Amalgamated Bank Grows Stake in Range Resources Co. (NYSE:RRC)

Amalgamated Bank raised its stake in Range Resources Co. (NYSE:RRCGet Rating) by 38.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 158,196 shares of the oil and gas exploration company’s stock after acquiring an additional 43,532 shares during the quarter. Amalgamated Bank owned approximately 0.06% of Range Resources worth $4,806,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RRC. Offit Capital Advisors LLC purchased a new stake in shares of Range Resources during the 1st quarter valued at approximately $269,000. Neuberger Berman Group LLC bought a new position in shares of Range Resources in the 1st quarter worth $276,000. The Manufacturers Life Insurance Company increased its holdings in shares of Range Resources by 150.2% in the 1st quarter. The Manufacturers Life Insurance Company now owns 303,002 shares of the oil and gas exploration company’s stock worth $9,205,000 after buying an additional 181,905 shares during the last quarter. Weiss Multi Strategy Advisers LLC increased its holdings in shares of Range Resources by 155.9% in the 1st quarter. Weiss Multi Strategy Advisers LLC now owns 653,010 shares of the oil and gas exploration company’s stock worth $19,838,000 after buying an additional 397,850 shares during the last quarter. Finally, Virtu Financial LLC bought a new position in shares of Range Resources in the 1st quarter worth $1,875,000. 84.31% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Range Resources

In other news, SVP Dori Ginn sold 5,000 shares of the firm’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $34.65, for a total value of $173,250.00. Following the completion of the sale, the senior vice president now directly owns 80,801 shares of the company’s stock, valued at approximately $2,799,754.65. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, SVP Dori Ginn sold 5,000 shares of the firm’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $34.65, for a total value of $173,250.00. Following the completion of the sale, the senior vice president now directly owns 80,801 shares of the company’s stock, valued at approximately $2,799,754.65. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Reginal Spiller sold 1,600 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $31.44, for a total transaction of $50,304.00. Following the completion of the sale, the director now directly owns 10,685 shares of the company’s stock, valued at $335,936.40. The disclosure for this sale can be found here. Corporate insiders own 0.93% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on RRC shares. Piper Sandler decreased their price target on shares of Range Resources from $45.00 to $44.00 and set an “overweight” rating on the stock in a report on Friday, July 22nd. Scotiabank reissued an “assumes” rating on shares of Range Resources in a report on Monday, July 25th. Citigroup reissued a “neutral” rating and issued a $31.00 price target on shares of Range Resources in a report on Thursday, July 21st. Truist Financial increased their price target on shares of Range Resources to $34.00 and gave the stock an “outperform” rating in a report on Wednesday, July 27th. Finally, Wells Fargo & Company raised shares of Range Resources from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $44.00 to $49.00 in a report on Monday, July 11th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Range Resources has a consensus rating of “Hold” and an average target price of $34.24.

Range Resources Trading Down 1.5 %

Shares of RRC opened at $29.87 on Wednesday. The stock has a market capitalization of $7.85 billion, a P/E ratio of 15.40, a PEG ratio of 0.20 and a beta of 2.11. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.93. The firm has a fifty day simple moving average of $31.73 and a two-hundred day simple moving average of $30.36. Range Resources Co. has a twelve month low of $16.71 and a twelve month high of $37.44.

Range Resources (NYSE:RRCGet Rating) last announced its quarterly earnings results on Monday, July 25th. The oil and gas exploration company reported $1.27 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.15. The business had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $959.91 million. Range Resources had a net margin of 16.40% and a return on equity of 56.92%. The firm’s revenue for the quarter was up 181.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.24 EPS. On average, research analysts anticipate that Range Resources Co. will post 5.27 EPS for the current year.

Range Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be given a dividend of $0.08 per share. The ex-dividend date is Wednesday, September 14th. This represents a $0.32 annualized dividend and a yield of 1.07%. This is a boost from Range Resources’s previous quarterly dividend of $0.02. Range Resources’s dividend payout ratio is presently 16.49%.

About Range Resources

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Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), and oil company in the United States. The company engages in the exploration, development, and acquisition of natural gas and oil properties. As of December 31, 2021, the company owned and operated 1,350 net producing wells and approximately 794,000 net acres under lease located in the Appalachian region of the northeastern United States.

See Also

Institutional Ownership by Quarter for Range Resources (NYSE:RRC)

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