Range Resources (NYSE:RRC) Shares Gap Down - Here's What Happened

Range Resources Corporation (NYSE:RRC - Get Free Report)'s share price gapped down before the market opened on Monday . The stock had previously closed at $41.21, but opened at $40.26. Range Resources shares last traded at $40.73, with a volume of 100,068 shares changing hands.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RRC. Roth Capital raised shares of Range Resources from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 8th. Royal Bank Of Canada restated a "sector perform" rating and issued a $42.00 target price on shares of Range Resources in a report on Friday, April 11th. Piper Sandler raised their target price on shares of Range Resources from $32.00 to $40.00 and gave the stock a "neutral" rating in a report on Tuesday, May 13th. Susquehanna dropped their price target on Range Resources from $40.00 to $36.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 22nd. Finally, Morgan Stanley set a $41.00 price target on Range Resources in a research note on Tuesday, April 15th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Range Resources presently has an average rating of "Hold" and an average price target of $41.95.

Range Resources Stock Down 1.3%

The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.28. The company has a 50 day simple moving average of $38.50 and a two-hundred day simple moving average of $37.68. The firm has a market capitalization of $9.72 billion, a P/E ratio of 36.30, a P/E/G ratio of 0.32 and a beta of 0.63.

Range Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 13th were paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 0.89%. The ex-dividend date was Friday, June 13th. Range Resources's payout ratio is presently 32.14%.

Insider Activity at Range Resources

In other Range Resources news, Director Reginal Spiller sold 4,200 shares of the stock in a transaction 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 completion of the transaction, the director owned 13,663 shares in the company, valued at $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 available through this link. Also, VP Ashley Kavanaugh sold 12,880 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $39.00, for a total transaction of $502,320.00. Following the completion of the transaction, the vice president directly owned 1,723 shares of the company's stock, valued at approximately $67,197. The trade was a 88.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold 76,080 shares of company stock valued at $2,984,479 in the last 90 days. 1.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Hollencrest Capital Management bought a new stake in Range Resources in the first quarter worth $33,000. Smartleaf Asset Management LLC lifted its stake in Range Resources by 87.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,012 shares of the oil and gas exploration company's stock worth $37,000 after purchasing an additional 471 shares during the last quarter. Bessemer Group Inc. lifted 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 worth $39,000 after purchasing an additional 315 shares during the last quarter. Cullen Frost Bankers Inc. bought a new stake in Range Resources in the first quarter worth about $39,000. Finally, Headlands Technologies LLC bought a new stake in Range Resources in the fourth quarter worth about $42,000. Institutional investors own 98.93% of the company's stock.

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.