Essex Investment Management Co. LLC Boosts Stock Holdings in Range Resources Corporation (NYSE:RRC)

Key Points

• Essex Investment Management Co. LLC increased its holdings in Range Resources Corporation by an impressive 7,072.0%, now owning 78,247 shares valued at approximately $3.12 million.
• Insider selling activity included Director James M. Funk and CEO Dennis Degner selling significant shares, with Funk decreasing his position by nearly 20% and Degner by over 38%.
• Range Resources reported a quarterly earnings per share of $0.66, slightly above analysts' expectations, and declared a quarterly dividend of $0.09 per share, with a yield of 1.01%.

Essex Investment Management Co. LLC raised its stake in Range Resources Corporation (NYSE:RRC - Free Report) by 7,072.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 78,247 shares of the oil and gas exploration company's stock after purchasing an additional 77,156 shares during the period. Essex Investment Management Co. LLC's holdings in Range Resources were worth $3,124,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. LPL Financial LLC grew its stake in shares of Range Resources by 23.2% in the fourth quarter. LPL Financial LLC now owns 113,800 shares of the oil and gas exploration company's stock valued at $4,095,000 after acquiring an additional 21,440 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Range Resources by 98.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 18,035 shares of the oil and gas exploration company's stock worth $720,000 after buying an additional 8,941 shares in the last quarter. Ameriprise Financial Inc. grew its stake in Range Resources by 24.5% during the fourth quarter. Ameriprise Financial Inc. now owns 423,822 shares of the oil and gas exploration company's stock worth $15,249,000 after buying an additional 83,353 shares in the last quarter. Advisor Resource Council acquired a new stake in Range Resources during the first quarter worth about $622,000. Finally, D.A. Davidson & CO. acquired a new stake in Range Resources during the first quarter worth about $612,000. 98.93% of the stock is currently owned by institutional investors and hedge funds.

Range Resources Trading Down 3.5%

Range Resources stock traded down $1.27 during mid-day trading on Friday, hitting $35.45. 1,439,113 shares of the stock were exchanged, compared to its average volume of 2,919,997. The company has a quick ratio of 0.55, a current 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. The firm's fifty day simple moving average is $38.92 and its two-hundred day simple moving average is $37.99. The stock has a market capitalization of $8.44 billion, a price-to-earnings ratio of 17.82, a PEG ratio of 0.29 and a beta of 0.63.

Range Resources (NYSE:RRC - Get Free Report) last announced 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 company had revenue of $856.28 million during the quarter, compared to the consensus estimate of $708.38 million. Range Resources had a net margin of 17.22% and a return on equity of 15.95%. During the same quarter last year, the firm posted $0.46 EPS. Analysts forecast that Range Resources Corporation will post 2.02 EPS for the current year.

Range Resources Dividend Announcement

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

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Roth Mkm upgraded shares of Range Resources from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $41.00 to $42.00 in a research note on Tuesday, April 8th. Scotiabank set a $46.00 price objective on shares of Range Resources and gave the stock a "sector perform" rating in a research note on Friday, July 11th. Barclays increased their price objective on shares of Range Resources from $39.00 to $44.00 and gave the stock an "equal weight" rating in a research note on Monday, July 7th. Bank of America increased their price objective on shares of Range Resources from $45.00 to $47.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd. Finally, Piper Sandler raised their price target on shares of Range Resources from $40.00 to $41.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Range Resources currently has an average rating of "Hold" and a consensus price target of $43.37.

Insider Activity at Range Resources

In related news, VP Ashley Kavanaugh sold 12,880 shares of Range Resources stock in a transaction on Monday, May 12th. The shares were sold at an average price of $39.00, for a total value of $502,320.00. Following the completion of the sale, the vice president owned 1,723 shares of the company's stock, valued at approximately $67,197. This trade represents a 88.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Reginal Spiller sold 4,200 shares of Range Resources stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $40.16, for a total transaction of $168,672.00. Following the completion of the sale, the director directly owned 13,663 shares of the company's stock, valued at approximately $548,706.08. The trade was a 23.51% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 76,080 shares of company stock worth $2,984,479. Corporate insiders own 1.00% of the company's stock.

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.