Nuveen LLC Purchases Shares of 485,757 Range Resources Corporation $RRC

Key Points

• Nuveen LLC has acquired a new stake in Range Resources Corporation, purchasing 485,757 shares valued at approximately $19.4 million, bringing its ownership to 0.20% as of the latest SEC filing.
• In the first quarter, several institutional investors, including Bessemer Group Inc. and Fifth Third Bancorp, have raised their holdings in Range Resources, which is predominantly owned by institutional investors at 98.93%.
• Range Resources reported earnings of $0.66 per share for the last quarter, surpassing analysts' estimates, and also announced a quarterly dividend of $0.09 per share, yielding an annualized 1.1%.

Nuveen LLC acquired a new position in Range Resources Corporation (NYSE:RRC - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 485,757 shares of the oil and gas exploration company's stock, valued at approximately $19,396,000. Nuveen LLC owned about 0.20% of Range Resources at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of RRC. Envestnet Asset Management Inc. grew its holdings in shares of Range Resources by 11.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 106,034 shares of the oil and gas exploration company's stock valued at $3,815,000 after purchasing an additional 11,254 shares in the last quarter. Mariner LLC increased its position in Range Resources by 6.1% in the fourth quarter. Mariner LLC now owns 16,575 shares of the oil and gas exploration company's stock worth $596,000 after purchasing an additional 960 shares during the last quarter. Commerce Bank increased its position in Range Resources by 11.7% in the fourth quarter. Commerce Bank now owns 7,648 shares of the oil and gas exploration company's stock worth $275,000 after purchasing an additional 800 shares during the last quarter. Forum Financial Management LP increased its position in Range Resources by 19.1% in the fourth quarter. Forum Financial Management LP now owns 8,046 shares of the oil and gas exploration company's stock worth $289,000 after purchasing an additional 1,293 shares during the last quarter. Finally, First Trust Advisors LP increased its position in Range Resources by 1.9% in the fourth quarter. First Trust Advisors LP now owns 801,881 shares of the oil and gas exploration company's stock worth $28,852,000 after purchasing an additional 14,819 shares during the last quarter. Institutional investors own 98.93% of the company's stock.

Insiders Place Their Bets

In related news, Director Reginal Spiller sold 4,200 shares of the company's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $40.16, for a total value of $168,672.00. Following the completion of the sale, the director directly owned 13,663 shares of the company's stock, valued at $548,706.08. This represents a 23.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on RRC shares. Susquehanna boosted their price target on shares of Range Resources from $36.00 to $39.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 23rd. Piper Sandler reduced their price target on shares of Range Resources from $41.00 to $39.00 and set a "neutral" rating on the stock in a research report on Thursday, August 14th. Barclays boosted their price target on shares of Range Resources from $39.00 to $44.00 and gave the stock an "equal weight" rating in a research report on Monday, July 7th. Wall Street Zen cut shares of Range Resources from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Finally, Royal Bank Of Canada reiterated a "sector perform" rating and set a $45.00 price objective on shares of Range Resources in a research report on Tuesday, July 15th. Seven investment 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, the stock currently has a consensus rating of "Hold" and a consensus price target of $42.75.

Range Resources Trading Up 1.0%

Shares of NYSE RRC traded up $0.3330 during mid-day trading on Monday, reaching $33.6830. The company had a trading volume of 217,479 shares, compared to its average volume of 2,850,531. The business's 50-day moving average is $37.35 and its 200-day moving average is $37.42. 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 stock has a market cap of $8.02 billion, a price-to-earnings ratio of 16.91, a price-to-earnings-growth ratio of 0.28 and a beta of 0.60. 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 released its quarterly earnings data on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 earnings per share for the quarter, topping analysts' consensus estimates of $0.65 by $0.01. Range Resources had a net margin of 17.22% and a return on equity of 15.95%. The company had revenue of $856.28 million during the quarter, compared to analyst estimates of $708.38 million. During the same period in the prior year, the firm 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 13th were paid a $0.09 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.36 dividend on an annualized basis and a yield of 1.1%. Range Resources's dividend payout ratio is 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.