VIRGINIA RETIREMENT SYSTEMS ET Al Makes New Investment in Range Resources Corporation $RRC

Key Points

• The Virginia Retirement Systems made a new investment in Range Resources Corporation, purchasing 35,700 shares valued at approximately $1,452,000.
• Institutional investors and hedge funds own a significant majority of Range Resources, with 98.93% of the company's stock held by these entities.
• Equity analysts have mixed views on Range Resources, with a consensus rating of "Hold" and a target price of $42.05.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Range Resources Corporation (NYSE:RRC - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 35,700 shares of the oil and gas exploration company's stock, valued at approximately $1,452,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Kopernik Global Investors LLC lifted its position in shares of Range Resources by 5.2% in the first quarter. Kopernik Global Investors LLC now owns 2,846,663 shares of the oil and gas exploration company's stock worth $113,667,000 after buying an additional 140,043 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Range Resources by 1.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,151,250 shares of the oil and gas exploration company's stock worth $85,899,000 after purchasing an additional 38,648 shares during the last quarter. Goehring & Rozencwajg Associates LLC lifted its position in shares of Range Resources by 1.8% during the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 1,435,376 shares of the oil and gas exploration company's stock worth $57,803,000 after purchasing an additional 25,403 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Range Resources by 50.1% during the 1st quarter. Wellington Management Group LLP now owns 1,405,033 shares of the oil and gas exploration company's stock worth $56,103,000 after purchasing an additional 468,841 shares during the last quarter. Finally, Jefferies Financial Group Inc. lifted its position in shares of Range Resources by 21.9% during the 1st quarter. Jefferies Financial Group Inc. now owns 968,759 shares of the oil and gas exploration company's stock worth $38,683,000 after purchasing an additional 173,785 shares during the last quarter. Institutional investors and hedge funds own 98.93% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Citigroup cut their price objective on Range Resources from $40.00 to $39.00 and set a "neutral" rating for the company in a research report on Tuesday, September 23rd. Piper Sandler cut their price objective 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. Scotiabank set a $46.00 price target on Range Resources and gave the company a "sector perform" rating in a research note on Friday, July 11th. Zacks Research lowered Range Resources from a "hold" rating to a "strong sell" rating in a research note on Thursday, October 16th. Finally, Wells Fargo & Company upgraded Range Resources to a "strong-buy" rating in a research note on Thursday, October 16th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Range Resources presently has a consensus rating of "Hold" and a consensus target price of $42.05.

Range Resources Trading Down 1.4%

RRC stock opened at $36.28 on Thursday. Range Resources Corporation has a 1-year low of $29.48 and a 1-year high of $43.50. The firm has a market cap of $8.64 billion, a P/E ratio of 18.23, a P/E/G ratio of 0.33 and a beta of 0.51. The business's 50 day moving average is $35.71 and its 200-day moving average is $36.73. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.29.

Range Resources (NYSE:RRC - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.01. Range Resources had a return on equity of 15.95% and a net margin of 17.22%.The company had revenue of $856.28 million for the quarter, compared to analyst estimates of $708.38 million. During the same period in the prior year, the company posted $0.46 EPS. Equities analysts anticipate that Range Resources Corporation will post 2.02 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 12th were paid a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Friday, September 12th. Range Resources's dividend payout ratio is currently 18.09%.

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.

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