PDT Partners LLC Takes Position in Range Resources Corporation $RRC

Key Points

• PDT Partners LLC invested approximately $1.73 million in Range Resources Corporation, acquiring 43,250 shares during the first quarter.
• Range Resources reported a $0.66 EPS for the latest quarter, surpassing analysts' expectations, and had a revenue of $856.28 million.
• The company declared a $0.09 quarterly dividend to be paid on September 26th, with a yield of 1.0% and a payout ratio of 18.09%.

PDT Partners LLC acquired a new position in shares of Range Resources Corporation (NYSE:RRC - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 43,250 shares of the oil and gas exploration company's stock, valued at approximately $1,727,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Cubist Systematic Strategies LLC acquired a new stake in Range Resources during the first quarter worth about $14,559,000. Graham Capital Management L.P. boosted its stake in Range Resources by 41.1% in the 1st quarter. Graham Capital Management L.P. now owns 232,045 shares of the oil and gas exploration company's stock worth $9,266,000 after purchasing an additional 67,536 shares during the period. Energy Income Partners LLC boosted its stake in Range Resources by 3.8% in the 1st quarter. Energy Income Partners LLC now owns 149,677 shares of the oil and gas exploration company's stock worth $5,977,000 after purchasing an additional 5,512 shares during the period. Vident Advisory LLC boosted its stake in Range Resources by 1.8% in the 1st quarter. Vident Advisory LLC now owns 23,409 shares of the oil and gas exploration company's stock worth $935,000 after purchasing an additional 407 shares during the period. Finally, Evergreen Capital Management LLC boosted its stake in Range Resources by 4.8% in 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 purchasing an additional 351 shares during the period. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have commented on RRC shares. Wall Street Zen cut shares of Range Resources from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Piper Sandler cut their price objective on shares of Range Resources from $41.00 to $39.00 and set a "neutral" rating for the company in a research report on Thursday, August 14th. UBS Group lowered their target price on shares of Range Resources from $42.00 to $40.00 and set a "neutral" rating on the stock in a report on Wednesday, August 20th. Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $45.00 target price on shares of Range Resources in a report on Tuesday, July 15th. Finally, Mizuho raised their target price on shares of Range Resources from $46.00 to $48.00 and gave the stock an "outperform" rating in a report on Wednesday, July 23rd. Seven analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $42.75.

Range Resources Trading Down 0.7%

RRC stock traded down $0.26 during midday trading on Friday, hitting $34.68. The stock had a trading volume of 2,998,652 shares, compared to its average volume of 2,330,736. The firm has a market cap of $8.26 billion, a P/E ratio of 17.43, a price-to-earnings-growth ratio of 0.29 and a beta of 0.55. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.29. Range Resources Corporation has a 1-year low of $27.55 and a 1-year high of $43.50. The business has a fifty day moving average price of $35.83 and a two-hundred day moving average price of $37.11.

Range Resources (NYSE:RRC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 earnings per share for the quarter, topping analysts' consensus estimates of $0.65 by $0.01. Range Resources had a return on equity of 15.95% and a net margin of 17.22%.The firm had revenue of $856.28 million during the quarter, compared to the consensus estimate of $708.38 million. During the same period last year, the business posted $0.46 EPS. On average, sell-side analysts predict that Range Resources Corporation will post 2.02 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The business 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. The ex-dividend date is Friday, September 12th. This represents a $0.36 annualized dividend and a dividend yield of 1.0%. Range Resources's dividend payout ratio 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.