Wellington Management Group LLP Raises Stock Holdings in Range Resources Corporation $RRC

Key Points

• Wellington Management Group LLP increased its stake in Range Resources by 50.1%, owning over 1.4 million shares worth approximately $56 million at the end of the latest quarter.
• Range Resources reported a quarterly earnings per share (EPS) of $0.66, exceeding analysts' expectations and showcasing significant revenue growth, achieving $856.28 million for the quarter.
• The company declared a quarterly dividend of $0.09 per share, representing an annual yield of 1.1% and a payout ratio of 18.09%.

Wellington Management Group LLP increased its stake in shares of Range Resources Corporation (NYSE:RRC - Free Report) by 50.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,405,033 shares of the oil and gas exploration company's stock after buying an additional 468,841 shares during the period. Wellington Management Group LLP owned about 0.59% of Range Resources worth $56,103,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC increased its holdings 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 during the last quarter. Ameriprise Financial Inc. increased its holdings 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 during the last quarter. Informed Momentum Co LLC purchased a new stake in Range Resources during the first quarter worth about $3,575,000. Advisor Resource Council purchased a new position in shares of Range Resources in the first quarter worth about $622,000. Finally, Goehring & Rozencwajg Associates LLC increased its stake in shares of Range Resources by 1.8% in the first quarter. Goehring & Rozencwajg Associates LLC now owns 1,435,376 shares of the oil and gas exploration company's stock worth $57,803,000 after purchasing an additional 25,403 shares in the last quarter. Hedge funds and other institutional investors own 98.93% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RRC. Scotiabank set a $46.00 target price on shares of Range Resources and gave the stock 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 target price on shares of Range Resources in a research note on Tuesday, July 15th. Roth Capital downgraded shares of Range Resources from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $44.00 to $35.00 in a research note on Monday, August 18th. Wall Street Zen downgraded shares of Range Resources from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Finally, Piper Sandler reduced their target price on shares of Range Resources from $41.00 to $39.00 and set a "neutral" rating for the company in a research note on Thursday, August 14th. Seven analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $42.75.

Range Resources Price Performance

Shares of RRC stock traded up $0.52 during trading hours on Thursday, reaching $34.35. The stock had a trading volume of 695,863 shares, compared to its average volume of 2,853,389. The stock's fifty day simple moving average is $36.84 and its 200 day simple moving average is $37.34. 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 12 month low of $27.55 and a 12 month high of $43.50. The firm has a market capitalization of $8.18 billion, a PE ratio of 17.26, a PEG ratio of 0.28 and a beta of 0.60.

Range Resources (NYSE:RRC - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 EPS for the quarter, beating 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 analyst estimates of $708.38 million. During the same period last year, the business earned $0.46 earnings per share. On average, equities research analysts predict that Range Resources Corporation will post 2.02 EPS for the current year.

Range Resources Dividend Announcement

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

About Range Resources

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.