QRG Capital Management Inc. Purchases 10,197 Shares of Range Resources Corporation $RRC

Key Points

• QRG Capital Management Inc. boosted its stake in Range Resources Corporation by 169.9%, acquiring an additional 10,197 shares, bringing its total holdings to 16,199 shares valued at approximately $659,000.
• Range Resources reported a quarterly earnings per share (EPS) of $0.66, surpassing analyst expectations of $0.65, with revenues reaching $856.28 million.
• Several institutional investors, including Wealth Enhancement Advisory Services, have significantly increased their positions in Range Resources, reflecting a robust institutional interest with 98.93% of the stock owned by hedge funds and other institutions.

QRG Capital Management Inc. increased its holdings in Range Resources Corporation (NYSE:RRC - Free Report) by 169.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,199 shares of the oil and gas exploration company's stock after acquiring an additional 10,197 shares during the quarter. QRG Capital Management Inc.'s holdings in Range Resources were worth $659,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC lifted its holdings in Range Resources by 98.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 18,035 shares of the oil and gas exploration company's stock worth $720,000 after purchasing an additional 8,941 shares in the last quarter. Informed Momentum Co LLC bought a new position in shares of Range Resources during the 1st quarter valued at approximately $3,575,000. Advisor Resource Council bought a new position in Range Resources in the 1st quarter valued at $622,000. Goehring & Rozencwajg Associates LLC grew its position in Range Resources by 1.8% in the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 1,435,376 shares of the oil and gas exploration company's stock valued at $57,803,000 after acquiring an additional 25,403 shares during the last quarter. Finally, D.A. Davidson & CO. bought a new position in Range Resources in the 1st quarter valued at $612,000. Hedge funds and other institutional investors own 98.93% of the company's stock.

Range Resources Trading Down 2.4%

Range Resources stock opened at $38.60 on Friday. The stock has a 50-day moving average of $35.39 and a two-hundred day moving average of $36.88. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.55 and a current ratio of 0.55. Range Resources Corporation has a one year low of $28.99 and a one year high of $43.50. The stock has a market cap of $9.19 billion, a PE ratio of 19.39, a price-to-earnings-growth ratio of 0.35 and a beta of 0.51.

Range Resources (NYSE:RRC - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 EPS for the quarter, beating 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 company had revenue of $856.28 million during the quarter, compared to analysts' expectations of $708.38 million. During the same period last year, the business posted $0.46 earnings per share. On average, research analysts anticipate that Range Resources Corporation will post 2.02 EPS for the current fiscal year.

Range Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 12th were issued a $0.09 dividend. The ex-dividend date of this dividend was Friday, September 12th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.9%. Range Resources's dividend payout ratio is currently 18.09%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Citigroup lowered their target price on Range Resources from $40.00 to $39.00 and set a "neutral" rating for the company in a report on Tuesday, September 23rd. Mizuho upped their target price on Range Resources from $42.00 to $46.00 and gave the stock an "outperform" rating in a report on Thursday. Scotiabank set a $46.00 target price on Range Resources and gave the stock a "sector perform" rating in a report on Friday, July 11th. Raymond James Financial lowered their target price on Range Resources from $45.00 to $41.00 and set an "outperform" rating for the company in a report on Friday, September 19th. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of Range Resources in a report on Wednesday. Eight research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $42.00.

About Range Resources

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.

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