Nkcfo LLC Takes Position in Range Resources Corporation (NYSE:RRC)

Key Points

• Nkcfo LLC made a new investment of approximately $3.69 million in Range Resources Corporation, acquiring 92,300 shares, which now represent 1.7% of its investment portfolio.
• Range Resources CEO Dennis Degner sold 35,850 shares, resulting in a 38.02% decrease in his ownership, while SVP Erin W. Mcdowell also sold shares reflecting a 40.94% reduction in her holding.
• Analysts have varied opinions on Range Resources; with Bank of America boosting the target price to $47.00 and maintaining a "buy" rating, while Wall Street Zen downgraded the stock to a "sell."

Nkcfo LLC purchased a new stake in shares of Range Resources Corporation (NYSE:RRC - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 92,300 shares of the oil and gas exploration company's stock, valued at approximately $3,686,000. Range Resources makes up about 1.7% of Nkcfo LLC's investment portfolio, making the stock its 19th biggest position.

Other hedge funds also recently bought and sold shares of the company. LPL Financial LLC raised its stake in shares of Range Resources by 23.2% in the fourth quarter. LPL Financial LLC now owns 113,800 shares of the oil and gas exploration company's stock valued at $4,095,000 after acquiring an additional 21,440 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in shares of Range Resources by 98.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 18,035 shares of the oil and gas exploration company's stock valued at $720,000 after acquiring an additional 8,941 shares during the period. Ameriprise Financial Inc. raised its stake in shares of Range Resources by 24.5% in the fourth quarter. Ameriprise Financial Inc. now owns 423,822 shares of the oil and gas exploration company's stock valued at $15,249,000 after acquiring an additional 83,353 shares during the period. Advisor Resource Council purchased a new stake in shares of Range Resources in the first quarter valued at $622,000. Finally, Goehring & Rozencwajg Associates LLC raised its stake in shares of Range Resources by 1.8% in the first quarter. Goehring & Rozencwajg Associates LLC now owns 1,435,376 shares of the oil and gas exploration company's stock valued at $57,803,000 after acquiring an additional 25,403 shares during the period. Hedge funds and other institutional investors own 98.93% of the company's stock.

Insider Transactions at Range Resources

In other Range Resources news, SVP Erin W. Mcdowell sold 9,568 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $40.62, for a total transaction of $388,652.16. Following the completion of the transaction, the senior vice president directly owned 13,800 shares of the company's stock, valued at approximately $560,556. This trade represents a 40.94% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director James M. Funk sold 13,582 shares of the firm's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $35.03, for a total transaction of $475,777.46. Following the transaction, the director directly owned 54,394 shares of the company's stock, valued at $1,905,421.82. This represents a 19.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 76,080 shares of company stock worth $2,984,479 over the last ninety days. 1.00% of the stock is currently owned by insiders.

Range Resources Stock Up 0.3%

Shares of NYSE:RRC traded up $0.11 during trading on Thursday, reaching $36.80. The stock had a trading volume of 803,945 shares, compared to its average volume of 2,921,769. Range Resources Corporation has a one year low of $27.29 and a one year high of $43.50. The company has a market capitalization of $8.76 billion, a P/E ratio of 18.48, a PEG ratio of 0.29 and a beta of 0.63. 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 firm's 50-day simple moving average is $38.97 and its 200 day simple moving average is $38.00.

Range Resources (NYSE:RRC - Get Free Report) last announced its quarterly earnings data 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 net margin of 17.22% and a return on equity of 15.95%. During the same period last year, the firm posted $0.46 EPS. As a group, research analysts expect that Range Resources Corporation will post 2.02 EPS for the current fiscal year.

Range Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 13th were given a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 0.98%. The ex-dividend date was Friday, June 13th. Range Resources's payout ratio is currently 18.09%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on RRC shares. Susquehanna upped their price target on shares of Range Resources from $36.00 to $39.00 and gave the stock a "neutral" rating in a report on Wednesday, July 23rd. Wall Street Zen cut shares of Range Resources from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Roth Mkm upgraded shares of Range Resources from a "neutral" rating to a "buy" rating and upped their price target for the stock from $41.00 to $42.00 in a report on Tuesday, April 8th. Roth Capital upgraded shares of Range Resources from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 8th. Finally, Stephens restated an "overweight" rating and issued a $49.00 price target on shares of Range Resources in a report on Wednesday, April 23rd. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $43.37.

Range Resources 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.