Cerity Partners LLC Invests $453,000 in Range Resources Corporation (NYSE:RRC)

Cerity Partners LLC acquired a new position in Range Resources Corporation (NYSE:RRC) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 11,346 shares of the oil and gas exploration company’s stock, valued at approximately $453,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bessemer Group Inc. boosted its holdings 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 during the 4th quarter valued at about $42,000. Fifth Third Bancorp boosted its holdings in Range Resources by 20.6% during the 1st quarter. Fifth Third Bancorp now owns 2,078 shares of the oil and gas exploration company’s stock valued at $83,000 after acquiring an additional 355 shares during the period. UMB Bank n.a. boosted its holdings in Range Resources by 124.9% during the 1st quarter. UMB Bank n.a. now owns 2,582 shares of the oil and gas exploration company’s stock valued at $103,000 after acquiring an additional 1,434 shares during the period. Finally, ORG Wealth Partners LLC purchased a new stake in Range Resources during the 1st quarter valued at about $133,000. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Range Resources Stock Down 2.4%

Shares of NYSE:RRC opened at $35.37 on Friday. Range Resources Corporation has a 52-week low of $27.29 and a 52-week high of $43.50. The firm has a market capitalization of $8.42 billion, a P/E ratio of 17.77, a P/E/G ratio of 0.30 and a beta of 0.63. The stock has a 50 day moving average price of $39.16 and a 200-day moving average price of $38.03. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.56 and a current ratio of 0.55.

Range Resources (NYSE:RRC) last announced its earnings results on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.01. Range Resources had a return on equity of 15.95% and a net margin of 17.22%. The firm had revenue of $856.28 million during the quarter, compared to analyst estimates of $708.38 million. During the same quarter in the prior year, the company earned $0.46 EPS. As a group, equities research analysts anticipate that Range Resources Corporation will post 2.02 EPS for the current fiscal year.

Range Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 13th were given a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 1.02%. The ex-dividend date of this dividend was Friday, June 13th. Range Resources’s dividend payout ratio is currently 18.09%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on RRC. Royal Bank Of Canada restated a “sector perform” rating and set a $45.00 target price on shares of Range Resources in a report on Tuesday, July 15th. UBS Group increased their target price on Range Resources from $36.00 to $37.00 and gave the company a “neutral” rating in a report on Thursday, April 24th. Scotiabank set a $46.00 target price on Range Resources and gave the company a “sector perform” rating in a report on Friday, July 11th. Wall Street Zen cut Range Resources from a “hold” rating to a “sell” rating in a report on Wednesday, May 21st. Finally, Bank of America increased their target price on Range Resources from $45.00 to $47.00 and gave the company a “buy” rating in a report on Friday, May 23rd. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Range Resources presently has a consensus rating of “Hold” and an average target price of $43.11.

Insider Transactions at Range Resources

In related news, SVP Erin W. Mcdowell sold 9,568 shares of the company’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $40.62, for a total value of $388,652.16. Following the sale, the senior vice president owned 13,800 shares in the company, valued at $560,556. This represents a 40.94% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Dennis Degner sold 35,850 shares of the company’s stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $40.42, for a total value of $1,449,057.00. Following the completion of the sale, the chief executive officer owned 58,431 shares in the company, valued at $2,361,781.02. The trade was a 38.02% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 76,080 shares of company stock worth $2,984,479. 1.00% of the stock is owned by insiders.

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.