Range Resources Corporation $RRC Shares Purchased by Tidal Investments LLC

Key Points

• Tidal Investments increased its Range Resources stake by 62.8% in the second quarter to 73,725 shares valued at approximately $2.74 million. Institutional investors collectively own 98.93% of the company.
• Range Resources reported quarterly earnings of $0.79 per share, exceeding analyst estimates of $0.66, while revenue of $759.6 million also topped expectations. Revenue declined 2.7% year over year.
• The company declared a quarterly dividend of $0.10 per share, representing a 1.0% annual yield. Analysts maintain a consensus “Hold” rating with an average price target of $44.29.

Tidal Investments LLC raised its holdings in Range Resources Corporation (NYSE:RRC - Free Report) by 62.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 73,725 shares of the oil and gas exploration company's stock after purchasing an additional 28,438 shares during the quarter. Tidal Investments LLC's holdings in Range Resources were worth $2,742,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. SailingStone Capital Partners LLC lifted its holdings in shares of Range Resources by 53.2% in the 2nd quarter. SailingStone Capital Partners LLC now owns 1,504,350 shares of the oil and gas exploration company's stock valued at $55,947,000 after buying an additional 522,319 shares during the period. Engineers Gate Manager LP grew its holdings in Range Resources by 1,413.1% during the second quarter. Engineers Gate Manager LP now owns 197,380 shares of the oil and gas exploration company's stock worth $7,341,000 after acquiring an additional 184,335 shares during the period. Integrated Wealth Concepts LLC purchased a new position in Range Resources in the second quarter worth $57,000. NewEdge Advisors LLC raised its position in Range Resources by 9.1% in the second quarter. NewEdge Advisors LLC now owns 3,494 shares of the oil and gas exploration company's stock worth $130,000 after acquiring an additional 291 shares in the last quarter. Finally, Allworth Financial LP lifted its holdings in Range Resources by 108.6% in the second quarter. Allworth Financial LP now owns 6,084 shares of the oil and gas exploration company's stock valued at $226,000 after acquiring an additional 3,168 shares during the period. Institutional investors and hedge funds own 98.93% of the company's stock.

Insider Activity

In other news, Director Reginal Spiller sold 3,500 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $40.00, for a total value of $140,000.00. Following the sale, the director directly owned 13,421 shares in the company, valued at $536,840. This represents a 20.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.10% of the stock is owned by company insiders.

Range Resources Stock Up 2.4%

RRC opened at $41.85 on Wednesday. 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 $9.78 billion, a price-to-earnings ratio of 11.56 and a beta of 0.43. Range Resources Corporation has a one year low of $32.68 and a one year high of $48.31. The business's fifty day moving average is $39.71 and its two-hundred day moving average is $40.62.

Range Resources (NYSE:RRC - Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share for the quarter, beating analysts' consensus estimates of $0.66 by $0.13. The business had revenue of $759.58 million during the quarter, compared to analysts' expectations 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 for the quarter was down 2.7% on a year-over-year basis. During the same quarter last year, the business posted $0.66 earnings per share. Analysts anticipate that Range Resources Corporation will post 3.65 EPS for the current fiscal year.

Range Resources Announces Dividend

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

Analyst Ratings Changes

RRC has been the topic of several research analyst reports. UBS Group boosted their target price on shares of Range Resources from $44.00 to $49.00 and gave the stock a "neutral" rating in a research report on Monday. Stifel Nicolaus began coverage on shares of Range Resources in a research note on Thursday, September 10th. They issued a "hold" rating and a $46.00 price objective for the company. Weiss Ratings downgraded shares of Range Resources from a "buy (b-)" rating to a "hold (c)" rating in a report on Thursday, July 23rd. Raymond James Financial set a $45.00 price objective on shares of Range Resources in a report on Monday, July 27th. Finally, Wells Fargo & Company lowered their target price on shares of Range Resources from $46.00 to $45.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, fifteen have given 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 price target of $44.29.

Range Resources Profile

Range Resources Corporation NYSE: RRC is an independent natural gas, natural gas liquids (NGLs) and oil exploration and production company. Its activities include acquiring, developing and operating unconventional properties, with a primary focus on the Marcellus Shale in the Appalachian Basin.

The company's production portfolio is centered on natural gas, along with NGLs such as ethane, propane, butane and natural gasoline, as well as condensate and oil. Range Resources also manages related gathering, processing, transportation and marketing activities to move its products from production areas to end markets.

Founded in 1976, Range Resources has built its operations through exploration, development and acquisitions in U.S.

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