M&T Bank Corp Sells 1,319 Shares of Range Resources Corporation (NYSE:RRC)

M&T Bank Corp lessened its stake in Range Resources Corporation (NYSE:RRC) by 12.6% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,146 shares of the oil and gas exploration company’s stock after selling 1,319 shares during the quarter. M&T Bank Corp’s holdings in Range Resources were worth $365,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Bessemer Group Inc. boosted its position in shares of Range Resources by 48.0% in the 1st quarter. Bessemer Group Inc. now owns 971 shares of the oil and gas exploration company’s stock worth $39,000 after purchasing an additional 315 shares in the last quarter. Headlands Technologies LLC purchased a new stake in Range Resources in the 4th quarter worth $42,000. Fifth Third Bancorp grew its position in shares of Range Resources by 20.6% during the first quarter. Fifth Third Bancorp now owns 2,078 shares of the oil and gas exploration company’s stock valued at $83,000 after purchasing an additional 355 shares in the last quarter. UMB Bank n.a. grew its position in shares of Range Resources by 124.9% during the first quarter. UMB Bank n.a. now owns 2,582 shares of the oil and gas exploration company’s stock valued at $103,000 after purchasing an additional 1,434 shares in the last quarter. Finally, ORG Wealth Partners LLC bought a new position in shares of Range Resources in the 1st quarter valued at about $133,000. 98.93% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO Dennis Degner sold 35,850 shares of the stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $40.42, for a total transaction of $1,449,057.00. Following the completion of the transaction, the chief executive officer directly owned 58,431 shares in the company, valued at approximately $2,361,781.02. This represents a 38.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director James M. Funk sold 13,582 shares of the firm’s stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $35.03, for a total value of $475,777.46. Following the sale, the director directly owned 54,394 shares in the company, valued at $1,905,421.82. This trade represents a 19.98% decrease in their position. The disclosure for this sale can be found here. Insiders sold 76,080 shares of company stock worth $2,984,479 over the last quarter. Corporate insiders own 1.00% of the company’s stock.

Range Resources Price Performance

RRC opened at $38.21 on Friday. Range Resources Corporation has a 1 year low of $27.29 and a 1 year high of $43.50. The firm has a market capitalization of $9.13 billion, a PE ratio of 34.11, a price-to-earnings-growth ratio of 0.31 and a beta of 0.63. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.56 and a quick ratio of 0.56. The business’s 50-day moving average is $39.59 and its two-hundred day moving average is $38.04.

Range Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 13th were paid a dividend of $0.09 per share. The ex-dividend date was Friday, June 13th. This represents a $0.36 annualized dividend and a yield of 0.94%. Range Resources’s dividend payout ratio (DPR) is presently 32.14%.

Wall Street Analysts Forecast Growth

RRC has been the topic of several research reports. Roth Mkm raised shares of Range Resources from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $41.00 to $42.00 in a report on Tuesday, April 8th. Bank of America upped their price objective on shares of Range Resources from $45.00 to $47.00 and gave the stock a “buy” rating in a research report on Friday, May 23rd. Mizuho boosted their target price on shares of Range Resources from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 13th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $45.00 price objective on shares of Range Resources in a report on Tuesday. Finally, Barclays increased their target price on shares of Range Resources from $39.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Monday, July 7th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $42.79.

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.