State of Michigan Retirement System Boosts Stake in Range Resources Co. (NYSE:RRC)

State of Michigan Retirement System raised its position in shares of Range Resources Co. (NYSE:RRCFree Report) by 2.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,286 shares of the oil and gas exploration company’s stock after buying an additional 1,400 shares during the quarter. State of Michigan Retirement System’s holdings in Range Resources were worth $2,041,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Raleigh Capital Management Inc. bought a new stake in Range Resources in the third quarter worth $26,000. Benjamin F. Edwards & Company Inc. increased its holdings in shares of Range Resources by 333.0% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 866 shares of the oil and gas exploration company’s stock worth $26,000 after buying an additional 666 shares during the last quarter. Delos Wealth Advisors LLC purchased a new stake in shares of Range Resources during the 4th quarter valued at about $52,000. Private Wealth Management Group LLC bought a new position in shares of Range Resources in the 4th quarter valued at about $73,000. Finally, GAMMA Investing LLC purchased a new position in Range Resources in the fourth quarter worth about $81,000. Institutional investors own 98.93% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on RRC. Jefferies Financial Group upped their price objective on Range Resources from $32.00 to $34.00 and gave the company a “hold” rating in a research report on Thursday, May 2nd. Scotiabank downgraded Range Resources from a “sector outperform” rating to a “sector perform” rating and raised their price target for the stock from $40.00 to $45.00 in a research report on Thursday, April 11th. Benchmark reiterated a “hold” rating on shares of Range Resources in a research report on Wednesday, April 24th. Stephens raised their target price on shares of Range Resources from $41.00 to $42.00 and gave the stock an “overweight” rating in a report on Wednesday, April 24th. Finally, Mizuho upped their price target on shares of Range Resources from $41.00 to $45.00 and gave the company a “buy” rating in a report on Monday, May 13th. Five research analysts have rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $37.10.

Check Out Our Latest Analysis on Range Resources

Range Resources Stock Performance

Shares of NYSE:RRC opened at $34.43 on Friday. The firm has a 50 day moving average of $35.86 and a 200 day moving average of $33.26. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $8.35 billion, a price-to-earnings ratio of 17.48 and a beta of 1.87. Range Resources Co. has a 52 week low of $27.60 and a 52 week high of $39.33.

Range Resources (NYSE:RRCGet Free Report) last issued its quarterly earnings data on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 earnings per share 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 firm had revenue of $718.20 million during the quarter, compared to analysts’ expectations of $680.72 million. During the same period in the prior year, the business posted $0.96 EPS. The firm’s quarterly revenue was down 15.7% on a year-over-year basis. On average, sell-side analysts predict that Range Resources Co. will post 2.12 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were paid a dividend of $0.08 per share. The ex-dividend date was Friday, June 14th. This represents a $0.32 annualized dividend and a dividend yield of 0.93%. Range Resources’s dividend payout ratio (DPR) is presently 16.24%.

Insider Activity at Range Resources

In other Range Resources news, Director Reginal Spiller sold 1,460 shares of Range Resources stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $38.68, for a total value of $56,472.80. Following the transaction, the director now directly owns 15,253 shares of the company’s stock, valued at $589,986.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Reginal Spiller sold 1,460 shares of the firm’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $38.68, for a total value of $56,472.80. Following the completion of the sale, the director now owns 15,253 shares of the company’s stock, valued at approximately $589,986.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Dennis Degner sold 101,000 shares of the business’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $37.78, for a total value of $3,815,780.00. Following the transaction, the chief executive officer now owns 198,154 shares in the company, valued at $7,486,258.12. The disclosure for this sale can be found here. Insiders sold 197,107 shares of company stock valued at $7,379,095 over the last 90 days. Insiders own 2.50% of the company’s stock.

Range Resources Profile

(Free Report)

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.

Featured Stories

Want to see what other hedge funds are holding RRC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Range Resources Co. (NYSE:RRCFree Report).

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

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.