Telemark Asset Management LLC Lowers Position in Range Resources Corporation $RRC

Key Points

• Telemark Asset Management cut its stake in Range Resources by 50% in the fourth quarter, selling 300,000 shares and leaving it with 300,000 shares valued at about $10.6 million.
• Range Resources reported strong quarterly results, posting $1.52 EPS versus estimates of $1.25 and revenue of $1.07 billion, up nearly 50% year over year.
• The company declared a quarterly dividend of $0.10 per share payable June 26, while analysts currently rate the stock a consensus Hold with a $44 average price target.

Telemark Asset Management LLC lessened its position in Range Resources Corporation (NYSE:RRC - Free Report) by 50.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 300,000 shares of the oil and gas exploration company's stock after selling 300,000 shares during the quarter. Telemark Asset Management LLC owned approximately 0.13% of Range Resources worth $10,578,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Fore Capital LLC purchased a new position in Range Resources during the fourth quarter valued at $353,000. State of Wyoming grew its holdings in shares of Range Resources by 11.1% in the fourth quarter. State of Wyoming now owns 9,675 shares of the oil and gas exploration company's stock worth $341,000 after acquiring an additional 965 shares during the period. Fielder Capital Group LLC grew its holdings in shares of Range Resources by 8.8% in the fourth quarter. Fielder Capital Group LLC now owns 123,526 shares of the oil and gas exploration company's stock worth $4,356,000 after acquiring an additional 10,005 shares during the period. Easterly Investment Partners LLC grew its holdings in shares of Range Resources by 1.6% in the fourth quarter. Easterly Investment Partners LLC now owns 458,964 shares of the oil and gas exploration company's stock worth $16,183,000 after acquiring an additional 7,297 shares during the period. Finally, Eurizon Capital SGR S.p.A. bought a new stake in Range Resources during the fourth quarter valued at about $732,000. Hedge funds and other institutional investors own 98.93% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on RRC shares. Wells Fargo & Company boosted their price target on Range Resources from $43.00 to $46.00 and gave the company an "equal weight" rating in a report on Thursday, February 26th. Morgan Stanley boosted their target price on Range Resources from $49.00 to $50.00 and gave the stock an "equal weight" rating in a research report on Friday, May 22nd. Weiss Ratings downgraded Range Resources from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday. Piper Sandler boosted their price objective on Range Resources from $41.00 to $42.00 and gave the stock a "neutral" rating in a research note on Thursday, March 12th. Finally, Truist Financial cut their target price on Range Resources from $48.00 to $46.00 and set a "hold" rating on the stock in a research note on Thursday, April 9th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Range Resources has an average rating of "Hold" and a consensus target price of $44.00.

Range Resources Stock Down 3.5%

Range Resources stock opened at $39.06 on Friday. The business has a fifty day moving average of $42.08 and a two-hundred day moving average of $39.36. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.18. The firm has a market cap of $9.20 billion, a P/E ratio of 10.33 and a beta of 0.42. Range Resources Corporation has a twelve month low of $32.60 and a twelve month high of $48.31.

Range Resources (NYSE:RRC - Get Free Report) last posted its earnings results on Tuesday, April 21st. The oil and gas exploration company reported $1.52 earnings per share for the quarter, topping analysts' consensus estimates of $1.25 by $0.27. The company had revenue of $1.07 billion during the quarter, compared to analyst estimates of $898.20 million. Range Resources had a return on equity of 18.64% and a net margin of 26.09%.Range Resources's revenue was up 49.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.96 earnings per share. On average, analysts forecast that Range Resources Corporation will post 3.7 earnings per share for the current fiscal year.

Range Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 12th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Friday, June 12th. Range Resources's dividend payout ratio is currently 10.58%.

Insider Activity at Range Resources

In other news, Director Brenda A. Cline sold 7,000 shares of the stock in a transaction on Tuesday, April 7th. The stock was sold at an average price of $44.40, for a total transaction of $310,800.00. Following the completion of the sale, the director owned 28,668 shares in the company, valued at approximately $1,272,859.20. This represents a 19.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.10% of the company's stock.

Range Resources Profile

Range Resources Corporation, headquartered in Fort Worth, Texas, is an independent energy company engaged in the exploration, development and production of natural gas, oil and natural gas liquids. The company focuses its core operations on the Appalachian Basin, with a significant presence in Pennsylvania's Marcellus Shale. Through its drilling and completion activities, Range Resources seeks to optimize production efficiency while maintaining a disciplined approach to capital allocation and cost management.

The company's technical expertise centers on advanced horizontal drilling and hydraulic fracturing techniques, which it applies to unlock unconventional resources.

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