Rafferty Asset Management LLC Lowers Stake in Range Resources Corporation $RRC

Key Points

• Rafferty Asset Management LLC sold 40,804 shares of Range Resources Corporation, reducing its stake by 22% to 144,367 shares valued at approximately $5.77 million.
• Several hedge funds increased their positions in Range Resources, with Wellington Management Group LLP raising its holdings by 50.1% during the same period.
• The stock has a consensus rating of "Hold" with analysts setting a price target range between $39.00 and $48.00, reflecting a cautious outlook amid fluctuating oil prices.

Rafferty Asset Management LLC cut its holdings in Range Resources Corporation (NYSE:RRC - Free Report) by 22.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 144,367 shares of the oil and gas exploration company's stock after selling 40,804 shares during the period. Rafferty Asset Management LLC owned about 0.06% of Range Resources worth $5,765,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Hollencrest Capital Management bought a new position in Range Resources during the 1st quarter valued at $33,000. Bessemer Group Inc. boosted its stake in shares of Range Resources by 48.0% during the 1st quarter. Bessemer Group Inc. now owns 971 shares of the oil and gas exploration company's stock valued at $39,000 after buying an additional 315 shares during the period. Cullen Frost Bankers Inc. acquired a new position in shares of Range Resources during the 1st quarter worth $39,000. Fifth Third Bancorp boosted its holdings in shares of Range Resources by 20.6% during the 1st quarter. Fifth Third Bancorp now owns 2,078 shares of the oil and gas exploration company's stock worth $83,000 after buying an additional 355 shares during the period. Finally, UMB Bank n.a. lifted its stake in shares of Range Resources by 124.9% in the first quarter. UMB Bank n.a. now owns 2,582 shares of the oil and gas exploration company's stock valued at $103,000 after buying an additional 1,434 shares during the period. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Range Resources Price Performance

Shares of RRC stock traded up $0.17 during trading hours on Tuesday, hitting $34.44. 965,916 shares of the company's stock were exchanged, compared to its average volume of 2,844,713. 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 business's 50 day simple moving average is $36.36 and its 200-day simple moving average is $37.22. The company has a market capitalization of $8.20 billion, a PE ratio of 17.32, a PEG ratio of 0.29 and a beta of 0.55. Range Resources Corporation has a 12-month low of $27.55 and a 12-month 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 analysts' consensus estimates of $0.65 by $0.01. Range Resources had a net margin of 17.22% and a return on equity of 15.95%. The firm had revenue of $856.28 million for the quarter, compared to the consensus estimate of $708.38 million. During the same quarter last year, the firm posted $0.46 EPS. On average, equities research analysts anticipate that Range Resources Corporation will post 2.02 earnings per share for the current year.

Range Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be paid a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Friday, September 12th. Range Resources's dividend payout ratio is currently 18.09%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Scotiabank set a $46.00 price objective on Range Resources and gave the stock a "sector perform" rating in a report on Friday, July 11th. Mizuho increased their price objective on Range Resources from $46.00 to $48.00 and gave the company an "outperform" rating in a report on Wednesday, July 23rd. Roth Capital downgraded Range Resources from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $44.00 to $35.00 in a report on Monday, August 18th. Barclays boosted their price target on Range Resources from $39.00 to $44.00 and gave the stock an "equal weight" rating in a report on Monday, July 7th. Finally, Susquehanna raised their price target on shares of Range Resources from $36.00 to $39.00 and gave the company a "neutral" rating in a research note on Wednesday, July 23rd. Seven investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Range Resources presently has an average rating of "Hold" and a consensus target price of $42.75.

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.