Norden Group LLC Reduces Holdings in Range Resources Corporation (NYSE:RRC)

Norden Group LLC decreased its holdings in Range Resources Corporation (NYSE:RRC - Free Report) by 38.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,575 shares of the oil and gas exploration company's stock after selling 8,343 shares during the quarter. Norden Group LLC's holdings in Range Resources were worth $542,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Hollencrest Capital Management bought a new position in shares of Range Resources during the first quarter valued at approximately $33,000. Bessemer Group Inc. raised its holdings in shares of Range Resources by 48.0% in the first quarter. Bessemer Group Inc. now owns 971 shares of the oil and gas exploration company's stock worth $39,000 after buying an additional 315 shares during the last quarter. Cullen Frost Bankers Inc. purchased a new stake in Range Resources in the 1st quarter worth approximately $39,000. Headlands Technologies LLC acquired a new position in Range Resources in the 4th quarter valued at $42,000. Finally, Fifth Third Bancorp lifted its position in Range Resources by 20.6% in the first quarter. Fifth Third Bancorp now owns 2,078 shares of the oil and gas exploration company's stock valued at $83,000 after buying an additional 355 shares during the last quarter. 98.93% of the stock is currently owned by institutional investors.

Range Resources Stock Up 0.5%

NYSE:RRC traded up $0.18 on Wednesday, hitting $36.67. 2,333,057 shares of the company's stock traded hands, compared to its average volume of 2,958,674. The firm has a 50-day moving average price of $38.97 and a 200-day moving average price of $38.00. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.29. Range Resources Corporation has a 1 year low of $27.29 and a 1 year high of $43.50. The company has a market cap of $8.73 billion, a PE ratio of 18.43, a price-to-earnings-growth ratio of 0.29 and a beta of 0.63.

Range Resources (NYSE:RRC - Get Free Report) last issued 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 the consensus estimate of $0.65 by $0.01. Range Resources had a return on equity of 15.95% and a net margin of 17.22%. The business had revenue of $856.28 million for the quarter, compared to analyst estimates of $708.38 million. During the same quarter in the prior year, the firm posted $0.46 earnings per share. Equities analysts anticipate that Range Resources Corporation will post 2.02 EPS 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 paid a $0.09 dividend. The ex-dividend date was Friday, June 13th. This represents a $0.36 annualized dividend and a dividend yield of 0.98%. Range Resources's dividend payout ratio is currently 18.09%.

Insider Transactions at Range Resources

In other Range Resources news, CEO Dennis Degner sold 35,850 shares of the stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $40.42, for a total transaction of $1,449,057.00. Following the transaction, the chief executive officer directly owned 58,431 shares in the company, valued at $2,361,781.02. This trade represents a 38.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Reginal Spiller sold 4,200 shares of the company's stock in a transaction that occurred 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 transaction, the director owned 13,663 shares in the company, valued at $548,706.08. This trade represents a 23.51% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 76,080 shares of company stock valued at $2,984,479. Corporate insiders own 1.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on RRC shares. Roth Capital raised Range Resources from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 8th. UBS Group raised their price objective on shares of Range Resources from $40.00 to $42.00 and gave the stock a "neutral" rating in a report on Monday. Royal Bank Of Canada restated a "sector perform" rating and set a $45.00 price target on shares of Range Resources in a research report on Tuesday, July 15th. Morgan Stanley set a $41.00 price objective on Range Resources in a report on Tuesday, April 15th. Finally, Wall Street Zen downgraded shares of Range Resources from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Range Resources presently has an average rating of "Hold" and an average target price of $43.37.

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.