Pacer Advisors Inc. Lowers Stock Holdings in Range Resources Corporation $RRC

Key Points

• Pacer Advisors cut its Range Resources stake by 35.1% in the first quarter, selling 29,256 shares and retaining 54,082 shares valued at approximately $2.44 million. Institutional investors collectively own 98.93% of the company.
• Analyst sentiment remains cautious: Range Resources has a consensus “Hold” rating and an average price target of $43.35, while several firms recently lowered their targets.
• Range Resources exceeded quarterly earnings expectations with EPS of $0.79 versus a $0.66 estimate, though revenue fell 2.7% year over year. The company also maintains a quarterly dividend of $0.10, equal to a 1.0% annualized yield.

Pacer Advisors Inc. reduced its holdings in Range Resources Corporation (NYSE:RRC - Free Report) by 35.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 54,082 shares of the oil and gas exploration company's stock after selling 29,256 shares during the quarter. Pacer Advisors Inc.'s holdings in Range Resources were worth $2,443,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Boston Partners grew its holdings in Range Resources by 59.3% in the 3rd quarter. Boston Partners now owns 11,817,550 shares of the oil and gas exploration company's stock valued at $445,196,000 after buying an additional 4,398,042 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Range Resources by 517.6% during the 3rd quarter. AQR Capital Management LLC now owns 2,440,277 shares of the oil and gas exploration company's stock worth $91,852,000 after acquiring an additional 2,045,165 shares during the period. UBS Group AG lifted its holdings in shares of Range Resources by 66.3% during the 4th quarter. UBS Group AG now owns 3,588,540 shares of the oil and gas exploration company's stock worth $126,532,000 after acquiring an additional 1,430,477 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in shares of Range Resources during the 1st quarter worth about $64,481,000. Finally, Morgan Stanley boosted its position in shares of Range Resources by 54.1% in the fourth quarter. Morgan Stanley now owns 3,267,227 shares of the oil and gas exploration company's stock worth $115,202,000 after acquiring an additional 1,147,304 shares during the last quarter. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Reginal Spiller sold 3,500 shares of the stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $40.00, for a total value of $140,000.00. Following the completion of the sale, the director owned 13,421 shares of the company's stock, valued at $536,840. This represents a 20.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.10% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Wells Fargo & Company dropped their price target on shares of Range Resources from $46.00 to $45.00 and set an "equal weight" rating for the company in a research report on Thursday, July 23rd. Raymond James Financial set a $45.00 price target on shares of Range Resources in a research note on Monday, July 27th. Weiss Ratings lowered shares of Range Resources from a "buy (b-)" rating to a "hold (c)" rating in a report on Thursday, July 23rd. UBS Group lowered their price objective on shares of Range Resources from $49.00 to $44.00 and set a "neutral" rating for the company in a research note on Friday, July 10th. Finally, Freedom Capital upgraded Range Resources from a "hold" rating to a "strong-buy" rating in a report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, Range Resources currently has a consensus rating of "Hold" and a consensus price target of $43.35.

Range Resources Stock Performance

NYSE RRC opened at $38.29 on Friday. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.65 and a quick ratio of 0.65. Range Resources Corporation has a 1-year low of $32.60 and a 1-year high of $48.31. The firm has a market capitalization of $8.95 billion, a P/E ratio of 10.58 and a beta of 0.42. The business's 50-day simple moving average is $37.89 and its 200-day simple moving average is $39.78.

Range Resources (NYSE:RRC - Get Free Report) last posted its earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.66 by $0.13. Range Resources had a net margin of 25.04% and a return on equity of 18.63%. The firm had revenue of $759.58 million during the quarter, compared to the consensus estimate of $744.78 million. During the same quarter in the prior year, the company earned $0.66 EPS. The company's revenue was down 2.7% on a year-over-year basis. Equities analysts predict that Range Resources Corporation will post 3.49 EPS for the current year.

Range Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 12th were given a $0.10 dividend. The ex-dividend date of this dividend was Friday, June 12th. This represents a $0.40 annualized dividend and a dividend yield of 1.0%. Range Resources's dividend payout ratio is presently 11.05%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source