VELA Investment Management LLC Grows Position in Range Resources Corporation $RRC

Key Points

• VELA Investment Management LLC increased its stake in Range Resources Corporation by 19.2% during Q2, owning 84,176 shares valued at approximately $3.42 million.
• Range Resources reported earnings of $0.66 EPS for the last quarter, surpassing analyst expectations; the company's revenue was $856.28 million against forecasts of $708.38 million.
• The company declared a quarterly dividend of $0.09 per share, which translates to an annualized dividend of $0.36 and a dividend yield of 1.0%.

VELA Investment Management LLC boosted its stake in Range Resources Corporation (NYSE:RRC - Free Report) by 19.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 84,176 shares of the oil and gas exploration company's stock after buying an additional 13,567 shares during the quarter. VELA Investment Management LLC's holdings in Range Resources were worth $3,423,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of RRC. Hollencrest Capital Management purchased a new stake in shares of Range Resources during the first quarter valued at approximately $33,000. Bessemer Group Inc. increased its position in shares of Range Resources by 48.0% during the first quarter. Bessemer Group Inc. now owns 971 shares of the oil and gas exploration company's stock valued at $39,000 after acquiring an additional 315 shares during the last quarter. Cullen Frost Bankers Inc. purchased a new stake in shares of Range Resources during the first quarter valued at approximately $39,000. Barrett & Company Inc. purchased a new stake in shares of Range Resources during the second quarter valued at approximately $41,000. Finally, Ameritas Advisory Services LLC purchased a new stake in shares of Range Resources during the second quarter valued at approximately $47,000. 98.93% of the stock is owned by hedge funds and other institutional investors.

Range Resources Price Performance

Range Resources stock opened at $35.70 on Friday. Range Resources Corporation has a one year low of $28.99 and a one year high of $43.50. The business has a fifty day moving average price of $35.53 and a 200-day moving average price of $36.78. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.55 and a quick ratio of 0.55. The firm has a market capitalization of $8.50 billion, a P/E ratio of 17.94, a PEG ratio of 0.34 and a beta of 0.51.

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 EPS for the quarter, topping analysts' consensus estimates of $0.65 by $0.01. Range Resources had a return on equity of 15.95% and a net margin of 17.22%.The firm had revenue of $856.28 million during the quarter, compared to analyst estimates of $708.38 million. During the same period last year, the company earned $0.46 earnings per share. As a group, equities research analysts forecast that Range Resources Corporation will post 2.02 EPS for the current year.

Range Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 12th were issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Friday, September 12th. Range Resources's dividend payout ratio (DPR) is presently 18.09%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on RRC shares. UBS Group decreased 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. JPMorgan Chase & Co. decreased their price target on Range Resources from $46.00 to $44.00 and set a "neutral" rating for the company in a research report on Monday, October 6th. Susquehanna increased their price target on Range Resources from $36.00 to $39.00 and gave the company a "neutral" rating in a research report on Wednesday, July 23rd. Morgan Stanley decreased their price target on Range Resources from $44.00 to $42.00 and set an "equal weight" rating for the company in a research report on Tuesday. Finally, Piper Sandler decreased their target price on Range Resources from $41.00 to $39.00 and set a "neutral" rating for the company in a research report on Thursday, August 14th. Eight analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company's stock. According to data from MarketBeat, Range Resources has an average rating of "Hold" and a consensus target price of $42.05.

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.

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