T. Rowe Price Investment Management Inc. Decreases Stock Holdings in Range Resources Corporation $RRC

Key Points

• T. Rowe Price Investment Management Inc. has reduced its stake in Range Resources Corporation by 11.8%, owning 13,671,237 shares valued at approximately $545.89 million.
• Several hedge funds, including Fuller & Thaler Asset Management Inc. and King Luther Capital Management Corp., have significantly increased their stakes in Range Resources, indicating a shift in investment strategies toward the oil and gas sector.
• Range Resources' recent quarterly earnings exceeded expectations, reporting $0.66 earnings per share compared to a consensus estimate of $0.65, along with revenue of $856.28 million.

T. Rowe Price Investment Management Inc. lowered its holdings in shares of Range Resources Corporation (NYSE:RRC - Free Report) by 11.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,671,237 shares of the oil and gas exploration company's stock after selling 1,836,379 shares during the quarter. T. Rowe Price Investment Management Inc. owned approximately 5.72% of Range Resources worth $545,893,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in RRC. Fuller & Thaler Asset Management Inc. lifted its position in shares of Range Resources by 71.3% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 5,057,280 shares of the oil and gas exploration company's stock worth $181,961,000 after buying an additional 2,104,304 shares in the last quarter. Wellington Management Group LLP purchased a new stake in shares of Range Resources during the 4th quarter worth approximately $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 in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Range Resources by 9.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 7,330,676 shares of the oil and gas exploration company's stock worth $263,768,000 after acquiring an additional 624,955 shares in the last quarter. Finally, Northern Trust Corp raised its holdings 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 worth $80,554,000 after acquiring an additional 605,315 shares in the last quarter. Hedge funds and other institutional investors own 98.93% of the company's stock.

Range Resources Trading Up 0.4%

Range Resources stock traded up $0.1320 during mid-day trading on Monday, hitting $33.4820. The company's stock had a trading volume of 611,752 shares, compared to its average volume of 2,853,008. The company has a 50 day moving average of $37.35 and a 200-day moving average of $37.42. The stock has a market cap of $7.98 billion, a PE ratio of 16.86, a P/E/G ratio of 0.28 and a beta of 0.60. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.55 and a current ratio of 0.55. Range Resources Corporation has a one year low of $27.55 and a one year high of $43.50.

Range Resources (NYSE:RRC - Get Free Report) last announced 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 company had revenue of $856.28 million for the quarter, compared to the consensus estimate of $708.38 million. Range Resources had a return on equity of 15.95% and a net margin of 17.22%.During the same quarter in the prior year, the company posted $0.46 EPS. On average, research analysts anticipate that Range Resources Corporation will post 2.02 EPS for the current year.

Range Resources Dividend Announcement

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

Insider Activity

In other news, Director Reginal Spiller sold 4,200 shares of the stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $40.16, for a total transaction of $168,672.00. Following the transaction, the director directly owned 13,663 shares in the company, valued at approximately $548,706.08. This trade represents a 23.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on RRC. Roth Capital cut Range Resources from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $44.00 to $35.00 in a report on Monday, August 18th. Wall Street Zen cut Range Resources from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Scotiabank set a $46.00 price target on Range Resources and gave the stock a "sector perform" rating in a research report on Friday, July 11th. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $45.00 price target on shares of Range Resources in a research report on Tuesday, July 15th. Finally, UBS Group dropped their price target on Range Resources from $42.00 to $40.00 and set a "neutral" rating for the company in a research report on Wednesday, August 20th. Seven research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Range Resources currently has an average rating of "Hold" and an average target price of $42.75.

About Range Resources

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.