Royal Bank of Canada Lowers Stock Position in Range Resources Corporation $RRC

Key Points

• Royal Bank of Canada has cut its holdings in Range Resources Corporation by 37.2%, selling 255,075 shares and owning approximately 0.18% of the company valued at $17.2 million.
• Several hedge funds have increased their stakes in Range Resources, notably Clough Capital Partners, which raised its holdings by 102.9%, now owning 351,210 shares valued at $14 million.
• Range Resources reported a quarterly earnings per share of $0.66, exceeding expectations, with anticipated earnings of $2.02 EPS for the current fiscal year.

Royal Bank of Canada decreased its holdings in shares of Range Resources Corporation (NYSE:RRC - Free Report) by 37.2% during the first quarter, according to its most recent filing with the SEC. The firm owned 430,646 shares of the oil and gas exploration company's stock after selling 255,075 shares during the period. Royal Bank of Canada owned 0.18% of Range Resources worth $17,195,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC increased its position in Range Resources by 98.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 18,035 shares of the oil and gas exploration company's stock valued at $720,000 after purchasing an additional 8,941 shares during the period. Ameriprise Financial Inc. raised its stake in shares of Range Resources by 24.5% during the 4th quarter. Ameriprise Financial Inc. now owns 423,822 shares of the oil and gas exploration company's stock worth $15,249,000 after acquiring an additional 83,353 shares in the last quarter. Informed Momentum Co LLC bought a new position in shares of Range Resources during the 1st quarter worth approximately $3,575,000. Advisor Resource Council bought a new position in shares of Range Resources during the 1st quarter worth approximately $622,000. Finally, Goehring & Rozencwajg Associates LLC raised its stake in shares of Range Resources by 1.8% during the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 1,435,376 shares of the oil and gas exploration company's stock worth $57,803,000 after acquiring an additional 25,403 shares in the last quarter. Hedge funds and other institutional investors own 98.93% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on RRC shares. Bank of America boosted their price objective on shares of Range Resources from $45.00 to $47.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd. Barclays boosted their price objective on shares of Range Resources from $39.00 to $44.00 and gave the stock an "equal weight" rating in a research note on Monday, July 7th. Piper Sandler reduced their price objective on shares of Range Resources from $41.00 to $39.00 and set a "neutral" rating for the company in a research note on Thursday, August 14th. Susquehanna boosted their target price on shares of Range Resources from $36.00 to $39.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 23rd. Finally, Royal Bank Of Canada reissued a "sector perform" rating and set a $45.00 target price on shares of Range Resources in a research report on Tuesday, July 15th. Seven analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $42.45.

Range Resources Stock Performance

Shares of RRC stock traded down $0.20 during trading hours on Monday, hitting $35.11. The company's stock had a trading volume of 3,746,518 shares, compared to its average volume of 2,635,638. The company has a 50 day moving average of $35.32 and a 200 day moving average of $36.97. The stock has a market cap of $8.36 billion, a PE ratio of 17.64, a price-to-earnings-growth ratio of 0.30 and a beta of 0.55. 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 12-month low of $28.99 and a 12-month high of $43.50.

Range Resources (NYSE:RRC - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.65 by $0.01. The business had revenue of $856.28 million for the quarter, compared to the consensus estimate of $708.38 million. Range Resources had a net margin of 17.22% and a return on equity of 15.95%. During the same period in the prior year, the firm earned $0.46 EPS. On average, sell-side analysts forecast that Range Resources Corporation will post 2.02 EPS for the current fiscal year.

Range Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be issued a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, September 12th. Range Resources's dividend payout ratio is 18.09%.

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.