Range Resources Corporation $RRC Shares Sold by New York State Teachers Retirement System

Key Points

• New York State Teachers Retirement System cut its Range Resources stake by 11.4% in the first quarter, selling 31,365 shares and leaving it with 244,403 shares worth about $11.0 million.
• Range Resources reported strong quarterly results, posting EPS of $1.52 versus the $1.25 estimate and revenue of $1.07 billion, up 49.8% year over year.
• The company also paid a quarterly dividend of $0.10 per share, equal to an annualized yield of about 1.1%, while analysts currently have a consensus Hold rating with an average target price of $43.33.

New York State Teachers Retirement System trimmed its holdings in shares of Range Resources Corporation (NYSE:RRC - Free Report) by 11.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 244,403 shares of the oil and gas exploration company's stock after selling 31,365 shares during the period. New York State Teachers Retirement System owned about 0.10% of Range Resources worth $11,042,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. Empowered Funds LLC raised its holdings in shares of Range Resources by 2.1% in the first quarter. Empowered Funds LLC now owns 75,851 shares of the oil and gas exploration company's stock worth $3,029,000 after acquiring an additional 1,563 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Range Resources by 1.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 466,796 shares of the oil and gas exploration company's stock worth $18,639,000 after purchasing an additional 8,816 shares during the last quarter. Focus Partners Wealth purchased a new stake in shares of Range Resources during the first quarter worth about $285,000. EverSource Wealth Advisors LLC raised its position in shares of Range Resources by 63.5% in the second quarter. EverSource Wealth Advisors LLC now owns 2,932 shares of the oil and gas exploration company's stock valued at $119,000 after buying an additional 1,139 shares during the last quarter. Finally, California Public Employees Retirement System raised its position in shares of Range Resources by 8.0% in the second quarter. California Public Employees Retirement System now owns 410,651 shares of the oil and gas exploration company's stock valued at $16,701,000 after buying an additional 30,481 shares during the last quarter. 98.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Range Resources news, Director Brenda A. Cline sold 7,000 shares of the company's stock in a transaction that occurred on Tuesday, April 7th. The stock was sold at an average price of $44.40, for a total value of $310,800.00. Following the completion of the transaction, the director owned 28,668 shares in the company, valued at $1,272,859.20. This represents a 19.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.10% of the company's stock.

Range Resources Stock Performance

NYSE:RRC opened at $37.75 on Monday. The firm's fifty day simple moving average is $39.68 and its 200 day simple moving average is $39.25. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.18. Range Resources Corporation has a twelve month low of $32.60 and a twelve month high of $48.31. The firm has a market capitalization of $8.90 billion, a price-to-earnings ratio of 9.99 and a beta of 0.41.

Range Resources (NYSE:RRC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 21st. The oil and gas exploration company reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.27. The firm had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $898.20 million. Range Resources had a return on equity of 18.64% and a net margin of 26.09%.The firm's quarterly revenue was up 49.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.96 EPS. As a group, equities research analysts expect that Range Resources Corporation will post 3.6 earnings per share for the current fiscal year.

Range Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors 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 annualized dividend and a yield of 1.1%. Range Resources's payout ratio is 10.58%.

Analysts Set New Price Targets

Several analysts have commented on RRC shares. TD Cowen lifted their target price on shares of Range Resources from $40.00 to $45.00 and gave the stock a "hold" rating in a research note on Tuesday, March 17th. Bank of America increased their price objective on shares of Range Resources from $38.00 to $44.00 and gave the stock a "neutral" rating in a report on Tuesday, April 21st. Barclays boosted their target price on shares of Range Resources from $39.00 to $41.00 and gave the company an "equal weight" rating in a report on Monday, March 16th. Piper Sandler boosted their price objective on shares of Range Resources from $41.00 to $42.00 and gave the company a "neutral" rating in a research note on Thursday, March 12th. Finally, Freedom Capital upgraded Range Resources from a "hold" rating to a "strong-buy" rating in a report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $43.33.

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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