Range Resources Corporation $RRC Holdings Lifted by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company increased its Range Resources holdings by 626.6% in the first quarter, adding 1.01 million shares for a total stake worth approximately $53.1 million. Institutional investors collectively own 98.93% of the company.
• Range Resources reported quarterly earnings of $0.79 per share, beating estimates of $0.66, while revenue reached $759.6 million. The company also maintains a quarterly dividend of $0.10 per share, representing a 1.0% annual yield.
• Analysts remain generally cautious, with a consensus “Hold” rating and an average price target of $43.35, compared with the stock’s recent price near $39.97.

The Manufacturers Life Insurance Company boosted its holdings in shares of Range Resources Corporation (NYSE:RRC - Free Report) by 626.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,174,708 shares of the oil and gas exploration company's stock after buying an additional 1,013,039 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.50% of Range Resources worth $53,073,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Los Angeles Capital Management LLC purchased a new position in Range Resources during the 4th quarter valued at about $34,000. Root Financial Partners LLC increased its holdings in shares of Range Resources by 37.8% in the 1st quarter. Root Financial Partners LLC now owns 1,006 shares of the oil and gas exploration company's stock valued at $45,000 after purchasing an additional 276 shares during the period. SBI Okasan Asset Management Co.Ltd. purchased a new stake in shares of Range Resources in the fourth quarter worth approximately $57,000. Basepoint Wealth LLC purchased a new stake in shares of Range Resources in the fourth quarter worth approximately $61,000. Finally, International Assets Investment Management LLC acquired a new stake in shares of Range Resources during the fourth quarter worth approximately $71,000. 98.93% of the stock is owned by hedge funds and other institutional investors.

Range Resources Trading Up 4.5%

Shares of NYSE:RRC opened at $39.97 on Thursday. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $9.34 billion, a PE ratio of 11.04 and a beta of 0.41. Range Resources Corporation has a 1 year low of $32.60 and a 1 year high of $48.31. The firm has a fifty day moving average price of $38.00 and a 200 day moving average price of $39.55.

Range Resources (NYSE:RRC - Get Free Report) last posted its earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.13. The company had revenue of $759.58 million for the quarter, compared to analyst estimates of $744.78 million. Range Resources had a return on equity of 18.63% and a net margin of 25.04%.The business's revenue was down 2.7% compared to the same quarter last year. During the same period last year, the company earned $0.66 earnings per share. Analysts expect that Range Resources Corporation will post 3.49 EPS for the current fiscal year.

Range Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a $0.40 dividend on an annualized basis and a yield of 1.0%. Range Resources's dividend payout ratio is presently 11.05%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on RRC. UBS Group lowered their price objective on shares of Range Resources from $49.00 to $44.00 and set a "neutral" rating on the stock in a research report on Friday, July 10th. Bank of America lifted their target price on shares of Range Resources from $38.00 to $44.00 and gave the company a "neutral" rating in a research note on Tuesday, April 21st. Stephens boosted their price target on shares of Range Resources from $52.00 to $53.00 and gave the company an "overweight" rating in a report on Wednesday, July 22nd. Susquehanna dropped their price target on shares of Range Resources from $45.00 to $41.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 21st. Finally, Truist Financial cut their price objective on Range Resources from $46.00 to $43.00 and set a "hold" rating for the company in a report on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Range Resources currently has a consensus rating of "Hold" and an average target price of $43.35.

Range Resources Profile

Range Resources Corporation, headquartered in Fort Worth, Texas, is an independent energy company engaged in the exploration, development and production of natural gas, oil and natural gas liquids. The company focuses its core operations on the Appalachian Basin, with a significant presence in Pennsylvania's Marcellus Shale. Through its drilling and completion activities, Range Resources seeks to optimize production efficiency while maintaining a disciplined approach to capital allocation and cost management.

The company's technical expertise centers on advanced horizontal drilling and hydraulic fracturing techniques, which it applies to unlock unconventional resources.

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