Royal Bank of Canada Has $17.20 Million Stake 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 stake in Range Resources Corporation (NYSE:RRC - Free Report) by 37.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 430,646 shares of the oil and gas exploration company's stock after selling 255,075 shares during the quarter. Royal Bank of Canada owned approximately 0.18% of Range Resources worth $17,195,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RRC. Bessemer Group Inc. grew its position in Range Resources by 48.0% in the 1st quarter. Bessemer Group Inc. now owns 971 shares of the oil and gas exploration company's stock worth $39,000 after purchasing an additional 315 shares during the last quarter. Xponance Inc. grew its position in Range Resources by 1.2% in the 1st quarter. Xponance Inc. now owns 27,512 shares of the oil and gas exploration company's stock worth $1,099,000 after purchasing an additional 326 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Range Resources by 0.5% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 66,014 shares of the oil and gas exploration company's stock worth $2,636,000 after purchasing an additional 328 shares during the last quarter. Evergreen Capital Management LLC grew its position in Range Resources by 4.8% in the 1st quarter. Evergreen Capital Management LLC now owns 7,716 shares of the oil and gas exploration company's stock worth $308,000 after purchasing an additional 351 shares during the last quarter. Finally, Fifth Third Bancorp grew its position in Range Resources by 20.6% in the 1st quarter. Fifth Third Bancorp now owns 2,078 shares of the oil and gas exploration company's stock worth $83,000 after purchasing an additional 355 shares during the last quarter. Hedge funds and other institutional investors own 98.93% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Roth Capital lowered shares of Range Resources from a "buy" rating to a "neutral" rating and decreased their target price for the company from $44.00 to $35.00 in a research report on Monday, August 18th. Mizuho lifted their target price on shares of Range Resources from $46.00 to $48.00 and gave the company an "outperform" rating in a research report on Wednesday, July 23rd. Susquehanna lifted their target price on shares of Range Resources from $36.00 to $39.00 and gave the company a "neutral" rating in a research report on Wednesday, July 23rd. Bank of America lifted their target price on shares of Range Resources from $45.00 to $47.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Finally, Scotiabank set a $46.00 target price on shares of Range Resources and gave the company a "sector perform" rating in a research report on Friday, July 11th. Seven investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $42.75.

Range Resources Price Performance

Shares of NYSE RRC traded up $0.17 during trading on Friday, reaching $35.35. The company had a trading volume of 3,566,181 shares, compared to its average volume of 2,580,063. Range Resources Corporation has a 52 week low of $28.91 and a 52 week high of $43.50. The stock has a market cap of $8.42 billion, a PE ratio of 17.76, a PEG ratio of 0.30 and a beta of 0.55. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.55 and a current ratio of 0.55. The business's 50 day moving average price is $35.39 and its 200-day moving average price is $36.99.

Range Resources (NYSE:RRC - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 earnings per share for the quarter, topping analysts' consensus estimates of $0.65 by $0.01. Range Resources had a net margin of 17.22% and a return on equity of 15.95%. The company had revenue of $856.28 million during the quarter, compared to the consensus estimate of $708.38 million. During the same period in the previous year, the firm posted $0.46 earnings per share. Analysts expect that Range Resources Corporation will post 2.02 earnings per share for the current year.

Range Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be paid a $0.09 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.0%. Range Resources's payout ratio is currently 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.