Short Interest in Range Resources Co. (NYSE:RRC) Drops By 24.0%

Range Resources Co. (NYSE:RRCGet Rating) was the target of a large drop in short interest during the month of March. As of March 31st, there was short interest totalling 13,380,000 shares, a drop of 24.0% from the March 15th total of 17,600,000 shares. Approximately 5.3% of the company’s shares are sold short. Based on an average daily trading volume, of 6,630,000 shares, the days-to-cover ratio is currently 2.0 days.

RRC traded up $1.28 on Monday, hitting $33.96. The company’s stock had a trading volume of 4,901,422 shares, compared to its average volume of 6,340,936. The company’s 50 day simple moving average is $26.46 and its 200-day simple moving average is $22.90. The firm has a market cap of $8.92 billion, a P/E ratio of 21.74, a price-to-earnings-growth ratio of 0.28 and a beta of 2.12. Range Resources has a 12 month low of $8.47 and a 12 month high of $34.61. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 1.30.

Range Resources (NYSE:RRCGet Rating) last released its quarterly earnings data on Tuesday, February 22nd. The oil and gas exploration company reported $0.96 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.98 by ($0.02). Range Resources had a return on equity of 31.21% and a net margin of 14.05%. The business had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $871.99 million. During the same period last year, the business posted $0.02 earnings per share. The firm’s quarterly revenue was up 161.6% on a year-over-year basis. Equities analysts predict that Range Resources will post 4.03 earnings per share for the current fiscal year.

Range Resources declared that its Board of Directors has approved a stock buyback plan on Tuesday, February 22nd that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the oil and gas exploration company to repurchase up to 9.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

In related news, SVP Dori Ginn sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, April 8th. The shares were sold at an average price of $32.60, for a total value of $326,000.00. Following the completion of the transaction, the senior vice president now owns 75,098 shares in the company, valued at approximately $2,448,194.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.93% of the stock is owned by company insiders.

A number of large investors have recently made changes to their positions in the business. Hotchkis & Wiley Capital Management LLC boosted its holdings in Range Resources by 4.0% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 8,208,601 shares of the oil and gas exploration company’s stock valued at $185,761,000 after purchasing an additional 313,811 shares during the period. JPMorgan Chase & Co. raised its position in shares of Range Resources by 223.4% during the 4th quarter. JPMorgan Chase & Co. now owns 6,093,208 shares of the oil and gas exploration company’s stock valued at $108,642,000 after buying an additional 4,209,030 shares in the last quarter. Fuller & Thaler Asset Management Inc. raised its position in shares of Range Resources by 0.8% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 3,968,245 shares of the oil and gas exploration company’s stock valued at $70,754,000 after buying an additional 33,119 shares in the last quarter. Fisher Asset Management LLC raised its position in shares of Range Resources by 6.0% during the 4th quarter. Fisher Asset Management LLC now owns 2,651,836 shares of the oil and gas exploration company’s stock valued at $47,282,000 after buying an additional 149,040 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of Range Resources by 499.4% during the 4th quarter. Renaissance Technologies LLC now owns 2,000,551 shares of the oil and gas exploration company’s stock valued at $35,670,000 after buying an additional 1,666,788 shares in the last quarter. 91.40% of the stock is owned by hedge funds and other institutional investors.

Several analysts have recently commented on the stock. TheStreet raised shares of Range Resources from a “c-” rating to a “b-” rating in a research report on Friday, March 4th. Morgan Stanley reduced their price objective on shares of Range Resources from $26.00 to $25.00 and set an “underweight” rating for the company in a research report on Tuesday, January 25th. Mizuho raised their price objective on shares of Range Resources from $24.00 to $42.00 and gave the stock a “neutral” rating in a research report on Friday, April 8th. TD Securities upgraded shares of Range Resources from a “reduce” rating to a “hold” rating and upped their price objective for the stock from $16.50 to $22.00 in a report on Wednesday, January 5th. Finally, Susquehanna Bancshares boosted their target price on shares of Range Resources from $22.00 to $24.00 and gave the stock a “neutral” rating in a research report on Thursday, February 24th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $27.00.

Range Resources Company Profile (Get Rating)

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.

Further Reading

Receive News & Ratings for Range Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Range Resources and related companies with MarketBeat.com's FREE daily email newsletter.