Acadian Asset Management LLC Raises Position in Range Resources Corporation $RRC

Acadian Asset Management LLC lifted its holdings in shares of Range Resources Corporation (NYSE:RRC) by 4.8% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 78,781 shares of the oil and gas exploration company’s stock after purchasing an additional 3,642 shares during the quarter. Acadian Asset Management LLC’s holdings in Range Resources were worth $3,201,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Hantz Financial Services Inc. boosted its stake in Range Resources by 1,464.6% in the 2nd quarter. Hantz Financial Services Inc. now owns 751 shares of the oil and gas exploration company’s stock worth $31,000 after buying an additional 703 shares during the last quarter. Hollencrest Capital Management acquired a new position in shares of Range Resources during the 1st quarter valued at about $33,000. Cullen Frost Bankers Inc. purchased a new position in shares of Range Resources during the 1st quarter worth about $39,000. Barrett & Company Inc. acquired a new stake in shares of Range Resources in the second quarter worth approximately $41,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in shares of Range Resources in the second quarter worth approximately $45,000. Hedge funds and other institutional investors own 98.93% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on RRC. Mizuho upped their price target on shares of Range Resources from $42.00 to $46.00 and gave the stock an “outperform” rating in a research report on Thursday, October 9th. Susquehanna lowered their price target on Range Resources to $39.00 and set a “neutral” rating for the company in a research report on Monday, October 20th. Wells Fargo & Company upgraded Range Resources to a “strong-buy” rating in a report on Thursday, October 16th. Piper Sandler reduced their price objective on Range Resources from $41.00 to $39.00 and set a “neutral” rating on the stock in a research note on Thursday, August 14th. Finally, Citigroup decreased their target price on Range Resources from $40.00 to $39.00 and set a “neutral” rating for the company in a report on Tuesday, September 23rd. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $41.95.

Range Resources Stock Up 0.6%

NYSE RRC opened at $38.25 on Friday. The company has a quick ratio of 0.55, a current ratio of 0.56 and a debt-to-equity ratio of 0.29. Range Resources Corporation has a fifty-two week low of $30.32 and a fifty-two week high of $43.50. The business has a 50 day moving average price of $36.80 and a two-hundred day moving average price of $37.17. The stock has a market cap of $9.06 billion, a PE ratio of 16.07, a P/E/G ratio of 0.39 and a beta of 0.49.

Range Resources (NYSE:RRC) last posted its earnings results on Tuesday, October 28th. The oil and gas exploration company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.03. The business had revenue of $655.30 million for the quarter, compared to analysts’ expectations of $721.22 million. Range Resources had a net margin of 19.64% and a return on equity of 15.99%. The business’s revenue for the quarter was up 21.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.48 earnings per share. As a group, sell-side analysts predict that Range Resources Corporation will post 2.02 EPS for the current fiscal year.

Range Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 12th were given a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Friday, September 12th. Range Resources’s dividend payout ratio is presently 15.13%.

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.