McAlvany Wealth Management LLC Acquires 54,378 Shares of Range Resources Corporation $RRC

Key Points

• McAlvany Wealth Management increased its Range Resources stake by 65.2% in the first quarter, buying 54,378 additional shares and bringing its total holdings to 137,812 shares worth about $6.37 million.
• Analysts have turned more cautious on the stock, with several firms cutting price targets; MarketBeat says Range Resources now has an average rating of “Hold” and an average target price of $43.00.
• Range Resources recently reported strong quarterly results, posting $1.52 EPS versus the $1.25 estimate and revenue of $1.07 billion, while also paying a $0.10 quarterly dividend that implies a 1.1% yield.

McAlvany Wealth Management LLC grew its holdings in shares of Range Resources Corporation (NYSE:RRC - Free Report) by 65.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 137,812 shares of the oil and gas exploration company's stock after buying an additional 54,378 shares during the quarter. Range Resources accounts for 4.0% of McAlvany Wealth Management LLC's portfolio, making the stock its 6th largest position. McAlvany Wealth Management LLC owned about 0.06% of Range Resources worth $6,368,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Empowered Funds LLC lifted its holdings in shares of Range Resources by 2.1% during the 1st quarter. Empowered Funds LLC now owns 75,851 shares of the oil and gas exploration company's stock valued at $3,029,000 after acquiring an additional 1,563 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Range Resources by 1.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 466,796 shares of the oil and gas exploration company's stock valued at $18,639,000 after purchasing an additional 8,816 shares in the last quarter. Focus Partners Wealth acquired a new stake in Range Resources in the 1st quarter valued at $285,000. EverSource Wealth Advisors LLC raised its position in Range Resources by 63.5% in the second quarter. EverSource Wealth Advisors LLC now owns 2,932 shares of the oil and gas exploration company's stock valued at $119,000 after purchasing an additional 1,139 shares during the period. Finally, California Public Employees Retirement System raised its position in Range Resources by 8.0% in the second quarter. California Public Employees Retirement System now owns 410,651 shares of the oil and gas exploration company's stock valued at $16,701,000 after purchasing an additional 30,481 shares during the period. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on RRC shares. Weiss Ratings downgraded Range Resources from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, June 2nd. The Goldman Sachs Group dropped their target price on Range Resources from $44.00 to $39.00 and set a "neutral" rating on the stock in a report on Tuesday, June 30th. Truist Financial reduced their price target on Range Resources from $46.00 to $43.00 and set a "hold" rating on the stock in a research report on Friday, July 10th. Morgan Stanley decreased their price target on Range Resources from $50.00 to $44.00 and set an "equal weight" rating for the company in a report on Monday, June 29th. Finally, Stephens lowered their price objective on shares of Range Resources from $53.00 to $52.00 and set an "overweight" rating for the company in a research report on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Range Resources presently has an average rating of "Hold" and an average target price of $43.00.

Range Resources Trading Up 1.4%

NYSE:RRC opened at $36.74 on Friday. The stock has a market cap of $8.66 billion, a price-to-earnings ratio of 9.72 and a beta of 0.41. Range Resources Corporation has a one year low of $32.60 and a one year high of $48.31. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.55 and a current ratio of 0.55. The business's 50-day simple moving average is $38.56 and its 200 day simple moving average is $39.33.

Range Resources (NYSE:RRC - Get Free Report) last issued its quarterly earnings data 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 return on equity of 18.64% and a net margin of 26.09%.The firm had revenue of $1.07 billion during the quarter, compared to analyst estimates of $898.20 million. During the same quarter last year, the firm earned $0.96 EPS. Range Resources's quarterly revenue was up 49.8% on a year-over-year basis. As a group, sell-side analysts predict that Range Resources Corporation will post 3.46 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 12th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Friday, June 12th. Range Resources's dividend payout ratio is 10.58%.

About Range Resources

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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