $898.20 million. Range Resources had a return on equity of 18.64% and a net margin of 26.09%.The company's quarterly revenue was up 49.8% on a year-over-year basis. During the same period last year, the company earned $0.96 EPS. Sell-side analysts expect that Range Resources Corporation will post 3.69 EPS for the current year.

Range Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 27th. Investors of record on Friday, March 13th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Friday, March 13th. This is a positive change from Range Resources's previous quarterly dividend of $0.09. Range Resources's dividend payout ratio is 10.58%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on RRC shares. Morgan Stanley decreased their target price on Range Resources from $42.00 to $40.00 and set an "equal weight" rating on the stock in a research report on Friday, January 23rd. Piper Sandler increased their target price on Range Resources from $41.00 to $42.00 and gave the company a "neutral" rating in a research report on Thursday, March 12th. Zacks Research upgraded Range Resources from a "strong sell" rating to a "hold" rating in a research report on Wednesday, March 18th. Bank of America raised their price objective on Range Resources from $38.00 to $44.00 and gave the company a "neutral" rating in a report on Tuesday, April 21st. Finally, Freedom Capital upgraded Range Resources from a "hold" rating to a "strong-buy" rating in a report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $43.41.

Insider Activity

In related news, Director Brenda A. Cline sold 7,000 shares of the firm's stock in a transaction dated Tuesday, April 7th. The stock was sold at an average price of $44.40, for a total transaction of $310,800.00. Following the completion of the sale, the director directly owned 28,668 shares of the company's stock, valued at approximately $1,272,859.20. This trade represents a 19.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.10% of the company's stock.

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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