Oliver Luxxe Assets LLC Buys Shares of 37,432 Range Resources Corporation $RRC

Key Points

• Oliver Luxxe Assets LLC invested approximately $1.50 million in Range Resources Corporation by acquiring 37,432 shares during the first quarter.
• Institutional investors now own 98.93% of Range Resources' stock, with several hedge funds increasing their stakes significantly in recent quarters.
• Recent analyst reports have seen price target upgrades for Range Resources, with Bank of America raising its target from $45 to $47 and Susquehanna from $36 to $39.

Oliver Luxxe Assets LLC acquired a new stake in Range Resources Corporation (NYSE:RRC - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 37,432 shares of the oil and gas exploration company's stock, valued at approximately $1,495,000.

Several other hedge funds and other institutional investors have also made changes to their positions in RRC. Wellington Management Group LLP purchased a new position in shares of Range Resources in the fourth quarter valued at approximately $33,684,000. King Luther Capital Management Corp lifted its position in shares of Range Resources by 2,522.3% during the 1st quarter. King Luther Capital Management Corp now owns 823,650 shares of the oil and gas exploration company's stock worth $32,888,000 after buying an additional 792,240 shares during the last quarter. Northern Trust Corp lifted its position in shares of Range Resources by 37.1% during the 4th quarter. Northern Trust Corp now owns 2,238,863 shares of the oil and gas exploration company's stock worth $80,554,000 after buying an additional 605,315 shares during the last quarter. Royal Bank of Canada lifted its position in shares of Range Resources by 367.6% during the 4th quarter. Royal Bank of Canada now owns 685,721 shares of the oil and gas exploration company's stock worth $24,673,000 after buying an additional 539,083 shares during the last quarter. Finally, Nuveen LLC acquired a new position in shares of Range Resources in the 1st quarter valued at $19,396,000. Hedge funds and other institutional investors own 98.93% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on RRC shares. UBS Group cut their target price on shares of Range Resources from $42.00 to $40.00 and set a "neutral" rating on the stock in a report on Wednesday, August 20th. Wall Street Zen cut shares of Range Resources from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $45.00 price target on shares of Range Resources in a research note on Tuesday, July 15th. Mizuho lifted their target price on shares of Range Resources from $46.00 to $48.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 23rd. Finally, Scotiabank set a $46.00 target price on shares of Range Resources and gave the company a "sector perform" rating in a report on Friday, July 11th. Seven research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $42.75.

Range Resources Stock Down 0.1%

NYSE:RRC traded down $0.05 during trading hours on Friday, hitting $34.39. The stock had a trading volume of 558,984 shares, compared to its average volume of 2,848,296. The company has a market cap of $8.19 billion, a PE ratio of 17.29, a price-to-earnings-growth ratio of 0.28 and a beta of 0.60. The business has a 50 day simple moving average of $36.68 and a two-hundred day simple moving average of $37.31. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.29. Range Resources Corporation has a 1-year low of $27.55 and a 1-year high of $43.50.

Range Resources (NYSE:RRC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.01. The firm had revenue of $856.28 million for the quarter, compared to analysts' expectations 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 in the prior year, the company posted $0.46 earnings per share. Analysts predict that Range Resources Corporation will post 2.02 EPS for the current year.

Range Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be issued a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 1.0%. Range Resources's dividend payout ratio is presently 18.09%.

About Range Resources

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.