Oppenheimer & Co. Inc. Decreases Stock Holdings in Range Resources Corporation $RRC

Key Points

• Oppenheimer & Co. Inc. sharply cut its stake in Range Resources by 92.1% in the fourth quarter, selling 83,078 shares and leaving it with 7,101 shares worth about $250,000.
• Range Resources reported a strong quarter, with EPS of $1.52 beating estimates of $1.25 and revenue of $1.07 billion topping expectations; revenue rose 49.8% year over year.
• The company also raised its quarterly dividend to $0.10 per share, while analysts currently have an overall Hold rating with an average price target of $43.41.

Oppenheimer & Co. Inc. decreased its position in Range Resources Corporation (NYSE:RRC - Free Report) by 92.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,101 shares of the oil and gas exploration company's stock after selling 83,078 shares during the quarter. Oppenheimer & Co. Inc.'s holdings in Range Resources were worth $250,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Profund Advisors LLC increased its position in shares of Range Resources by 5.5% in the third quarter. Profund Advisors LLC now owns 5,427 shares of the oil and gas exploration company's stock valued at $204,000 after acquiring an additional 282 shares during the period. Pinnacle Associates Ltd. increased its position in shares of Range Resources by 2.5% in the third quarter. Pinnacle Associates Ltd. now owns 12,503 shares of the oil and gas exploration company's stock valued at $471,000 after acquiring an additional 302 shares during the period. Confluence Wealth Services Inc. increased its position in shares of Range Resources by 3.2% in the fourth quarter. Confluence Wealth Services Inc. now owns 10,199 shares of the oil and gas exploration company's stock valued at $360,000 after acquiring an additional 312 shares during the period. Smartleaf Asset Management LLC increased its position in shares of Range Resources by 49.6% in the third quarter. Smartleaf Asset Management LLC now owns 1,013 shares of the oil and gas exploration company's stock valued at $38,000 after acquiring an additional 336 shares during the period. Finally, Seelaus Asset Management LLC increased its position in shares of Range Resources by 4.0% in the third quarter. Seelaus Asset Management LLC now owns 9,455 shares of the oil and gas exploration company's stock valued at $356,000 after acquiring an additional 365 shares during the period. Hedge funds and other institutional investors own 98.93% of the company's stock.

Insider Buying and Selling

In related news, Director Brenda A. Cline sold 7,000 shares of the business's stock in a transaction dated Tuesday, April 7th. The shares were sold at an average price of $44.40, for a total transaction of $310,800.00. Following the sale, the director owned 28,668 shares of the company's stock, valued at $1,272,859.20. The trade was a 19.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.10% of the stock is owned by insiders.

Range Resources Price Performance

Shares of NYSE RRC opened at $40.51 on Monday. Range Resources Corporation has a 1 year low of $32.60 and a 1 year high of $48.31. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.55 and a quick ratio of 0.55. The company's 50-day moving average is $42.91 and its 200 day moving average is $38.84. The stock has a market capitalization of $9.55 billion, a P/E ratio of 10.72, a P/E/G ratio of 0.73 and a beta of 0.46.

Range Resources (NYSE:RRC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 21st. The oil and gas exploration company reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.27. Range Resources had a net margin of 26.09% and a return on equity of 18.64%. The company had revenue of $1.07 billion for the quarter, compared to analysts' expectations of $898.20 million. During the same quarter in the previous year, the company earned $0.96 earnings per share. Range Resources's quarterly revenue was up 49.8% on a year-over-year basis. On average, sell-side analysts expect that Range Resources Corporation will post 3.69 earnings per share for the current year.

Range Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 27th. Investors of record on Friday, March 13th were given a dividend of $0.10 per share. This is an increase from Range Resources's previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Friday, March 13th. Range Resources's dividend payout ratio is presently 10.58%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on RRC shares. TD Cowen boosted their price objective on shares of Range Resources from $40.00 to $45.00 and gave the company a "hold" rating in a research report on Tuesday, March 17th. Wells Fargo & Company boosted their price objective on shares of Range Resources from $43.00 to $46.00 and gave the company an "equal weight" rating in a research report on Thursday, February 26th. Morgan Stanley reduced their price target on shares of Range Resources from $42.00 to $40.00 and set an "equal weight" rating on the stock in a research report on Friday, January 23rd. Truist Financial reduced their price target on shares of Range Resources from $48.00 to $46.00 and set a "hold" rating on the stock in a research report on Thursday, April 9th. Finally, Royal Bank Of Canada reduced their price target on shares of Range Resources from $46.00 to $44.00 and set a "sector perform" rating on the stock in a research report on Wednesday, January 14th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $43.41.

Range Resources Profile

Range Resources Corporation, headquartered in Fort Worth, Texas, is an independent energy company engaged in the exploration, development and production of natural gas, oil and natural gas liquids. The company focuses its core operations on the Appalachian Basin, with a significant presence in Pennsylvania's Marcellus Shale. Through its drilling and completion activities, Range Resources seeks to optimize production efficiency while maintaining a disciplined approach to capital allocation and cost management.

The company's technical expertise centers on advanced horizontal drilling and hydraulic fracturing techniques, which it applies to unlock unconventional resources.

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