ING Groep NV Makes New $2.99 Million Investment in Range Resources Corporation $RRC

Key Points

• ING Groep NV opened a new position in Range Resources during the fourth quarter, buying 84,800 shares worth about $2.99 million.
• Range Resources reported strong quarterly results, with EPS of $1.52 beating estimates and revenue rising 49.8% year over year to $1.07 billion.
• The company also announced a quarterly dividend of $0.10 per share, implying a 1.0% annualized yield, while analysts currently rate the stock Hold with an average target price of $44.00.

ING Groep NV bought a new position in shares of Range Resources Corporation (NYSE:RRC - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 84,800 shares of the oil and gas exploration company's stock, valued at approximately $2,990,000.

A number of other institutional investors also recently bought and sold shares of RRC. Boston Partners raised its stake in Range Resources by 59.3% during the third quarter. Boston Partners now owns 11,817,550 shares of the oil and gas exploration company's stock worth $445,196,000 after purchasing an additional 4,398,042 shares during the period. AQR Capital Management LLC raised its stake in Range Resources by 517.6% during the third quarter. AQR Capital Management LLC now owns 2,440,277 shares of the oil and gas exploration company's stock worth $91,852,000 after purchasing an additional 2,045,165 shares during the period. Holocene Advisors LP purchased a new position in Range Resources during the third quarter worth about $66,560,000. UBS Group AG raised its stake in Range Resources by 66.3% during the fourth quarter. UBS Group AG now owns 3,588,540 shares of the oil and gas exploration company's stock worth $126,532,000 after purchasing an additional 1,430,477 shares during the period. Finally, Assenagon Asset Management S.A. purchased a new position in Range Resources during the fourth quarter worth about $37,820,000. 98.93% of the stock is owned by hedge funds and other institutional investors.

Range Resources Price Performance

Shares of RRC opened at $39.12 on Tuesday. Range Resources Corporation has a 1-year low of $32.60 and a 1-year high of $48.31. The stock has a market cap of $9.22 billion, a PE ratio of 10.35 and a beta of 0.42. The firm has a 50-day simple moving average of $41.92 and a two-hundred day simple moving average of $39.37. 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 announced its quarterly earnings results on Tuesday, April 21st. The oil and gas exploration company reported $1.52 earnings per share for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $898.20 million. During the same period last year, the business earned $0.96 earnings per share. The business's revenue for the quarter was up 49.8% on a year-over-year basis. As a group, analysts forecast that Range Resources Corporation will post 3.7 EPS for the current year.

Range Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 12th will be issued a $0.10 dividend. The ex-dividend date is Friday, June 12th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.0%. Range Resources's payout ratio is 10.58%.

Wall Street Analysts Forecast Growth

RRC has been the topic of a number of analyst reports. Wells Fargo & Company lifted their target price on shares of Range Resources from $43.00 to $46.00 and gave the stock an "equal weight" rating in a research note on Thursday, February 26th. Truist Financial dropped their price target on shares of Range Resources from $48.00 to $46.00 and set a "hold" rating for the company in a research report on Thursday, April 9th. Barclays lifted their price target on shares of Range Resources from $39.00 to $41.00 and gave the company an "equal weight" rating in a research report on Monday, March 16th. Stephens dropped their price target on shares of Range Resources from $55.00 to $54.00 and set an "overweight" rating for the company in a research report on Tuesday, April 21st. Finally, Piper Sandler lifted their price target on shares of Range Resources from $41.00 to $42.00 and gave the company a "neutral" rating in a research report on Thursday, March 12th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Range Resources currently has a consensus rating of "Hold" and an average target price of $44.00.

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 shares were sold at an average price of $44.40, for a total value of $310,800.00. Following the completion of the transaction, the director owned 28,668 shares in the company, valued at approximately $1,272,859.20. The trade was a 19.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company 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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