Royal Bank of Canada Acquires 539,083 Shares of Range Resources Co. (NYSE:RRC)

Royal Bank of Canada lifted its stake in shares of Range Resources Co. (NYSE:RRC - Free Report) by 367.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 685,721 shares of the oil and gas exploration company's stock after acquiring an additional 539,083 shares during the quarter. Royal Bank of Canada owned about 0.28% of Range Resources worth $24,673,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Smartleaf Asset Management LLC lifted its holdings in Range Resources by 87.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,012 shares of the oil and gas exploration company's stock valued at $37,000 after acquiring an additional 471 shares during the last quarter. UMB Bank n.a. raised its holdings in shares of Range Resources by 59.0% in the 4th quarter. UMB Bank n.a. now owns 1,148 shares of the oil and gas exploration company's stock worth $41,000 after purchasing an additional 426 shares in the last quarter. Headlands Technologies LLC acquired a new stake in Range Resources during the fourth quarter valued at approximately $42,000. Geneos Wealth Management Inc. acquired a new stake in Range Resources during the fourth quarter valued at approximately $46,000. Finally, Quent Capital LLC boosted its holdings in Range Resources by 72.0% during the fourth quarter. Quent Capital LLC now owns 2,178 shares of the oil and gas exploration company's stock worth $78,000 after buying an additional 912 shares in the last quarter. Institutional investors own 98.93% of the company's stock.

Range Resources Stock Down 2.2%

Shares of Range Resources stock traded down $0.87 during midday trading on Friday, reaching $38.34. 1,014,175 shares of the company's stock traded hands, compared to its average volume of 2,464,488. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.54 and a current ratio of 0.54. Range Resources Co. has a 52 week low of $27.29 and a 52 week high of $41.95. The company's 50 day simple moving average is $36.60 and its 200 day simple moving average is $36.86. The company has a market cap of $9.16 billion, a price-to-earnings ratio of 19.42, a price-to-earnings-growth ratio of 5.11 and a beta of 0.60.

Range Resources (NYSE:RRC - Get Free Report) last issued its quarterly earnings data on Tuesday, February 25th. The oil and gas exploration company reported $0.68 earnings per share for the quarter, topping analysts' consensus estimates of $0.55 by $0.13. The business had revenue of $626.42 million during the quarter, compared to analysts' expectations of $676.53 million. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. During the same period in the previous year, the company earned $0.63 earnings per share. Equities analysts expect that Range Resources Co. will post 2.02 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 13th will be given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.94%. Range Resources's dividend payout ratio is currently 32.14%.

Insider Buying and Selling at Range Resources

In other Range Resources news, Director Reginal Spiller sold 4,200 shares of the stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $40.16, for a total transaction of $168,672.00. Following the completion of the transaction, the director now directly owns 13,663 shares in the company, valued at $548,706.08. This represents a 23.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director James M. Funk sold 13,582 shares of the business's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $35.03, for a total transaction of $475,777.46. Following the completion of the transaction, the director now owns 54,394 shares in the company, valued at approximately $1,905,421.82. This trade represents a 19.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 76,080 shares of company stock valued at $2,984,479 in the last quarter. Corporate insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on RRC shares. Citigroup cut Range Resources from a "neutral" rating to a "reduce" rating in a report on Wednesday, March 5th. Mizuho upped their target price on Range Resources from $45.00 to $46.00 and gave the company an "outperform" rating in a report on Tuesday, May 13th. Susquehanna dropped their price target on Range Resources from $40.00 to $36.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 22nd. Wall Street Zen downgraded Range Resources from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Finally, Truist Financial raised their target price on shares of Range Resources from $35.00 to $37.00 and gave the stock a "hold" rating in a report on Monday, March 17th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Range Resources currently has an average rating of "Hold" and a consensus target price of $41.95.

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.