Hsbc Holdings PLC Has $1.32 Million Stock Position in Range Resources Corporation $RRC

Key Points

• HSBC cut its Range Resources position by 84.1% in the second quarter, selling 186,749 shares and retaining 35,339 shares worth approximately $1.32 million. Institutional investors collectively own 98.93% of the company.
• Range Resources exceeded quarterly earnings expectations, reporting $0.79 in EPS versus the $0.66 consensus estimate and $759.58 million in revenue, although revenue declined 2.7% year over year.
• The stock recently traded at $41.17, while analysts maintain a consensus “Hold” rating with an average price target of $43.88. The company also declared a quarterly dividend of $0.10 per share, yielding about 1.0% annually.

Hsbc Holdings PLC decreased its position in shares of Range Resources Corporation (NYSE:RRC - Free Report) by 84.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 35,339 shares of the oil and gas exploration company's stock after selling 186,749 shares during the period. Hsbc Holdings PLC's holdings in Range Resources were worth $1,319,000 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 the business. King Luther Capital Management Corp raised its position in shares of Range Resources by 49.8% during the fourth quarter. King Luther Capital Management Corp now owns 1,281,975 shares of the oil and gas exploration company's stock worth $45,202,000 after acquiring an additional 426,300 shares during the last quarter. Life Cycle Investment Partners Ltd acquired a new position in Range Resources during the fourth quarter valued at approximately $21,129,000. Bank of Nova Scotia bought a new stake in shares of Range Resources in the 2nd quarter valued at $2,220,000. Entropy Technologies LP raised its stake in Range Resources by 321.3% during the 1st quarter. Entropy Technologies LP now owns 52,114 shares of the oil and gas exploration company's stock worth $2,355,000 after buying an additional 39,745 shares during the period. Finally, Delta Global Management LP acquired a new stake in shares of Range Resources during the first quarter worth about $2,459,000. 98.93% of the stock is owned by institutional investors.

Range Resources Trading Down 1.7%

RRC opened at $41.17 on Friday. Range Resources Corporation has a 1-year low of $32.68 and a 1-year high of $48.31. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.18. The company has a market cap of $9.62 billion, a P/E ratio of 11.37 and a beta of 0.43. The company's 50 day moving average is $39.56 and its 200-day moving average is $40.57.

Range Resources (NYSE:RRC - Get Free Report) last posted its earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share for the quarter, topping analysts' consensus estimates of $0.66 by $0.13. Range Resources had a net margin of 25.04% and a return on equity of 18.63%. The firm had revenue of $759.58 million for the quarter, compared to analysts' expectations of $744.78 million. During the same quarter in the previous year, the firm posted $0.66 earnings per share. The company's revenue was down 2.7% on a year-over-year basis. Equities research analysts predict that Range Resources Corporation will post 3.62 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 11th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a $0.40 annualized dividend and a dividend yield of 1.0%. Range Resources's dividend payout ratio (DPR) is presently 11.05%.

Insider Activity at Range Resources

In related news, Director Reginal Spiller sold 3,500 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $40.00, for a total value of $140,000.00. Following the completion of the sale, the director directly owned 13,421 shares in the company, valued at $536,840. This represents a 20.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.10% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Barclays increased their price objective on shares of Range Resources from $40.00 to $42.00 and gave the stock an "equal weight" rating in a research report on Tuesday, September 8th. Zacks Research upgraded Range Resources from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 19th. Stifel Nicolaus began coverage on shares of Range Resources in a report on Thursday. They set a "hold" rating and a $46.00 target price on the stock. Morgan Stanley dropped their price objective on Range Resources from $44.00 to $43.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 19th. Finally, UBS Group set a $42.00 price objective on shares of Range Resources in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $43.88.

Range Resources Company Profile

Range Resources Corporation NYSE: RRC is an independent natural gas, natural gas liquids (NGLs) and oil exploration and production company. Its activities include acquiring, developing and operating unconventional properties, with a primary focus on the Marcellus Shale in the Appalachian Basin.

The company's production portfolio is centered on natural gas, along with NGLs such as ethane, propane, butane and natural gasoline, as well as condensate and oil. Range Resources also manages related gathering, processing, transportation and marketing activities to move its products from production areas to end markets.

Founded in 1976, Range Resources has built its operations through exploration, development and acquisitions in U.S.

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