Hsbc Holdings PLC Invests $1.32 Million in Range Resources Corporation $RRC

Key Points

• HSBC Holdings acquired 35,339 Range Resources shares during the second quarter, valued at approximately $1.32 million. Institutional investors collectively own 98.93% of the company.
• Range Resources exceeded quarterly expectations, reporting $0.79 in adjusted earnings per share versus the $0.66 consensus estimate and $759.6 million in revenue, although revenue declined 2.7% year over year.
• The company declared a quarterly dividend of $0.10 per share, equivalent to an annualized yield of about 1.0%. Analysts maintain a consensus “Hold” rating with an average price target of $43.75, while recent target reductions have tempered the outlook.

Hsbc Holdings PLC bought a new position in Range Resources Corporation (NYSE:RRC - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 35,339 shares of the oil and gas exploration company's stock, valued at approximately $1,319,000.

Other large investors have also added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Range Resources during the 2nd quarter worth approximately $26,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Range Resources in the second quarter worth approximately $31,000. Los Angeles Capital Management LLC bought a new position in shares of Range Resources in the fourth quarter valued at approximately $34,000. Root Financial Partners LLC lifted its holdings in shares of Range Resources by 37.8% in the first quarter. Root Financial Partners LLC now owns 1,006 shares of the oil and gas exploration company's stock valued at $45,000 after purchasing an additional 276 shares in the last quarter. Finally, Trust Co. of Vermont purchased a new position in shares of Range Resources during the second quarter valued at approximately $45,000. Institutional investors own 98.93% of the company's stock.

Range Resources Trading Down 0.2%

Shares of Range Resources stock opened at $41.39 on Tuesday. The firm has a market cap of $9.67 billion, a PE ratio of 11.43 and a beta of 0.42. Range Resources Corporation has a 1 year low of $32.68 and a 1 year high of $48.31. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.65 and a quick ratio of 0.65. The stock has a fifty day moving average price of $38.65 and a 200-day moving average price of $40.32.

Range Resources (NYSE:RRC - Get Free Report) last issued its quarterly 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. The company had revenue of $759.58 million for the quarter, compared to the consensus estimate of $744.78 million. Range Resources had a net margin of 25.04% and a return on equity of 18.63%. The firm's quarterly revenue was down 2.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.66 EPS. Equities research analysts anticipate that Range Resources Corporation will post 3.62 EPS for the current year.

Range Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 11th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Friday, September 11th. Range Resources's payout ratio is presently 11.05%.

Analyst Ratings Changes

RRC has been the subject of several recent research reports. Truist Financial decreased their price target on Range Resources from $46.00 to $43.00 and set a "hold" rating for the company in a report on Friday, July 10th. Wells Fargo & Company cut their price objective on shares of Range Resources from $46.00 to $45.00 and set an "equal weight" rating on the stock in a report on Thursday, July 23rd. The Goldman Sachs Group reduced their target price on shares of Range Resources from $44.00 to $39.00 and set a "neutral" rating for the company in a research note on Tuesday, June 30th. Morgan Stanley lowered their target price on shares of Range Resources from $44.00 to $43.00 and set an "equal weight" rating for the company in a report on Wednesday, August 19th. Finally, Zacks Research upgraded shares of Range Resources from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Range Resources presently has an average rating of "Hold" and an average target price of $43.75.

Insiders Place Their Bets

In other Range Resources news, Director Reginal Spiller sold 3,500 shares of the business's stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $40.00, for a total value of $140,000.00. Following the transaction, the director directly owned 13,421 shares in the company, valued at $536,840. The trade was a 20.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.10% of the stock is currently owned by insiders.

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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