Public Employees Retirement System of Ohio Takes Position in Range Resources Corporation $RRC

Key Points

• Public Employees Retirement System of Ohio bought 72,237 Range Resources shares worth approximately $2.69 million in the second quarter. Institutional investors collectively own 98.93% of the company.
• Range Resources exceeded quarterly expectations, reporting $0.79 EPS versus a $0.66 consensus estimate and revenue of $759.58 million. The company also declared a quarterly dividend of $0.10 per share, representing a 1.0% annual yield.
• Analyst sentiment remains cautious, with the stock carrying a consensus “Hold” rating and a $43.75 average price target. Shares recently opened at $41.96, while a company director sold 3,500 shares at an average price of $40.

Public Employees Retirement System of Ohio purchased a new stake in Range Resources Corporation (NYSE:RRC - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 72,237 shares of the oil and gas exploration company's stock, valued at approximately $2,686,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Range Resources during the 2nd quarter worth $26,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Range Resources in the 2nd quarter worth $31,000. Los Angeles Capital Management LLC bought a new position in shares of Range Resources during the 4th quarter worth $34,000. Root Financial Partners LLC grew its position in shares of Range Resources by 37.8% during the 1st quarter. Root Financial Partners LLC now owns 1,006 shares of the oil and gas exploration company's stock worth $45,000 after buying an additional 276 shares in the last quarter. Finally, Trust Co. of Vermont bought a new position in shares of Range Resources during the 2nd quarter worth $45,000. Institutional investors own 98.93% of the company's stock.

Insider Activity at Range Resources

In related news, Director Reginal Spiller sold 3,500 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $40.00, for a total transaction 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 SEC, which is available at this link. 1.10% of the stock is currently owned by company insiders.

Range Resources Price Performance

Shares of RRC stock opened at $41.96 on Friday. Range Resources Corporation has a 1-year low of $32.68 and a 1-year high of $48.31. The stock's 50-day moving average is $39.10 and its 200 day moving average is $40.45. The company has a market cap of $9.81 billion, a P/E ratio of 11.59 and a beta of 0.43. 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 (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, beating the consensus estimate of $0.66 by $0.13. The company had revenue of $759.58 million for the quarter, compared to analyst estimates of $744.78 million. Range Resources had a return on equity of 18.63% and a net margin of 25.04%.The firm's quarterly revenue was down 2.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.66 earnings per share. Research analysts predict that Range Resources Corporation will post 3.62 earnings per share for the current fiscal year.

Range Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 11th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Friday, September 11th. Range Resources's payout ratio is 11.05%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on RRC shares. UBS Group restated a "neutral" rating on shares of Range Resources in a report on Thursday, August 13th. Citigroup reiterated a "neutral" rating on shares of Range Resources in a report on Thursday, July 23rd. The Goldman Sachs Group cut their target price on shares of Range Resources from $44.00 to $39.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 30th. Morgan Stanley reduced their price target on shares of Range Resources from $44.00 to $43.00 and set an "equal weight" rating for the company in a report on Wednesday, August 19th. Finally, Weiss Ratings cut shares of Range Resources from a "buy (b-)" rating to a "hold (c)" rating in a research report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $43.75.

Range Resources Company 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.

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