Range Resources Corporation $RRC Position Cut by Ceredex Value Advisors LLC

Key Points

• Ceredex Value Advisors LLC reduced its stake in Range Resources Corporation by 32.4%, now owning approximately 331,300 shares worth about $13.2 million.
• Several analysts have issued mixed ratings on the stock, with Roth Capital downgrading it from "buy" to "neutral" and Bank of America increasing their price target from $45 to $47.
• Range Resources reported earnings of $0.66 per share for the last quarter, slightly exceeding analyst expectations, and has announced a quarterly dividend of $0.09 per share.

Ceredex Value Advisors LLC decreased its holdings in Range Resources Corporation (NYSE:RRC - Free Report) by 32.4% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 331,300 shares of the oil and gas exploration company's stock after selling 158,450 shares during the period. Ceredex Value Advisors LLC owned approximately 0.14% of Range Resources worth $13,229,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC grew its position in Range Resources by 98.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 18,035 shares of the oil and gas exploration company's stock valued at $720,000 after acquiring an additional 8,941 shares in the last quarter. Ameriprise Financial Inc. grew its position in Range Resources by 24.5% in the fourth quarter. Ameriprise Financial Inc. now owns 423,822 shares of the oil and gas exploration company's stock valued at $15,249,000 after acquiring an additional 83,353 shares in the last quarter. Informed Momentum Co LLC acquired a new stake in Range Resources in the first quarter valued at approximately $3,575,000. Advisor Resource Council acquired a new stake in Range Resources in the first quarter valued at approximately $622,000. Finally, Goehring & Rozencwajg Associates LLC grew its position in 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 valued at $57,803,000 after acquiring an additional 25,403 shares in the last quarter. Institutional investors and hedge funds own 98.93% of the company's stock.

Range Resources Stock Performance

RRC traded down $0.20 during trading hours on Friday, hitting $34.24. 1,928,658 shares of the stock were exchanged, compared to its average volume of 2,369,049. The stock has a 50-day simple moving average of $36.50 and a 200-day simple moving average of $37.26. Range Resources Corporation has a 12 month low of $27.55 and a 12 month high of $43.50. The stock has a market cap of $8.16 billion, a price-to-earnings ratio of 17.21, a price-to-earnings-growth ratio of 0.28 and a beta of 0.60. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.55 and a quick ratio of 0.55.

Range Resources (NYSE:RRC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $856.28 million for the quarter, compared to analysts' expectations of $708.38 million. During the same period last year, the business posted $0.46 earnings per share. Analysts anticipate that Range Resources Corporation will post 2.02 earnings per share for the current year.

Range Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be paid a dividend of $0.09 per share. The ex-dividend date is Friday, September 12th. This represents a $0.36 annualized dividend and a yield of 1.1%. Range Resources's dividend payout ratio (DPR) is 18.09%.

Analysts Set New Price Targets

RRC has been the subject of several recent research reports. Piper Sandler lowered their price objective on shares of Range Resources from $41.00 to $39.00 and set a "neutral" rating for the company in a research report on Thursday, August 14th. Roth Capital downgraded shares of Range Resources from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $44.00 to $35.00 in a research report on Monday, August 18th. Scotiabank set a $46.00 price target on shares of Range Resources and gave the stock a "sector perform" rating in a research report on Friday, July 11th. Barclays raised their price target on shares of Range Resources from $39.00 to $44.00 and gave the stock an "equal weight" rating in a research report on Monday, July 7th. Finally, UBS Group decreased their price target on shares of Range Resources from $42.00 to $40.00 and set a "neutral" rating for the company in a research report on Wednesday, August 20th. Seven analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Range Resources presently has an average rating of "Hold" and an average price target of $42.75.

Range Resources 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.