Range Resources Corporation $RRC Shares Newly Acquired by CX Institutional

Key Points

• CX Institutional acquired 171,693 shares of Range Resources in the third quarter, valued at approximately $6.36 million. Institutional investors collectively own 98.93% of the company.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and a $44 average price target after several firms reduced their targets.
• Range Resources reported quarterly EPS of $0.79, exceeding estimates of $0.66, while revenue reached $759.6 million. The company also pays a quarterly dividend of $0.10 per share, yielding about 1.0% annually.

CX Institutional bought a new stake in Range Resources Corporation (NYSE:RRC - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 171,693 shares of the oil and gas exploration company's stock, valued at approximately $6,360,000. CX Institutional owned 0.07% of Range Resources as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RRC. Bank of Nova Scotia bought a new position in Range Resources during the 2nd quarter worth approximately $2,220,000. Entropy Technologies LP boosted its position in shares of Range Resources by 321.3% during the first quarter. Entropy Technologies LP now owns 52,114 shares of the oil and gas exploration company's stock worth $2,355,000 after purchasing an additional 39,745 shares in the last quarter. Bornite Capital Management LP bought a new position in shares of Range Resources during the fourth quarter worth $28,208,000. Delta Global Management LP acquired a new position in shares of Range Resources in the 1st quarter valued at $2,459,000. Finally, MAC Alpha Capital Management LP grew its holdings in shares of Range Resources by 41.6% in the 2nd quarter. MAC Alpha Capital Management LP now owns 250,456 shares of the oil and gas exploration company's stock valued at $9,315,000 after buying an additional 73,600 shares during the period. Institutional investors own 98.93% of the company's stock.

Insiders Place Their Bets

In other Range Resources news, Director Reginal Spiller sold 3,500 shares of Range Resources stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $40.00, for a total transaction of $140,000.00. Following the completion of the transaction, the director directly owned 13,421 shares of the company's stock, valued at $536,840. The trade was a 20.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.10% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on RRC. UBS Group dropped their price objective on Range Resources from $49.00 to $44.00 and set a "neutral" rating on the stock in a research note on Friday. Weiss Ratings downgraded Range Resources from a "buy (b-)" rating to a "hold (c)" rating in a report on Thursday, July 23rd. Truist Financial dropped their price target on Range Resources from $46.00 to $43.00 and set a "hold" rating on the stock in a research report on Friday, July 10th. The Goldman Sachs Group cut their price objective on Range Resources from $44.00 to $39.00 and set a "neutral" rating on the stock in a report on Tuesday, June 30th. Finally, Citigroup reissued a "neutral" rating on shares of Range Resources in a research note on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $44.00.

Range Resources Price Performance

NYSE:RRC opened at $38.26 on Friday. The stock's 50-day simple moving average is $40.01 and its 200 day simple moving average is $40.32. Range Resources Corporation has a 52-week low of $32.68 and a 52-week high of $48.31. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.65 and a current ratio of 0.65. The company has a market cap of $8.94 billion, a P/E ratio of 10.57 and a beta of 0.71.

Range Resources (NYSE:RRC - Get Free Report) last released its quarterly earnings data on Tuesday, July 21st. The oil and gas exploration company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.66 by $0.13. Range Resources had a return on equity of 18.63% and a net margin of 25.04%.The company had revenue of $759.58 million during the quarter, compared to the consensus estimate of $744.78 million. During the same quarter in the prior year, the firm posted $0.66 EPS. The firm's revenue for the quarter was down 2.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Range Resources Corporation will post 3.73 EPS for the current fiscal year.

Range Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 11th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, September 11th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.0%. Range Resources's payout ratio is presently 11.05%.

About Range Resources

Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil producer headquartered in Fort Worth, Texas. The company explores for, develops and produces hydrocarbons, with a primary focus on unconventional shale resources in the Appalachian Basin.

Range's principal operating area is the Marcellus Shale in southwestern Pennsylvania, where it produces natural gas, NGLs and condensate. Its products are sold to customers through regional and interstate pipeline systems and other market channels serving utilities, industrial users, power generators and other energy markets.

Founded in 1976, Range Resources has historically operated in several U.S.

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