Range Resources Corporation $RRC Stock: Bank Pictet & Cie Europe AG Lowers Stake

Key Points

• Bank Pictet & Cie Europe AG cut its Range Resources stake by 22.9% in the third quarter, selling 327,000 shares and retaining 1.1 million shares worth approximately $40.8 million. Institutional investors collectively own 98.93% of the company.
• Range Resources shares rose 0.6% to $43.48, while the company’s latest quarterly results exceeded expectations with earnings of $0.79 per share versus the $0.66 consensus estimate. Revenue totaled $759.6 million, though it declined 2.7% year over year.
• Analysts maintain a broadly neutral outlook, with a consensus “Hold” rating and an average price target of $44.17. The company also pays a quarterly dividend of $0.10 per share, representing a 0.9% yield.

Bank Pictet & Cie Europe AG lowered its holdings in shares of Range Resources Corporation (NYSE:RRC - Free Report) by 22.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,100,357 shares of the oil and gas exploration company's stock after selling 327,000 shares during the quarter. Bank Pictet & Cie Europe AG owned 0.47% of Range Resources worth $40,757,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Range Resources in the 2nd quarter valued at approximately $26,000. Northwestern Mutual Wealth Management Co. bought a new stake in Range Resources during the 2nd quarter worth approximately $31,000. Root Financial Partners LLC raised its holdings in Range Resources by 37.8% during the 1st quarter. Root Financial Partners LLC now owns 1,006 shares of the oil and gas exploration company's stock worth $45,000 after buying an additional 276 shares during the period. Ameritas Advisory Services LLC acquired a new stake in Range Resources during the 2nd quarter worth approximately $44,000. Finally, Trust Co. of Vermont bought a new position in Range Resources in the second quarter valued at approximately $45,000. Institutional investors and hedge funds own 98.93% of the company's stock.

Range Resources Stock Up 0.6%

Shares of NYSE:RRC traded up $0.25 during mid-day trading on Tuesday, reaching $43.48. 1,079,870 shares of the stock were exchanged, compared to its average volume of 3,100,870. The stock's 50 day simple moving average is $40.45 and its 200-day simple moving average is $39.98. Range Resources Corporation has a one year low of $32.68 and a one year high of $48.31. The company has a market cap of $10.16 billion, a P/E ratio of 12.02 and a beta of 0.71. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.18.

Range Resources (NYSE:RRC - Get Free Report) last released its earnings results 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 firm had revenue of $759.58 million for the quarter, compared to analysts' expectations of $744.78 million. During the same quarter in the previous year, the business posted $0.66 EPS. The business's quarterly revenue was down 2.7% compared to the same quarter last year. As a group, equities research analysts predict that Range Resources Corporation will post 3.78 EPS for the current year.

Range Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 11th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Friday, September 11th. Range Resources's payout ratio is currently 11.05%.

Insider Activity at Range Resources

In related news, Director Reginal Spiller sold 3,500 shares of the 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 owned 13,421 shares in the company, valued at approximately $536,840. This represents a 20.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.10% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on RRC. Barclays upped their price target on shares of Range Resources from $40.00 to $42.00 and gave the company an "equal weight" rating in a report on Tuesday, September 8th. Wells Fargo & Company lowered their price objective on shares of Range Resources from $46.00 to $45.00 and set an "equal weight" rating for the company in a research report on Thursday, July 23rd. The Goldman Sachs Group dropped their price objective on shares of Range Resources from $44.00 to $39.00 and set a "neutral" rating on the stock in a report on Tuesday, June 30th. UBS Group cut their price objective on shares of Range Resources from $49.00 to $44.00 and set a "neutral" rating on the stock in a research report on Friday, October 2nd. Finally, Truist Financial cut their price objective on shares of Range Resources from $45.00 to $43.00 and set a "hold" rating on the stock in a research report on Monday, October 5th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, seventeen have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $44.17.

About Range Resources

Range Resources Corporation is an independent natural gas, natural gas liquids and oil exploration and production company. Its operations are concentrated in the Appalachian Basin, particularly the Marcellus Shale in southwestern Pennsylvania, where the company develops unconventional wells and produces natural gas, condensate and natural gas liquids.

The company's activities include leasing and developing mineral properties, drilling and completing horizontal wells, and producing and marketing hydrocarbons.

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