Parsons Capital Management Inc. RI Has $5.15 Million Position in Range Resources Corporation $RRC

Key Points

• Parsons Capital Management Inc. RI increased its position in Range Resources Corporation by 9.0%, owning approximately 126,500 shares valued at $5.15 million as of the latest SEC disclosure.
• Range Resources reported earnings of $0.66 per share for the quarter, surpassing analyst estimates; the company's revenue also exceeded projections significantly at $856.28 million.
• The firm announced a quarterly dividend of $0.09 per share, resulting in a 0.9% yield and reflecting a dividend payout ratio of 18.09%.

Parsons Capital Management Inc. RI raised its position in Range Resources Corporation (NYSE:RRC - Free Report) by 9.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 126,500 shares of the oil and gas exploration company's stock after acquiring an additional 10,400 shares during the quarter. Parsons Capital Management Inc. RI owned approximately 0.05% of Range Resources worth $5,145,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its position in Range Resources by 4.7% during the second quarter. GAMMA Investing LLC now owns 6,013 shares of the oil and gas exploration company's stock worth $245,000 after acquiring an additional 270 shares during the period. Public Employees Retirement System of Ohio increased its position in Range Resources by 0.4% during the second quarter. Public Employees Retirement System of Ohio now owns 73,294 shares of the oil and gas exploration company's stock worth $2,981,000 after acquiring an additional 299 shares during the period. Bessemer Group Inc. increased its position in Range Resources by 48.0% during the first 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 during the period. Xponance Inc. increased its holdings in Range Resources by 1.2% in the 1st quarter. Xponance Inc. now owns 27,512 shares of the oil and gas exploration company's stock valued at $1,099,000 after buying an additional 326 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Range Resources by 0.5% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 66,014 shares of the oil and gas exploration company's stock valued at $2,636,000 after buying an additional 328 shares during the period. Institutional investors and hedge funds own 98.93% of the company's stock.

Range Resources Trading Up 5.2%

Shares of Range Resources stock opened at $39.62 on Thursday. The firm has a market capitalization of $9.44 billion, a PE ratio of 19.91, a price-to-earnings-growth ratio of 0.32 and a beta of 0.51. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.29. The firm's 50 day moving average is $35.07 and its 200 day moving average is $36.93. Range Resources Corporation has a 1 year low of $28.99 and a 1 year high of $43.50.

Range Resources (NYSE:RRC - Get Free Report) last announced 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 company had revenue of $856.28 million for the quarter, compared to analyst estimates 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 previous year, the firm posted $0.46 EPS. Equities research analysts forecast that Range Resources Corporation will post 2.02 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 12th were given a dividend of $0.09 per share. The ex-dividend date was Friday, September 12th. This represents a $0.36 annualized dividend and a yield of 0.9%. Range Resources's dividend payout ratio (DPR) is currently 18.09%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Raymond James Financial decreased their target price on shares of Range Resources from $45.00 to $41.00 and set an "outperform" rating on the stock in a report on Friday, September 19th. Roth Capital lowered shares of Range Resources from a "buy" rating to a "neutral" rating and decreased their target price for the company from $44.00 to $35.00 in a report on Monday, August 18th. Citigroup decreased their target price on shares of Range Resources from $40.00 to $39.00 and set a "neutral" rating on the stock in a report on Tuesday, September 23rd. 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 report on Wednesday, July 23rd. Finally, Mizuho decreased their target price on shares of Range Resources from $48.00 to $42.00 and set an "outperform" rating on the stock in a report on Monday, September 15th. Seven research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the stock. Based on data from MarketBeat.com, Range Resources presently has a consensus rating of "Hold" and a consensus target price of $41.80.

Range Resources Company 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.

Want to see what other hedge funds are holding RRC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Range Resources Corporation (NYSE:RRC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.