Range Resources Corporation (NYSE:RRC) Position Boosted by King Luther Capital Management Corp

Key Points

• King Luther Capital Management Corp significantly increased its stake in Range Resources, acquiring 792,240 shares and raising its ownership by 2,522.3% to a total of 823,650 shares valued at approximately $32.89 million.
• Range Resources recently reported earnings of $0.66 per share for the last quarter, exceeding analysts' expectations, while revenue reached $856.28 million, significantly above estimates.
• The company also announced a $0.09 quarterly dividend, reflecting an annualized dividend of $0.36 with a yield of 1.0% and a payout ratio of 18.09%.

King Luther Capital Management Corp raised its holdings in shares of Range Resources Corporation (NYSE:RRC - Free Report) by 2,522.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 823,650 shares of the oil and gas exploration company's stock after acquiring an additional 792,240 shares during the quarter. King Luther Capital Management Corp owned approximately 0.34% of Range Resources worth $32,888,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Hollencrest Capital Management acquired a new stake in shares of Range Resources in the 1st quarter valued at about $33,000. Bessemer Group Inc. boosted its position in shares of 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 valued at $39,000 after purchasing an additional 315 shares during the period. Cullen Frost Bankers Inc. acquired a new stake in shares of Range Resources in the 1st quarter valued at about $39,000. Fifth Third Bancorp boosted its position in shares of 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 valued at $83,000 after purchasing an additional 355 shares during the period. Finally, UMB Bank n.a. boosted its position in shares of 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 valued at $103,000 after purchasing an additional 1,434 shares during the period. 98.93% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

RRC has been the subject of a number of research analyst reports. UBS Group upped their target price on Range Resources from $40.00 to $42.00 and gave the company a "neutral" rating in a research report on Monday, July 28th. Bank of America increased their price objective on Range Resources from $45.00 to $47.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Stephens reaffirmed an "overweight" rating and set a $49.00 price objective on shares of Range Resources in a research report on Wednesday, April 23rd. Susquehanna increased their price objective on Range Resources from $36.00 to $39.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 23rd. Finally, Piper Sandler increased their price objective on Range Resources from $40.00 to $41.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Range Resources currently has a consensus rating of "Hold" and a consensus price target of $43.37.

Range Resources Price Performance

Shares of NYSE RRC traded down $0.03 during trading on Tuesday, reaching $34.14. The company had a trading volume of 2,106,520 shares, compared to its average volume of 2,829,609. Range Resources Corporation has a twelve month low of $27.55 and a twelve month high of $43.50. The stock has a market capitalization of $8.13 billion, a PE ratio of 17.15, a price-to-earnings-growth ratio of 0.27 and a beta of 0.60. The stock has a 50-day moving average price of $38.22 and a two-hundred day moving average price of $37.65. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.29.

Range Resources (NYSE:RRC - Get Free Report) last released its earnings results on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.65 by $0.01. The firm had revenue of $856.28 million during the quarter, compared to analyst estimates of $708.38 million. Range Resources had a return on equity of 15.95% and a net margin of 17.22%. During the same period in the prior year, the firm posted $0.46 earnings per share. As a group, sell-side analysts predict that Range Resources Corporation will post 2.02 earnings per share for the current year.

Range Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 13th were paid a dividend of $0.09 per share. The ex-dividend date was Friday, June 13th. This represents a $0.36 annualized dividend and a yield of 1.1%. Range Resources's dividend payout ratio is currently 18.09%.

Insider Activity

In other Range Resources news, Director Reginal Spiller sold 4,200 shares of the company's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $40.16, for a total transaction of $168,672.00. Following the completion of the sale, the director directly owned 13,663 shares in the company, valued at $548,706.08. This represents a 23.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Dennis Degner sold 35,850 shares of the company's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $40.42, for a total value of $1,449,057.00. Following the sale, the chief executive officer owned 58,431 shares of the company's stock, valued at $2,361,781.02. This represents a 38.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company's stock.

About Range Resources

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.