McAlvany Wealth Management LLC Purchases Shares of 83,434 Range Resources Corporation $RRC

Key Points

• McAlvany Wealth Management bought 83,434 shares of Range Resources in the fourth quarter, a stake worth about $2.94 million. The position now makes up 2.3% of the firm’s holdings and is its 13th-largest position.
• Institutional ownership remains heavy, with 98.93% of Range Resources shares held by institutions and hedge funds. Several firms, including Vanguard, Citigroup, and Ninepoint Partners, increased their stakes recently.
• Range Resources beat earnings expectations in its latest quarter, reporting $1.52 EPS versus the $1.25 estimate and revenue of $1.07 billion, up 49.8% year over year. The company also announced a quarterly dividend of $0.10 per share.

McAlvany Wealth Management LLC purchased a new position in shares of Range Resources Corporation (NYSE:RRC - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 83,434 shares of the oil and gas exploration company's stock, valued at approximately $2,942,000. Range Resources comprises 2.3% of McAlvany Wealth Management LLC's holdings, making the stock its 13th largest position.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Range Resources by 3.3% in the third quarter. Vanguard Group Inc. now owns 24,851,886 shares of the oil and gas exploration company's stock valued at $935,425,000 after purchasing an additional 799,574 shares in the last quarter. Citigroup Inc. raised its holdings in Range Resources by 71.0% during the third quarter. Citigroup Inc. now owns 307,604 shares of the oil and gas exploration company's stock worth $11,578,000 after purchasing an additional 127,753 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in Range Resources by 48.3% during the third quarter. Envestnet Asset Management Inc. now owns 135,125 shares of the oil and gas exploration company's stock worth $5,086,000 after purchasing an additional 44,004 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Range Resources by 7.1% during the 3rd quarter. American Century Companies Inc. now owns 754,293 shares of the oil and gas exploration company's stock worth $28,392,000 after buying an additional 49,979 shares during the last quarter. Finally, Ninepoint Partners LP lifted its position in shares of Range Resources by 33.3% during the 3rd quarter. Ninepoint Partners LP now owns 2,000,000 shares of the oil and gas exploration company's stock worth $75,280,000 after buying an additional 500,000 shares during the last quarter. 98.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

RRC has been the topic of a number of recent analyst reports. Wells Fargo & Company increased their target price on shares of Range Resources from $43.00 to $46.00 and gave the company an "equal weight" rating in a research report on Thursday, February 26th. Stephens reduced 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. Freedom Capital upgraded shares of Range Resources from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 24th. Morgan Stanley raised their price objective on Range Resources from $49.00 to $50.00 and gave the stock an "equal weight" rating in a report on Friday, May 22nd. Finally, TD Cowen lifted their target price on Range Resources from $40.00 to $45.00 and gave the stock a "hold" rating in a research report on Tuesday, March 17th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Range Resources has a consensus rating of "Hold" and a consensus target price of $44.00.

Insider Buying and Selling

In other news, Director Brenda A. Cline sold 7,000 shares of the company's stock in a transaction dated 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 sale, the director directly owned 28,668 shares of the company's stock, valued at approximately $1,272,859.20. This represents a 19.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.10% of the company's stock.

Range Resources Price Performance

RRC stock opened at $36.45 on Friday. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $8.59 billion, a P/E ratio of 9.64 and a beta of 0.42. The business has a 50 day simple moving average of $40.69 and a 200-day simple moving average of $39.31. Range Resources Corporation has a twelve month low of $32.60 and a twelve month high of $48.31.

Range Resources (NYSE:RRC - Get Free Report) last announced its earnings results on Tuesday, April 21st. The oil and gas exploration company reported $1.52 EPS 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 for the quarter, compared to analysts' expectations of $898.20 million. During the same period in the previous year, the company posted $0.96 EPS. The company's quarterly revenue was up 49.8% on a year-over-year basis. As a group, equities analysts anticipate that Range Resources Corporation will post 3.71 EPS for the current year.

Range Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 12th will be paid a $0.10 dividend. The ex-dividend date is Friday, June 12th. This represents a $0.40 dividend on an annualized basis and a yield of 1.1%. Range Resources's payout ratio is currently 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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