Northern Trust Corp Lowers Holdings in Range Resources Corporation $RRC

Key Points

• Northern Trust Corp reduced its stake in Range Resources Corporation by 0.4%, selling 9,414 shares, and now holds approximately 2.23 million shares valued at $89 million.
• Insider trading activity showed that Director Reginal Spiller sold 4,200 shares, decreasing their ownership by 23.51% at an average price of $40.16.
• Analysts have mixed opinions on Range Resources, with updated price targets ranging from $39 to $47, and a consensus rating of "Hold" with a target price of $42.75.

Northern Trust Corp decreased its holdings in Range Resources Corporation (NYSE:RRC - Free Report) by 0.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,229,449 shares of the oil and gas exploration company's stock after selling 9,414 shares during the period. Northern Trust Corp owned about 0.93% of Range Resources worth $89,022,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Hollencrest Capital Management bought a new stake in shares of Range Resources in the 1st quarter worth $33,000. Bessemer Group Inc. grew its holdings in shares of Range Resources by 48.0% in the first quarter. Bessemer Group Inc. now owns 971 shares of the oil and gas exploration company's stock worth $39,000 after acquiring an additional 315 shares during the period. Cullen Frost Bankers Inc. bought a new stake in shares of Range Resources in the first quarter worth $39,000. Fifth Third Bancorp grew its holdings in shares of Range Resources by 20.6% in the first quarter. Fifth Third Bancorp now owns 2,078 shares of the oil and gas exploration company's stock worth $83,000 after acquiring an additional 355 shares during the period. Finally, UMB Bank n.a. grew its holdings in shares of Range Resources by 124.9% in the first quarter. UMB Bank n.a. now owns 2,582 shares of the oil and gas exploration company's stock worth $103,000 after acquiring an additional 1,434 shares during the period. Institutional investors own 98.93% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Piper Sandler cut their price objective on Range Resources from $41.00 to $39.00 and set a "neutral" rating for the company in a report on Thursday, August 14th. UBS Group cut their price objective on Range Resources from $42.00 to $40.00 and set a "neutral" rating for the company in a report on Wednesday, August 20th. Susquehanna lifted their price objective on Range Resources from $36.00 to $39.00 and gave the stock a "neutral" rating in a report on Wednesday, July 23rd. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $45.00 price objective on shares of Range Resources in a report on Tuesday, July 15th. Finally, Mizuho lifted their price objective on Range Resources from $46.00 to $48.00 and gave the stock an "outperform" rating in a report on Wednesday, July 23rd. Seven equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $42.75.

Range Resources Stock Performance

NYSE RRC traded down $0.20 on Friday, hitting $34.24. 1,928,658 shares of the company traded hands, compared to its average volume of 2,369,049. The company has a market capitalization of $8.16 billion, a price-to-earnings ratio of 17.21, a P/E/G ratio of 0.28 and a beta of 0.60. 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 business's 50 day moving average price is $36.50 and its 200-day moving average price is $37.26. Range Resources Corporation has a 52-week low of $27.55 and a 52-week high of $43.50.

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. Range Resources had a return on equity of 15.95% and a net margin of 17.22%.The business had revenue of $856.28 million for the quarter, compared to the consensus estimate of $708.38 million. During the same period in the previous year, the business earned $0.46 earnings per share. Equities analysts expect that Range Resources Corporation will post 2.02 earnings per share for the current year.

Range Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be given a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Friday, September 12th. Range Resources's payout ratio is presently 18.09%.

Range Resources Company 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.