Avos Capital Management LLC Sells 24,588 Shares of Range Resources Corporation (NYSE:RRC)

Key Points

• Avos Capital Management LLC reduced its stake in Range Resources Corporation by 40.3% during the first quarter, holding now 36,449 shares valued at approximately $1.45 million.
• Insider sales included Director Reginal Spiller and CEO Dennis Degner, who sold 4,200 and 35,850 shares respectively, indicating a significant decrease in their ownership.
• Range Resources recently reported earnings per share of $0.66 for the last quarter, surpassing analysts’ expectations and projecting a full-year EPS of $2.02.

Avos Capital Management LLC lowered its stake in shares of Range Resources Corporation (NYSE:RRC - Free Report) by 40.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 36,449 shares of the oil and gas exploration company's stock after selling 24,588 shares during the period. Range Resources accounts for 1.0% of Avos Capital Management LLC's investment portfolio, making the stock its 20th biggest holding. Avos Capital Management LLC's holdings in Range Resources were worth $1,455,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Hollencrest Capital Management purchased a new stake in shares of Range Resources during the 1st quarter worth approximately $33,000. Bessemer Group Inc. increased 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 worth $39,000 after purchasing an additional 315 shares during the last quarter. Cullen Frost Bankers Inc. purchased a new stake in shares of Range Resources during the 1st quarter worth approximately $39,000. Fifth Third Bancorp increased its stake 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 purchasing an additional 355 shares during the last quarter. Finally, UMB Bank n.a. increased its stake in shares of Range Resources by 124.9% during the 1st quarter. UMB Bank n.a. now owns 2,582 shares of the oil and gas exploration company's stock worth $103,000 after purchasing an additional 1,434 shares during the last quarter. Hedge funds and other institutional investors own 98.93% of the company's stock.

Range Resources Price Performance

Shares of NYSE RRC traded down $0.03 during mid-day trading on Tuesday, reaching $34.14. 2,106,520 shares of the company were exchanged, compared to its average volume of 2,829,609. Range Resources Corporation has a 52 week low of $27.55 and a 52 week high of $43.50. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $8.13 billion, a PE ratio of 17.15, a PEG ratio of 0.27 and a beta of 0.60. The company's 50 day moving average price is $38.22 and its 200 day moving average price is $37.65.

Range Resources (NYSE:RRC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 earnings per share (EPS) for the quarter, topping 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 company had revenue of $856.28 million during the quarter, compared to the consensus estimate of $708.38 million. During the same period in the previous year, the firm posted $0.46 EPS. Sell-side analysts forecast that Range Resources Corporation will post 2.02 earnings per share for the current fiscal year.

Range Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 13th were issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Friday, June 13th. Range Resources's payout ratio is currently 18.09%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on RRC shares. Wall Street Zen lowered shares of Range Resources from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Barclays lifted their price objective on shares of Range Resources from $39.00 to $44.00 and gave the company an "equal weight" rating in a research note on Monday, July 7th. Scotiabank set a $46.00 price objective on shares of Range Resources and gave the company a "sector perform" rating in a research note on Friday, July 11th. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $45.00 price objective on shares of Range Resources in a research note on Tuesday, July 15th. Finally, Morgan Stanley set a $41.00 price objective on shares of Range Resources in a research note on Tuesday, April 15th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $43.37.

Insiders Place Their Bets

In other Range Resources news, CEO Dennis Degner sold 35,850 shares of the business's stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $40.42, for a total value of $1,449,057.00. Following the completion of the sale, the chief executive officer directly owned 58,431 shares of the company's stock, valued at $2,361,781.02. The trade was a 38.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Reginal Spiller sold 4,200 shares of the business's stock in a transaction on Tuesday, May 27th. The stock was 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 $548,706.08. This represents a 23.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.00% of the company's stock.

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.