Range Resources Co. (NYSE:RRC) Shares Acquired by Cannell & Co.

Cannell & Co. lifted its stake in Range Resources Co. (NYSE:RRC) by 890.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 116,400 shares of the oil and gas exploration company’s stock after acquiring an additional 104,650 shares during the quarter. Cannell & Co.’s holdings in Range Resources were worth $3,543,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in RRC. SG Americas Securities LLC lifted its holdings in Range Resources by 90.2% during the 3rd quarter. SG Americas Securities LLC now owns 7,940 shares of the oil and gas exploration company’s stock worth $257,000 after buying an additional 3,766 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in shares of Range Resources by 46.2% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 23,440 shares of the oil and gas exploration company’s stock valued at $760,000 after acquiring an additional 7,405 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in Range Resources by 78.9% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 28,608 shares of the oil and gas exploration company’s stock worth $927,000 after purchasing an additional 12,617 shares in the last quarter. Ceredex Value Advisors LLC increased its holdings in Range Resources by 8.7% during the 3rd quarter. Ceredex Value Advisors LLC now owns 465,850 shares of the oil and gas exploration company’s stock worth $15,098,000 after purchasing an additional 37,100 shares during the period. Finally, Foster & Motley Inc. increased its holdings in Range Resources by 7.5% during the 3rd quarter. Foster & Motley Inc. now owns 12,965 shares of the oil and gas exploration company’s stock worth $420,000 after purchasing an additional 900 shares during the period. Hedge funds and other institutional investors own 98.93% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Raymond James lowered their price target on shares of Range Resources from $37.00 to $36.00 and set an “outperform” rating for the company in a report on Wednesday, January 24th. Piper Sandler upped their price objective on Range Resources from $41.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday. Susquehanna raised their target price on Range Resources from $34.00 to $36.00 and gave the stock a “neutral” rating in a research report on Monday, April 22nd. Jefferies Financial Group upped their price target on Range Resources from $32.00 to $34.00 and gave the company a “hold” rating in a report on Thursday. Finally, Barclays initiated coverage on shares of Range Resources in a report on Wednesday, April 10th. They issued an “underweight” rating and a $35.00 target price for the company. Five equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $36.62.

Insider Activity at Range Resources

In related news, VP Ashley Kavanaugh sold 15,978 shares of the stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $37.75, for a total value of $603,169.50. Following the completion of the sale, the vice president now directly owns 22,370 shares in the company, valued at approximately $844,467.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.57% of the company’s stock.

Range Resources Stock Down 3.8 %

Shares of NYSE RRC opened at $34.55 on Thursday. The company has a market capitalization of $8.38 billion, a PE ratio of 17.54 and a beta of 1.85. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.35 and a quick ratio of 1.35. The firm’s 50-day moving average is $34.04 and its two-hundred day moving average is $32.42. Range Resources Co. has a 12-month low of $23.92 and a 12-month high of $38.25.

Range Resources (NYSE:RRC) last issued its earnings results on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.21. Range Resources had a return on equity of 13.30% and a net margin of 17.00%. The business had revenue of $718.20 million during the quarter, compared to analysts’ expectations of $680.72 million. During the same quarter in the previous year, the business earned $0.96 EPS. The company’s revenue for the quarter was down 15.7% on a year-over-year basis. Equities analysts anticipate that Range Resources Co. will post 2 EPS for the current fiscal year.

Range Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.93%. The ex-dividend date of this dividend was Thursday, March 14th. Range Resources’s dividend payout ratio is presently 16.24%.

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.