Pallas Capital Advisors LLC Takes Position in Range Resources Corporation $RRC

Pallas Capital Advisors LLC acquired a new position in shares of Range Resources Corporation (NYSE:RRC) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 7,661 shares of the oil and gas exploration company’s stock, valued at approximately $312,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RRC. Nuveen Asset Management LLC increased its holdings in shares of Range Resources by 0.7% in the 4th quarter. Nuveen Asset Management LLC now owns 449,622 shares of the oil and gas exploration company’s stock valued at $16,177,000 after acquiring an additional 3,037 shares during the period. Quantinno Capital Management LP increased its holdings in shares of Range Resources by 64.1% in the 4th quarter. Quantinno Capital Management LP now owns 12,470 shares of the oil and gas exploration company’s stock valued at $449,000 after acquiring an additional 4,871 shares during the period. ProShare Advisors LLC increased its holdings in shares of Range Resources by 7.0% in the 4th quarter. ProShare Advisors LLC now owns 11,289 shares of the oil and gas exploration company’s stock valued at $406,000 after acquiring an additional 736 shares during the period. Royal Bank of Canada increased its holdings in shares of Range Resources by 367.6% in the 4th quarter. Royal Bank of Canada now owns 685,721 shares of the oil and gas exploration company’s stock valued at $24,673,000 after acquiring an additional 539,083 shares during the period. Finally, Tidal Investments LLC increased its holdings in shares of Range Resources by 38.4% in the 4th quarter. Tidal Investments LLC now owns 21,827 shares of the oil and gas exploration company’s stock valued at $785,000 after acquiring an additional 6,061 shares during the period. Institutional investors and hedge funds own 98.93% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Susquehanna lifted their price objective on shares of Range Resources from $36.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, July 23rd. Roth Capital lowered shares of Range Resources from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $44.00 to $35.00 in a research report on Monday, August 18th. Scotiabank set a $46.00 target price on shares of Range Resources and gave the stock a “sector perform” rating in a research report on Friday, July 11th. Royal Bank Of Canada restated a “sector perform” rating and set a $45.00 target price on shares of Range Resources in a research report on Tuesday, July 15th. Finally, Raymond James Financial decreased their target price on shares of Range Resources from $45.00 to $41.00 and set an “outperform” rating on the stock in a research report on Friday. Seven equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Range Resources currently has an average rating of “Hold” and a consensus price target of $41.75.

Range Resources Price Performance

Range Resources stock opened at $34.43 on Monday. Range Resources Corporation has a 52 week low of $28.99 and a 52 week high of $43.50. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.29. The firm’s 50-day simple moving average is $35.10 and its 200 day simple moving average is $36.92. The firm has a market capitalization of $8.20 billion, a PE ratio of 17.30, a P/E/G ratio of 0.29 and a beta of 0.55.

Range Resources (NYSE:RRC) last released its quarterly earnings data on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.65 by $0.01. Range Resources had a net margin of 17.22% and a return on equity of 15.95%. The business had revenue of $856.28 million for the quarter, compared to analyst estimates of $708.38 million. During the same period in the previous year, the firm earned $0.46 EPS. On average, equities research analysts predict that Range Resources Corporation will post 2.02 EPS for the current fiscal year.

Range Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be given a $0.09 dividend. The ex-dividend date is Friday, September 12th. This represents a $0.36 annualized dividend and a dividend yield of 1.0%. Range Resources’s payout ratio is currently 18.09%.

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.