Allspring Global Investments Holdings LLC Sells 11,420 Shares of Range Resources Co. (NYSE:RRC)

Allspring Global Investments Holdings LLC lowered its holdings in Range Resources Co. (NYSE:RRC) by 87.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,599 shares of the oil and gas exploration company’s stock after selling 11,420 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Range Resources were worth $49,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in RRC. Price T Rowe Associates Inc. MD increased its stake in Range Resources by 25.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 28,633,567 shares of the oil and gas exploration company’s stock valued at $985,855,000 after acquiring an additional 5,759,883 shares during the period. William Blair Investment Management LLC bought a new stake in Range Resources in the second quarter valued at about $78,223,000. Vanguard Group Inc. grew its stake in Range Resources by 4.1% during the first quarter. Vanguard Group Inc. now owns 24,490,639 shares of the oil and gas exploration company’s stock worth $843,213,000 after buying an additional 959,011 shares during the last quarter. Herr Investment Group LLC grew its stake in Range Resources by 4,594.4% during the first quarter. Herr Investment Group LLC now owns 497,611 shares of the oil and gas exploration company’s stock worth $17,133,000 after buying an additional 487,011 shares during the last quarter. Finally, Sagefield Capital LP grew its stake in Range Resources by 44.8% during the second quarter. Sagefield Capital LP now owns 906,886 shares of the oil and gas exploration company’s stock worth $30,408,000 after buying an additional 280,452 shares during the last quarter. Institutional investors own 98.93% of the company’s stock.

Range Resources Stock Up 2.5 %

Range Resources stock opened at $30.56 on Tuesday. The company has a market cap of $7.37 billion, a P/E ratio of 15.43 and a beta of 1.80. Range Resources Co. has a 1-year low of $27.29 and a 1-year high of $39.33. The company has a fifty day simple moving average of $30.24 and a 200 day simple moving average of $32.82. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.28.

Range Resources (NYSE:RRC) last released its earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.16. The business had revenue of $615.03 million during the quarter, compared to the consensus estimate of $617.90 million. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.43 earnings per share. Research analysts anticipate that Range Resources Co. will post 1.87 earnings per share for the current fiscal year.

Range Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date of this dividend was Friday, September 13th. Range Resources’s dividend payout ratio (DPR) is currently 16.16%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on RRC. Wells Fargo & Company decreased their price objective on shares of Range Resources from $39.00 to $38.00 and set an “equal weight” rating on the stock in a research note on Friday, October 25th. Wolfe Research began coverage on shares of Range Resources in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. The Goldman Sachs Group lowered their target price 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. Bank of America began coverage on shares of Range Resources in a research note on Monday, October 28th. They issued a “neutral” rating and a $34.00 target price for the company. Finally, Piper Sandler downgraded shares of Range Resources from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $43.00 to $31.00 in a research note on Thursday, August 15th. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Range Resources currently has an average rating of “Hold” and an average price target of $35.00.

Insider Activity at Range Resources

In other news, Director Charles G. Griffie purchased 1,275 shares of the business’s stock in a transaction on Thursday, October 24th. The stock was purchased at an average price of $31.46 per share, for a total transaction of $40,111.50. Following the completion of the purchase, the director now directly owns 5,921 shares in the company, valued at $186,274.66. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, VP Ashley Kavanaugh sold 12,700 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $31.45, for a total transaction of $399,415.00. Following the completion of the sale, the vice president now owns 9,670 shares in the company, valued at approximately $304,121.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Charles G. Griffie bought 1,275 shares of the business’s stock in a transaction dated Thursday, October 24th. The shares were bought at an average price of $31.46 per share, with a total value of $40,111.50. Following the purchase, the director now owns 5,921 shares in the company, valued at $186,274.66. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. 1.57% of the stock is owned by insiders.

About Range Resources

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.