VELA Investment Management LLC Has $2.82 Million Stock Holdings in Range Resources Corporation (NYSE:RRC)

VELA Investment Management LLC reduced its stake in shares of Range Resources Corporation (NYSE:RRC - Free Report) by 31.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 70,609 shares of the oil and gas exploration company's stock after selling 32,532 shares during the period. VELA Investment Management LLC's holdings in Range Resources were worth $2,819,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of RRC. Bessemer Group Inc. grew its stake in Range Resources by 48.0% in the first quarter. Bessemer Group Inc. now owns 971 shares of the oil and gas exploration company's stock valued at $39,000 after purchasing an additional 315 shares in the last quarter. Fifth Third Bancorp grew its stake in shares of 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 valued at $83,000 after buying an additional 355 shares in the last quarter. Commonwealth Equity Services LLC grew its stake in shares of Range Resources by 2.8% in the 4th quarter. Commonwealth Equity Services LLC now owns 14,120 shares of the oil and gas exploration company's stock valued at $508,000 after buying an additional 379 shares in the last quarter. King Luther Capital Management Corp grew its stake in shares of Range Resources by 1.3% in the 4th quarter. King Luther Capital Management Corp now owns 31,410 shares of the oil and gas exploration company's stock valued at $1,130,000 after buying an additional 390 shares in the last quarter. Finally, Arizona State Retirement System grew its stake in shares of Range Resources by 0.6% in the 4th quarter. Arizona State Retirement System now owns 70,258 shares of the oil and gas exploration company's stock valued at $2,528,000 after buying an additional 395 shares in the last quarter. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Range Resources Price Performance

Shares of Range Resources stock traded up $0.16 during midday trading on Monday, hitting $38.78. 3,154,411 shares of the company were exchanged, compared to its average volume of 2,519,097. Range Resources Corporation has a 52 week low of $27.29 and a 52 week high of $43.50. The firm has a 50 day simple moving average of $39.10 and a 200-day simple moving average of $37.90. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.56 and a quick ratio of 0.56. The firm has a market cap of $9.27 billion, a P/E ratio of 34.63, a PEG ratio of 0.30 and a beta of 0.63.

Range Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 13th were paid a $0.09 dividend. The ex-dividend date was Friday, June 13th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.93%. Range Resources's dividend payout ratio (DPR) is presently 32.14%.

Analyst Ratings Changes

Several analysts have commented on the stock. Roth Capital raised shares of Range Resources from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 8th. Barclays upped their price objective on shares of Range Resources from $39.00 to $44.00 and gave the stock an "equal weight" rating in a report on Monday. JPMorgan Chase & Co. upgraded shares of Range Resources from an "underweight" rating to a "neutral" rating and upped their price objective for the stock from $43.00 to $45.00 in a report on Thursday, March 13th. Mizuho upped their price target on Range Resources from $45.00 to $46.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 13th. Finally, Bank of America upped their price target on Range Resources from $45.00 to $47.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Range Resources currently has an average rating of "Hold" and a consensus price target of $42.20.

Insider Transactions at Range Resources

In other news, CEO Dennis Degner sold 35,850 shares of the stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $40.42, for a total transaction of $1,449,057.00. Following the completion of the sale, the chief executive officer owned 58,431 shares of the company's stock, valued at $2,361,781.02. This represents a 38.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Reginal Spiller sold 4,200 shares of the stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $40.16, for a total value of $168,672.00. Following the transaction, the director owned 13,663 shares of the company's stock, valued at approximately $548,706.08. This trade represents a 23.51% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 76,080 shares of company stock valued at $2,984,479. Corporate insiders own 1.00% of the company's stock.

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.