Range Resources Corporation $RRC Stock Position Raised by MAC Alpha Capital Management LP

Key Points

• MAC Alpha Capital Management increased its Range Resources stake by 41.6% in the second quarter, owning 250,456 shares valued at approximately $9.3 million. Institutional investors collectively hold 98.93% of RRC’s outstanding shares.
• Wall Street’s consensus view remains cautious: Range Resources has an average “Hold” rating and a consensus price target of $44.29, with most analysts maintaining equal-weight or hold recommendations.
• Range Resources exceeded quarterly earnings expectations, reporting $0.79 in EPS versus the $0.66 consensus, while revenue reached $759.6 million. The company also declared a quarterly dividend of $0.10 per share, representing a 1.0% annualized yield.

MAC Alpha Capital Management LP lifted its stake in Range Resources Corporation (NYSE:RRC - Free Report) by 41.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 250,456 shares of the oil and gas exploration company's stock after acquiring an additional 73,600 shares during the period. Range Resources makes up about 1.9% of MAC Alpha Capital Management LP's holdings, making the stock its 10th largest holding. MAC Alpha Capital Management LP owned 0.11% of Range Resources worth $9,315,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the stock. Sequoia Financial Advisors LLC lifted its stake in Range Resources by 89.0% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 10,811 shares of the oil and gas exploration company's stock worth $402,000 after purchasing an additional 5,092 shares in the last quarter. Tidal Investments LLC grew its holdings in shares of Range Resources by 62.8% during the second quarter. Tidal Investments LLC now owns 73,725 shares of the oil and gas exploration company's stock worth $2,742,000 after purchasing an additional 28,438 shares in the last quarter. SailingStone Capital Partners LLC increased its position in shares of Range Resources by 53.2% in the second quarter. SailingStone Capital Partners LLC now owns 1,504,350 shares of the oil and gas exploration company's stock worth $55,947,000 after purchasing an additional 522,319 shares during the last quarter. Engineers Gate Manager LP increased its position in shares of Range Resources by 1,413.1% in 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 purchasing an additional 184,335 shares during the last quarter. Finally, Integrated Wealth Concepts LLC purchased a new stake in Range Resources in the second quarter valued at approximately $57,000. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on RRC. Truist Financial dropped their target price on shares of Range Resources from $46.00 to $43.00 and set a "hold" rating for the company in a research report on Friday, July 10th. Weiss Ratings lowered shares of Range Resources from a "buy (b-)" rating to a "hold (c)" rating in a report on Thursday, July 23rd. Morgan Stanley lowered their price objective on shares of Range Resources from $44.00 to $43.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 19th. Zacks Research raised shares of Range Resources from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 19th. Finally, Barclays increased their target price on Range Resources from $40.00 to $42.00 and gave the company an "equal weight" rating in a research note on Tuesday, September 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $44.29.

Range Resources Stock Performance

Shares of RRC stock opened at $38.49 on Monday. The company has a market capitalization of $8.99 billion, a P/E ratio of 10.63 and a beta of 0.43. Range Resources Corporation has a fifty-two week low of $32.68 and a fifty-two 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 stock has a 50 day moving average price of $39.85 and a two-hundred day moving average price of $40.58.

Range Resources (NYSE:RRC - Get Free Report) last issued its earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.13. Range Resources had a net margin of 25.04% and a return on equity of 18.63%. The firm had revenue of $759.58 million for the quarter, compared to analysts' expectations of $744.78 million. During the same quarter last year, the business earned $0.66 earnings per share. The business's revenue was down 2.7% on a year-over-year basis. Analysts expect that Range Resources Corporation will post 3.65 earnings per share for the current year.

Range Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 11th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Friday, September 11th. Range Resources's dividend payout ratio (DPR) is 11.05%.

Insider Activity

In other Range Resources news, Director Reginal Spiller sold 3,500 shares of the business's stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $40.00, for a total value of $140,000.00. Following the transaction, the director owned 13,421 shares in the company, valued at approximately $536,840. The trade was a 20.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.10% of the company's stock.

Range Resources Company 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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