Range Resources Corporation $RRC Shares Sold by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. reduced its stake in Range Resources Corporation by 17.2%, selling 62,569 shares to hold 301,197 shares valued at approximately $12 million.
• Institutional investors dominate ownership of Range Resources, holding 98.93% of the company's stock, with significant increases in holdings from firms like King Luther Capital Management and Royal Bank of Canada.
• Range Resources recently announced a quarterly dividend of $0.09 to be paid on September 26, representing an annual yield of 1.1% with an 18.09% payout ratio.

Raymond James Financial Inc. reduced its stake in shares of Range Resources Corporation (NYSE:RRC - Free Report) by 17.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 301,197 shares of the oil and gas exploration company's stock after selling 62,569 shares during the period. Raymond James Financial Inc. owned 0.13% of Range Resources worth $12,027,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Wellington Management Group LLP acquired a new position in Range Resources during the fourth quarter worth $33,684,000. King Luther Capital Management Corp raised its holdings in shares of Range Resources by 2,522.3% during the 1st quarter. King Luther Capital Management Corp now owns 823,650 shares of the oil and gas exploration company's stock worth $32,888,000 after acquiring an additional 792,240 shares during the period. Northern Trust Corp boosted its position in shares of Range Resources by 37.1% during the 4th quarter. Northern Trust Corp now owns 2,238,863 shares of the oil and gas exploration company's stock valued at $80,554,000 after acquiring an additional 605,315 shares during the last quarter. Royal Bank of Canada grew its holdings in shares of Range Resources by 367.6% in the fourth quarter. Royal Bank of Canada now owns 685,721 shares of the oil and gas exploration company's stock valued at $24,673,000 after purchasing an additional 539,083 shares during the period. Finally, Nuveen LLC acquired a new stake in Range Resources during the first quarter worth about $19,396,000. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Range Resources Stock Down 1.1%

RRC traded down $0.37 on Wednesday, hitting $34.27. 1,496,109 shares of the company were exchanged, compared to its average volume of 2,841,520. The firm has a 50-day moving average price of $36.21 and a two-hundred day moving average price of $37.20. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.29. Range Resources Corporation has a twelve month low of $27.55 and a twelve month high of $43.50. The company has a market cap of $8.16 billion, a price-to-earnings ratio of 17.24, a price-to-earnings-growth ratio of 0.29 and a beta of 0.55.

Range Resources (NYSE:RRC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.65 by $0.01. Range Resources had a return on equity of 15.95% and a net margin of 17.22%.The company had revenue of $856.28 million for the quarter, compared to analyst estimates of $708.38 million. During the same quarter last year, the company earned $0.46 EPS. On average, equities analysts predict that Range Resources Corporation will post 2.02 earnings per share for the current year.

Range Resources Dividend Announcement

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

Analysts Set New Price Targets

Several research firms have recently weighed in on RRC. Barclays increased their price target on shares of Range Resources from $39.00 to $44.00 and gave the company an "equal weight" rating in a research note on Monday, July 7th. Susquehanna boosted their price objective on shares of Range Resources from $36.00 to $39.00 and gave the company a "neutral" rating in a report on Wednesday, July 23rd. Piper Sandler decreased their target price on shares of Range Resources from $41.00 to $39.00 and set a "neutral" rating on the stock in a research report on Thursday, August 14th. Royal Bank Of Canada reiterated a "sector perform" rating and set a $45.00 price target on shares of Range Resources in a research report on Tuesday, July 15th. Finally, Bank of America increased their price objective on shares of Range Resources from $45.00 to $47.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Seven investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $42.75.

Range Resources Company 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.