State of New Jersey Common Pension Fund D Has $2.99 Million Position in Range Resources Corporation $RRC

Key Points

• The State of New Jersey Common Pension Fund D sold 12,452 shares of Range Resources Corporation, reducing its holdings by 14.3% to a total of 74,906 shares valued at approximately $2,991,000.
• Range Resources received mixed ratings from analysts, with seven analysts recommending a Buy, twelve a Hold, and one a Sell, resulting in a consensus price target of $42.75.
• The company recently announced a quarterly dividend of $0.09 per share, representing an annual yield of 1.1% based on a payout ratio of 18.09%.

State of New Jersey Common Pension Fund D trimmed its stake in Range Resources Corporation (NYSE:RRC - Free Report) by 14.3% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 74,906 shares of the oil and gas exploration company's stock after selling 12,452 shares during the period. State of New Jersey Common Pension Fund D's holdings in Range Resources were worth $2,991,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. American Century Companies Inc. raised its stake in shares of Range Resources by 34.9% in the 1st quarter. American Century Companies Inc. now owns 488,224 shares of the oil and gas exploration company's stock valued at $19,495,000 after acquiring an additional 126,258 shares in the last quarter. Brandywine Global Investment Management LLC grew its stake in Range Resources by 0.4% in the 1st quarter. Brandywine Global Investment Management LLC now owns 143,818 shares of the oil and gas exploration company's stock valued at $5,743,000 after buying an additional 557 shares during the last quarter. Fox Run Management L.L.C. acquired a new position in Range Resources in the 1st quarter valued at $687,000. Vestmark Advisory Solutions Inc. grew its stake in Range Resources by 22.3% in the 1st quarter. Vestmark Advisory Solutions Inc. now owns 8,688 shares of the oil and gas exploration company's stock valued at $347,000 after buying an additional 1,584 shares during the last quarter. Finally, Latash Investments LLC acquired a new position in Range Resources in the 1st quarter valued at $222,000. 98.93% of the stock is owned by institutional investors.

Range Resources Stock Performance

NYSE RRC traded up $0.58 during midday trading on Tuesday, hitting $33.98. The company had a trading volume of 2,586,310 shares, compared to its average volume of 2,307,195. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.29. The stock has a market cap of $8.09 billion, a price-to-earnings ratio of 17.07, a P/E/G ratio of 0.28 and a beta of 0.60. The firm has a fifty day simple moving average of $37.02 and a two-hundred day simple moving average of $37.37. Range Resources Corporation has a fifty-two week low of $27.55 and a fifty-two week high of $43.50.

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, topping the consensus estimate of $0.65 by $0.01. The company had revenue of $856.28 million for the quarter, compared to analyst estimates 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 last year, the business posted $0.46 EPS. Equities analysts forecast that Range Resources Corporation will post 2.02 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 13th were given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Friday, June 13th. Range Resources's payout ratio is 18.09%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on RRC. Scotiabank set a $46.00 target price on shares of Range Resources and gave the company a "sector perform" rating in a research note on Friday, July 11th. Wall Street Zen lowered shares of Range Resources from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. UBS Group lowered their target price on shares of Range Resources from $42.00 to $40.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 20th. Bank of America raised their target price on shares of Range Resources from $45.00 to $47.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. Finally, Susquehanna raised their target price on shares of Range Resources from $36.00 to $39.00 and gave the company a "neutral" rating in a research note on Wednesday, July 23rd. Seven analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target 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.