Van ECK Associates Corp Lowers Position in Range Resources Co. (NYSE:RRC)

Van ECK Associates Corp lessened its stake in Range Resources Co. (NYSE:RRC – Get Rating) by 12.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,923 shares of the oil and gas exploration company’s stock after selling 567 shares during the quarter. Van ECK Associates Corp’s holdings in Range Resources were worth $99,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Lesa Sroufe & Co purchased a new position in shares of Range Resources in the third quarter worth $3,248,000. Strs Ohio lifted its holdings in shares of Range Resources by 2.6% in the third quarter. Strs Ohio now owns 21,645 shares of the oil and gas exploration company’s stock worth $546,000 after buying an additional 541 shares in the last quarter. Truist Financial Corp lifted its holdings in shares of Range Resources by 9.0% in the third quarter. Truist Financial Corp now owns 11,166 shares of the oil and gas exploration company’s stock worth $282,000 after buying an additional 925 shares in the last quarter. Wipfli Financial Advisors LLC purchased a new position in shares of Range Resources in the third quarter worth $344,000. Finally, USA Financial Portformulas Corp purchased a new stake in Range Resources during the third quarter valued at $109,000. Hedge funds and other institutional investors own 87.32% of the company’s stock.

Range Resources Trading Up 3.1 %

NYSE RRC opened at $26.20 on Friday. The company’s 50-day moving average price is $26.47 and its 200-day moving average price is $28.44. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 0.85. The stock has a market cap of $6.33 billion, a PE ratio of 5.38, a PEG ratio of 0.21 and a beta of 2.11. Range Resources Co. has a 12 month low of $16.71 and a 12 month high of $37.44.

Range Resources (NYSE:RRC – Get Rating) last posted its quarterly earnings results on Monday, October 24th. The oil and gas exploration company reported $1.37 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.05. Range Resources had a net margin of 30.87% and a return on equity of 60.30%. The firm had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.06 billion. During the same period in the prior year, the business posted $0.52 earnings per share. The business’s revenue for the quarter was up 267.0% on a year-over-year basis. Equities research analysts forecast that Range Resources Co. will post 4.88 earnings per share for the current year.

Range Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 30th. Shareholders of record on Thursday, December 15th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.22%. The ex-dividend date was Wednesday, December 14th. Range Resources’s payout ratio is 6.57%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on RRC shares. JPMorgan Chase & Co. decreased their price target on shares of Range Resources from $42.00 to $39.00 and set a “neutral” rating on the stock in a research note on Thursday, September 29th. Morgan Stanley decreased their price target on shares of Range Resources to $26.00 in a research note on Wednesday, December 14th. Susquehanna Bancshares raised shares of Range Resources to a “positive” rating and set a $38.00 price target on the stock in a research note on Wednesday, October 26th. Stifel Nicolaus started coverage on shares of Range Resources in a research note on Tuesday, October 25th. They set a “buy” rating and a $32.00 price target on the stock. Finally, TD Securities raised shares of Range Resources from a “hold” rating to a “buy” rating and upped their price target for the company from $32.00 to $33.00 in a research note on Thursday, September 29th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Range Resources presently has a consensus rating of “Hold” and a consensus price target of $35.38.

Range Resources Profile

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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.