Swiss National Bank Decreases Position in Range Resources Corporation (NYSE:RRC)

Key Points

• Swiss National Bank reduced its stake in Range Resources Corporation by 1.8%, selling 8,600 shares to own 467,600 shares valued at approximately $18.67 million.
• Wealth Enhancement Advisory Services LLC significantly increased its stake by 98.3% during the same period, while other institutional investors also adjusted their positions in the company.
• Range Resources has an average analyst rating of "Hold" with a consensus price target of $43.37, reflecting various analysts' upgrades and downgrades on the stock.

Swiss National Bank lowered its position in Range Resources Corporation (NYSE:RRC - Free Report) by 1.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 467,600 shares of the oil and gas exploration company's stock after selling 8,600 shares during the period. Swiss National Bank owned 0.20% of Range Resources worth $18,671,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RRC. Franklin Resources Inc. lifted its position in shares of Range Resources by 141.7% during the 4th quarter. Franklin Resources Inc. now owns 29,661 shares of the oil and gas exploration company's stock worth $1,067,000 after purchasing an additional 17,388 shares during the last quarter. Wells Fargo & Company MN increased its position in Range Resources by 17.1% in the 4th quarter. Wells Fargo & Company MN now owns 151,050 shares of the oil and gas exploration company's stock worth $5,435,000 after buying an additional 22,013 shares during the period. Envestnet Asset Management Inc. increased its position in Range Resources by 11.9% in the 4th quarter. Envestnet Asset Management Inc. now owns 106,034 shares of the oil and gas exploration company's stock worth $3,815,000 after buying an additional 11,254 shares during the period. Treasurer of the State of North Carolina lifted its holdings in shares of Range Resources by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 104,238 shares of the oil and gas exploration company's stock worth $3,750,000 after buying an additional 650 shares during the last quarter. Finally, Sterling Capital Management LLC boosted its position in shares of Range Resources by 55.4% in the fourth quarter. Sterling Capital Management LLC now owns 14,051 shares of the oil and gas exploration company's stock valued at $506,000 after acquiring an additional 5,012 shares during the period. 98.93% of the stock is currently owned by institutional investors and hedge funds.

Range Resources Price Performance

NYSE RRC traded down $0.12 during trading on Thursday, reaching $34.26. The company's stock had a trading volume of 2,480,056 shares, compared to its average volume of 2,770,183. The firm has a fifty day moving average of $38.09 and a 200 day moving average of $37.60. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.55 and a quick ratio of 0.55. The stock has a market capitalization of $8.16 billion, a PE ratio of 17.22, a P/E/G ratio of 0.27 and a beta of 0.60. Range Resources Corporation has a one year low of $27.55 and a one year high of $43.50.

Range Resources (NYSE:RRC - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.01. The company had revenue of $856.28 million during the quarter, compared to analysts' expectations of $708.38 million. Range Resources had a return on equity of 15.95% and a net margin of 17.22%. During the same period in the prior year, the business posted $0.46 EPS. Analysts expect that Range Resources Corporation will post 2.02 EPS for the current fiscal year.

Range Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 13th were issued a $0.09 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.1%. Range Resources's dividend payout ratio (DPR) is presently 18.09%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on RRC. Bank of America boosted their price objective on shares of Range Resources from $45.00 to $47.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. Barclays upped their price target on Range Resources from $39.00 to $44.00 and gave the company an "equal weight" rating in a report on Monday, July 7th. Piper Sandler decreased their price objective on Range Resources from $41.00 to $39.00 and set a "neutral" rating on the stock in a report on Thursday. Mizuho upped their price objective on Range Resources from $46.00 to $48.00 and gave the company an "outperform" rating in a research note on Wednesday, July 23rd. Finally, Wall Street Zen downgraded shares of Range Resources from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $43.26.

Insider Activity at Range Resources

In other Range Resources news, Director Reginal Spiller sold 4,200 shares of Range Resources stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $40.16, for a total value of $168,672.00. Following the completion of the sale, the director owned 13,663 shares of the company's stock, valued at approximately $548,706.08. This trade represents a 23.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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.