Ieq Capital LLC Buys 39,709 Shares of Range Resources Corporation $RRC

Key Points

• Ieq Capital LLC significantly increased its stake in Range Resources Corporation by 523.4% in Q1, owning a total of 47,296 shares valued at approximately $1.89 million.
• Investment analysts show mixed sentiments with seven rating the stock as a "Buy", while others have assigned a "Hold" rating, reflecting a consensus average price target of $42.75.
• Range Resources recently announced a $0.09 quarterly dividend, which is set to yield about 1.1%, with an ex-dividend date of September 12th.

Ieq Capital LLC increased its position in Range Resources Corporation (NYSE:RRC - Free Report) by 523.4% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 47,296 shares of the oil and gas exploration company's stock after purchasing an additional 39,709 shares during the period. Ieq Capital LLC's holdings in Range Resources were worth $1,889,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hollencrest Capital Management purchased a new stake in Range Resources in the 1st quarter worth approximately $33,000. Bessemer Group Inc. lifted 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 worth $39,000 after buying an additional 315 shares in the last quarter. Cullen Frost Bankers Inc. purchased a new stake in Range Resources in the 1st quarter worth approximately $39,000. Fifth Third Bancorp lifted its position in Range Resources by 20.6% in the 1st quarter. Fifth Third Bancorp now owns 2,078 shares of the oil and gas exploration company's stock worth $83,000 after buying an additional 355 shares in the last quarter. Finally, UMB Bank n.a. lifted its position in Range Resources by 124.9% in the 1st quarter. UMB Bank n.a. now owns 2,582 shares of the oil and gas exploration company's stock worth $103,000 after buying an additional 1,434 shares in the last quarter. Hedge funds and other institutional investors own 98.93% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Wall Street Zen downgraded shares of Range Resources from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Susquehanna increased their target price on shares of Range Resources from $36.00 to $39.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 23rd. Bank of America increased 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 reiterated a "sector perform" rating and issued a $45.00 target price on shares of Range Resources in a research report on Tuesday, July 15th. Finally, UBS Group cut their price target on shares of Range Resources from $42.00 to $40.00 and set a "neutral" rating on the stock in a report on Wednesday, August 20th. Seven analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Range Resources presently has a consensus rating of "Hold" and an average target price of $42.75.

Range Resources Stock Performance

RRC traded down $0.26 during trading on Friday, hitting $34.68. The stock had a trading volume of 2,998,652 shares, compared to its average volume of 2,330,736. The firm has a market cap of $8.26 billion, a PE ratio of 17.43, a P/E/G ratio of 0.29 and a beta of 0.55. Range Resources Corporation has a 12 month low of $27.55 and a 12 month high of $43.50. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.29. The company has a 50 day simple moving average of $35.83 and a 200-day simple moving average of $37.11.

Range Resources (NYSE:RRC - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.65 by $0.01. The firm had revenue of $856.28 million for the quarter, compared to the consensus estimate of $708.38 million. Range Resources had a net margin of 17.22% and a return on equity of 15.95%. During the same quarter last year, the firm posted $0.46 EPS. Analysts expect that Range Resources Corporation will post 2.02 EPS for the current year.

Range Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be issued a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 1.0%. The ex-dividend date is Friday, September 12th. Range Resources's dividend payout ratio (DPR) is 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.