Lmcg Investments LLC Cuts Stake in Range Resources Co. (NYSE:RRC)

Lmcg Investments LLC cut its holdings in Range Resources Co. (NYSE:RRC) by 0.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 151,467 shares of the oil and gas exploration company’s stock after selling 965 shares during the quarter. Lmcg Investments LLC owned approximately 0.06% of Range Resources worth $5,079,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RRC. Fifth Third Bancorp lifted its holdings in Range Resources by 21.2% during the second quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock worth $57,000 after buying an additional 299 shares during the period. Perkins Coie Trust Co purchased a new stake in shares of Range Resources during the 2nd quarter worth $67,000. International Assets Investment Management LLC bought a new stake in Range Resources during the second quarter valued at about $67,000. SYSTM Wealth Solutions LLC grew its stake in Range Resources by 17.9% in the first quarter. SYSTM Wealth Solutions LLC now owns 2,141 shares of the oil and gas exploration company’s stock valued at $74,000 after purchasing an additional 325 shares during the last quarter. Finally, nVerses Capital LLC bought a new position in Range Resources in the second quarter worth about $107,000. 98.93% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. The Goldman Sachs Group reduced their price objective on shares of Range Resources from $40.00 to $35.00 and set a “neutral” rating for the company in a research note on Friday, September 6th. Wolfe Research began coverage on Range Resources in a research note on Thursday, July 18th. They set a “peer perform” rating on the stock. Benchmark reiterated a “hold” rating on shares of Range Resources in a research note on Wednesday, July 24th. Piper Sandler lowered Range Resources from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $43.00 to $31.00 in a research note on Thursday, August 15th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $39.00 price objective on shares of Range Resources in a report on Thursday, July 25th. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $36.58.

Range Resources Stock Performance

NYSE RRC opened at $29.52 on Tuesday. The firm has a market capitalization of $7.16 billion, a P/E ratio of 14.98 and a beta of 1.80. The stock has a 50-day simple moving average of $30.71 and a two-hundred day simple moving average of $33.56. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.58 and a current ratio of 0.58. Range Resources Co. has a fifty-two week low of $27.29 and a fifty-two week high of $39.33.

Range Resources (NYSE:RRC) last announced its quarterly earnings results on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.05. Range Resources had a return on equity of 13.93% and a net margin of 17.62%. The company had revenue of $641.30 million during the quarter, compared to analysts’ expectations of $610.24 million. During the same period last year, the business earned $0.27 earnings per share. Range Resources’s quarterly revenue was up 8.7% on a year-over-year basis. On average, equities analysts forecast that Range Resources Co. will post 2.07 earnings per share for the current year.

Range Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 1.08%. The ex-dividend date of this dividend is Friday, September 13th. Range Resources’s dividend payout ratio is currently 16.24%.

Range Resources 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.