Hsbc Holdings PLC Buys 79,533 Shares of Range Resources Corporation $RRC

Key Points

• HSBC Holdings PLC boosted its Range Resources stake by 22.8% in the fourth quarter, buying 79,533 additional shares and bringing its total holding to 427,713 shares worth about $15 million.
• Range Resources reported strong quarterly results, with EPS of $1.52 versus the $1.25 consensus and revenue of $1.07 billion, up 49.8% from a year earlier.
• The company also announced a quarterly dividend of $0.10 per share, payable on June 26, which works out to an annualized yield of about 1.1%.

Hsbc Holdings PLC increased its stake in shares of Range Resources Corporation (NYSE:RRC - Free Report) by 22.8% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 427,713 shares of the oil and gas exploration company's stock after buying an additional 79,533 shares during the period. Hsbc Holdings PLC owned about 0.18% of Range Resources worth $14,966,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Empowered Funds LLC increased its stake in shares of Range Resources by 2.1% during the 1st quarter. Empowered Funds LLC now owns 75,851 shares of the oil and gas exploration company's stock worth $3,029,000 after purchasing an additional 1,563 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Range Resources by 1.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 466,796 shares of the oil and gas exploration company's stock valued at $18,639,000 after purchasing an additional 8,816 shares during the last quarter. Focus Partners Wealth purchased a new position in Range Resources in the first quarter valued at approximately $285,000. EverSource Wealth Advisors LLC grew its holdings in Range Resources by 63.5% during the second quarter. EverSource Wealth Advisors LLC now owns 2,932 shares of the oil and gas exploration company's stock valued at $119,000 after purchasing an additional 1,139 shares during the period. Finally, California Public Employees Retirement System grew its holdings in Range Resources by 8.0% during the second quarter. California Public Employees Retirement System now owns 410,651 shares of the oil and gas exploration company's stock valued at $16,701,000 after purchasing an additional 30,481 shares during the period. Institutional investors own 98.93% of the company's stock.

Insider Buying and Selling at Range Resources

In related news, Director Brenda A. Cline sold 7,000 shares of Range Resources stock in a transaction that occurred on Tuesday, April 7th. The stock was sold at an average price of $44.40, for a total transaction of $310,800.00. Following the sale, the director directly owned 28,668 shares in the company, valued at $1,272,859.20. The trade was a 19.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.10% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

RRC has been the subject of several recent research reports. 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 report on Tuesday, April 21st. Freedom Capital upgraded Range Resources from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 24th. TD Cowen raised their target price on shares of Range Resources from $40.00 to $45.00 and gave the company a "hold" rating in a research note on Tuesday, March 17th. Barclays lifted their price target on Range Resources from $39.00 to $41.00 and gave the stock an "equal weight" rating in a research note on Monday, March 16th. Finally, Weiss Ratings lowered Range Resources from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, June 2nd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $43.94.

Range Resources Price Performance

Shares of NYSE RRC opened at $36.30 on Friday. Range Resources Corporation has a 1 year low of $32.60 and a 1 year high of $48.31. The stock has a market capitalization of $8.55 billion, a P/E ratio of 9.60 and a beta of 0.42. The company's 50-day moving average is $40.24 and its 200 day moving average is $39.23. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.55 and a quick ratio of 0.55.

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 EPS for the quarter, topping the consensus estimate of $1.25 by $0.27. Range Resources had a net margin of 26.09% and a return on equity of 18.64%. The business had revenue of $1.07 billion during the quarter, compared to analyst estimates of $898.20 million. During the same period last year, the business posted $0.96 earnings per share. Range Resources's quarterly revenue was up 49.8% compared to the same quarter last year. On average, sell-side analysts expect that Range Resources Corporation will post 3.71 earnings per share for the current year.

Range Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 12th will be paid 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 is Friday, June 12th. Range Resources's dividend payout ratio (DPR) is presently 10.58%.

Range Resources Company 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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