Pallas Capital Advisors LLC Makes New Investment in Range Resources Corporation $RRC

Key Points

• Pallas Capital Advisors LLC has acquired a new position in Range Resources Corporation, purchasing 7,661 shares valued at approximately $312,000.
• Range Resources reported an EPS of $0.66 for the last quarter, exceeding analyst estimates, with a total revenue of $856.28 million.
• The company has announced a quarterly dividend of $0.09 per share, with a payout ratio of 18.09%, to be paid on September 26th.

Pallas Capital Advisors LLC bought a new position in shares of Range Resources Corporation (NYSE:RRC - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 7,661 shares of the oil and gas exploration company's stock, valued at approximately $312,000.

Several other large investors have also made changes to their positions in the company. Bessemer Group Inc. boosted its position in shares of Range Resources by 48.0% during the 1st quarter. Bessemer Group Inc. now owns 971 shares of the oil and gas exploration company's stock worth $39,000 after acquiring an additional 315 shares in the last quarter. Xponance Inc. boosted its position in shares of Range Resources by 1.2% during the 1st quarter. Xponance Inc. now owns 27,512 shares of the oil and gas exploration company's stock worth $1,099,000 after acquiring an additional 326 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Range Resources by 0.5% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 66,014 shares of the oil and gas exploration company's stock worth $2,636,000 after acquiring an additional 328 shares in the last quarter. Evergreen Capital Management LLC boosted its position in shares of Range Resources by 4.8% during the 1st quarter. Evergreen Capital Management LLC now owns 7,716 shares of the oil and gas exploration company's stock worth $308,000 after acquiring an additional 351 shares in the last quarter. Finally, Fifth Third Bancorp boosted its position in shares of Range Resources by 20.6% during the 1st quarter. Fifth Third Bancorp now owns 2,078 shares of the oil and gas exploration company's stock worth $83,000 after acquiring an additional 355 shares in the last quarter. Institutional investors and hedge funds own 98.93% of the company's stock.

Analysts Set New Price Targets

RRC has been the topic of several analyst reports. Scotiabank set a $46.00 price target on shares of Range Resources and gave the stock a "sector perform" rating in a research report on Friday, July 11th. 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. Susquehanna raised their target price on shares of Range Resources from $36.00 to $39.00 and gave the company a "neutral" rating in a research report on Wednesday, July 23rd. Barclays raised their target price on shares of Range Resources from $39.00 to $44.00 and gave the company an "equal weight" rating in a research report on Monday, July 7th. Finally, Roth Capital lowered shares of Range Resources from a "buy" rating to a "neutral" rating and cut their target price for the company from $44.00 to $35.00 in a research report on Monday, August 18th. 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 stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $41.75.

Range Resources Trading Up 1.3%

NYSE RRC traded up $0.44 during mid-day trading on Monday, reaching $34.94. 2,487,328 shares of the stock were exchanged, compared to its average volume of 2,949,743. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.55 and a quick ratio of 0.55. The stock has a market cap of $8.32 billion, a P/E ratio of 17.56, a P/E/G ratio of 0.29 and a beta of 0.55. The stock has a 50 day simple moving average of $35.01 and a 200-day simple moving average of $36.92. Range Resources Corporation has a one year low of $28.99 and a one 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 EPS for the quarter, topping analysts' consensus estimates of $0.65 by $0.01. The business 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 last year, the company posted $0.46 earnings per share. On average, analysts anticipate that Range Resources Corporation will post 2.02 EPS for the current year.

Range Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Friday, September 12th. Range Resources's dividend payout ratio (DPR) is currently 18.09%.

Range Resources 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.