Range Resources (NYSE:RRC) Trading Down 4.1% - Here's What Happened

Shares of Range Resources Corporation (NYSE:RRC - Get Free Report) were down 4.1% during trading on Monday . The company traded as low as $36.96 and last traded at $36.72. Approximately 874,396 shares changed hands during trading, a decline of 66% from the average daily volume of 2,543,298 shares. The stock had previously closed at $38.28.

Analyst Upgrades and Downgrades

Several research firms have recently commented on RRC. Stephens restated an "overweight" rating and issued a $49.00 target price on shares of Range Resources in a research note on Wednesday, April 23rd. Raymond James Financial increased their target price on Range Resources from $46.00 to $55.00 and gave the stock an "outperform" rating in a research report on Monday, March 31st. Piper Sandler boosted their target price on shares of Range Resources from $32.00 to $40.00 and gave the company a "neutral" rating in a report on Tuesday, May 13th. Susquehanna reduced their price target on shares of Range Resources from $40.00 to $36.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 22nd. Finally, Wall Street Zen lowered Range Resources from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Range Resources presently has an average rating of "Hold" and an average target price of $42.79.

Range Resources Price Performance

The stock has a market capitalization of $8.54 billion, a P/E ratio of 31.92, a price-to-earnings-growth ratio of 0.32 and a beta of 0.63. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.56 and a current ratio of 0.56. The stock has a 50-day simple moving average of $39.60 and a 200 day simple moving average of $38.08.

Range Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 13th were paid a dividend of $0.09 per share. The ex-dividend date was Friday, June 13th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.01%. Range Resources's payout ratio is presently 32.14%.

Insider Activity

In other Range Resources news, SVP Erin W. Mcdowell sold 9,568 shares of the firm's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $40.62, for a total value of $388,652.16. Following the completion of the transaction, the senior vice president directly owned 13,800 shares of the company's stock, valued at $560,556. This trade represents a 40.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Ashley Kavanaugh sold 12,880 shares of the business's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $39.00, for a total transaction of $502,320.00. Following the sale, the vice president directly owned 1,723 shares in the company, valued at $67,197. The trade was a 88.20% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 76,080 shares of company stock valued at $2,984,479. Corporate insiders own 1.00% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in RRC. Hollencrest Capital Management purchased a new stake in Range Resources in the first quarter valued at approximately $33,000. Bessemer Group Inc. grew its holdings in shares of Range Resources by 48.0% in the 1st quarter. Bessemer Group Inc. now owns 971 shares of the oil and gas exploration company's stock worth $39,000 after acquiring an additional 315 shares during the last quarter. Cullen Frost Bankers Inc. purchased a new position in shares of Range Resources in the first quarter worth approximately $39,000. Headlands Technologies LLC purchased a new position in shares of Range Resources in the fourth quarter worth approximately $42,000. Finally, State of Wyoming acquired a new stake in Range Resources during the first quarter valued at $71,000. Institutional investors and hedge funds own 98.93% 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.

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