Phocas Financial Corp. Sells 12,376 Shares of Range Resources Corporation (NYSE:RRC)

Key Points

• Phocas Financial Corp. sold 12,376 shares of Range Resources, reducing its stake by 5.5%, and now holds 212,245 shares, accounting for 1.3% of its portfolio.
• Analyst ratings for Range Resources are mixed, with two analysts giving a sell rating, eleven maintaining a hold, and seven rating it as buy.
• Range Resources reported a quarterly earnings of $0.66 per share, exceeding expectations, and announced a quarterly dividend of $0.09 per share.

Phocas Financial Corp. cut its stake in shares of Range Resources Corporation (NYSE:RRC - Free Report) by 5.5% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 212,245 shares of the oil and gas exploration company's stock after selling 12,376 shares during the period. Range Resources makes up approximately 1.3% of Phocas Financial Corp.'s holdings, making the stock its 17th largest holding. Phocas Financial Corp. owned about 0.09% of Range Resources worth $8,475,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fuller & Thaler Asset Management Inc. grew its stake in Range Resources by 71.3% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 5,057,280 shares of the oil and gas exploration company's stock worth $181,961,000 after buying an additional 2,104,304 shares during the last quarter. Wellington Management Group LLP bought a new position in Range Resources during the 4th quarter worth $33,684,000. Dimensional Fund Advisors LP grew its stake in Range Resources by 9.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 7,330,676 shares of the oil and gas exploration company's stock worth $263,768,000 after buying an additional 624,955 shares during the last quarter. Northern Trust Corp grew its stake in Range Resources by 37.1% during the 4th quarter. Northern Trust Corp now owns 2,238,863 shares of the oil and gas exploration company's stock worth $80,554,000 after buying an additional 605,315 shares during the last quarter. Finally, Royal Bank of Canada grew its stake in Range Resources by 367.6% during the 4th quarter. Royal Bank of Canada now owns 685,721 shares of the oil and gas exploration company's stock worth $24,673,000 after buying an additional 539,083 shares during the last quarter. 98.93% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Range Resources

In other Range Resources news, SVP Erin W. Mcdowell sold 9,568 shares of the business's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $40.62, for a total value of $388,652.16. Following the transaction, the senior vice president directly owned 13,800 shares in the company, valued at $560,556. The trade was a 40.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Ashley Kavanaugh sold 12,880 shares of the business's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $39.00, for a total transaction of $502,320.00. Following the completion of the transaction, the vice president owned 1,723 shares in the company, valued at approximately $67,197. The trade was a 88.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 76,080 shares of company stock valued at $2,984,479 in the last 90 days. 1.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Royal Bank Of Canada reissued a "sector perform" rating and issued a $45.00 price target on shares of Range Resources in a research note on Tuesday, July 15th. Morgan Stanley set a $41.00 price target on Range Resources in a research note on Tuesday, April 15th. UBS Group increased their price target on Range Resources from $40.00 to $42.00 and gave the stock a "neutral" rating in a research note on Monday, July 28th. Roth Capital raised Range Resources from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 8th. Finally, Barclays raised their target price on Range Resources from $39.00 to $44.00 and gave the company an "equal weight" rating in a research note on Monday, July 7th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $43.37.

Range Resources Trading Down 2.0%

RRC stock traded down $0.72 during mid-day trading on Monday, reaching $34.89. The company's stock had a trading volume of 2,951,056 shares, compared to its average volume of 2,928,659. The company has a market cap of $8.31 billion, a price-to-earnings ratio of 17.53, a price-to-earnings-growth ratio of 0.28 and a beta of 0.60. The business's 50 day moving average price is $38.84 and its 200 day moving average price is $37.92. 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 12 month low of $27.29 and a 12 month high of $43.50.

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

Range Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 13th were given a dividend of $0.09 per share. The ex-dividend date was Friday, June 13th. This represents a $0.36 annualized dividend and a yield of 1.0%. Range Resources's dividend payout ratio is presently 18.09%.

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.