37,432 Shares in Range Resources Corporation $RRC Purchased by Oliver Luxxe Assets LLC

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 bought a new stake in Range Resources Corporation (NYSE:RRC - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 37,432 shares of the oil and gas exploration company's stock, valued at approximately $1,495,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Jump Financial LLC acquired a new position in shares of Range Resources during the first quarter worth $367,000. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Range Resources during the 1st quarter worth about $146,000. AlphaQuest LLC acquired a new position in shares of Range Resources during the 1st quarter worth about $416,000. Compound Planning Inc. purchased a new position in shares of Range Resources in the 1st quarter valued at about $200,000. Finally, CW Advisors LLC raised its position in shares of Range Resources by 32.4% during the 1st quarter. CW Advisors LLC now owns 104,658 shares of the oil and gas exploration company's stock worth $4,180,000 after acquiring an additional 25,621 shares in the last quarter. Hedge funds and other institutional investors own 98.93% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Scotiabank set a $46.00 target price on shares of Range Resources and gave the company a "sector perform" rating in a research report on Friday, July 11th. Piper Sandler cut their target price on Range Resources from $41.00 to $39.00 and set a "neutral" rating on the stock in a research report on Thursday, August 14th. Bank of America boosted their target price on Range Resources from $45.00 to $47.00 and gave the company a "buy" rating in a report on Friday, May 23rd. UBS Group dropped their price target on Range Resources from $42.00 to $40.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 20th. Finally, Susquehanna boosted their price objective on Range Resources from $36.00 to $39.00 and gave the company a "neutral" rating in a research note 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 company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $42.75.

Range Resources Stock Performance

Range Resources stock traded up $0.59 during trading hours on Thursday, reaching $34.42. 2,118,806 shares of the stock were exchanged, compared to its average volume of 2,862,402. The stock has a market cap of $8.20 billion, a P/E ratio of 17.29, a P/E/G ratio of 0.28 and a beta of 0.60. The firm's 50 day moving average is $36.84 and its 200 day moving average is $37.34. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.55 and a current ratio of 0.55. 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 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, topping the consensus estimate of $0.65 by $0.01. The firm had revenue of $856.28 million during 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 fiscal year.

Range Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 13th were given a $0.09 dividend. The ex-dividend date was Friday, June 13th. 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.