Citigroup Inc. Raises Stock Holdings in Range Resources Corporation $RRC

Citigroup Inc. grew its stake in shares of Range Resources Corporation (NYSE:RRC) by 71.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 307,604 shares of the oil and gas exploration company’s stock after acquiring an additional 127,753 shares during the quarter. Citigroup Inc. owned about 0.13% of Range Resources worth $11,578,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Range Resources by 3.3% during the third quarter. Vanguard Group Inc. now owns 24,851,886 shares of the oil and gas exploration company’s stock valued at $935,425,000 after purchasing an additional 799,574 shares during the period. Boston Partners lifted its holdings in shares of Range Resources by 6.1% during the 2nd quarter. Boston Partners now owns 7,419,508 shares of the oil and gas exploration company’s stock valued at $301,133,000 after buying an additional 425,704 shares during the period. Lingotto Investment Management LLP lifted its holdings in shares of Range Resources by 2.0% during the 2nd quarter. Lingotto Investment Management LLP now owns 7,161,614 shares of the oil and gas exploration company’s stock valued at $291,263,000 after buying an additional 138,877 shares during the period. Invesco Ltd. boosted its stake in shares of Range Resources by 230.1% in the 2nd quarter. Invesco Ltd. now owns 4,785,940 shares of the oil and gas exploration company’s stock worth $194,644,000 after buying an additional 3,336,299 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of Range Resources by 4.8% in the third quarter. JPMorgan Chase & Co. now owns 3,442,223 shares of the oil and gas exploration company’s stock worth $129,565,000 after acquiring an additional 157,387 shares during the period. 98.93% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on RRC shares. Piper Sandler lowered their target price on Range Resources from $39.00 to $37.00 and set a “neutral” rating on the stock in a report on Tuesday, November 18th. Royal Bank Of Canada lowered their price objective on shares of Range Resources from $46.00 to $44.00 and set a “sector perform” rating on the stock in a research note on Wednesday, January 14th. Morgan Stanley cut their target price on shares of Range Resources from $42.00 to $40.00 and set an “equal weight” rating for the company in a research report on Friday, January 23rd. Citigroup reduced their target price on shares of Range Resources from $39.00 to $36.00 and set a “neutral” rating for the company in a report on Monday, January 12th. Finally, JPMorgan Chase & Co. reiterated an “underweight” rating and set a $39.00 price target (down from $44.00) on shares of Range Resources in a research note on Monday, December 8th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Range Resources currently has a consensus rating of “Hold” and an average target price of $41.29.

Range Resources Price Performance

NYSE RRC opened at $41.29 on Friday. The company has a current ratio of 0.67, a quick ratio of 0.56 and a debt-to-equity ratio of 0.28. Range Resources Corporation has a 12 month low of $30.32 and a 12 month high of $43.50. The stock has a market cap of $9.72 billion, a price-to-earnings ratio of 15.07, a PEG ratio of 0.38 and a beta of 0.58. The company’s 50 day moving average is $36.14 and its two-hundred day moving average is $36.36.

Range Resources (NYSE:RRC) last announced its quarterly earnings data on Tuesday, February 24th. The oil and gas exploration company reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.13. The firm had revenue of $786.89 million during the quarter, compared to analysts’ expectations of $770.92 million. Range Resources had a net margin of 21.12% and a return on equity of 16.31%. The company’s revenue for the quarter was up 30.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.68 earnings per share. As a group, research analysts anticipate that Range Resources Corporation will post 2.02 earnings per share for the current year.

About Range Resources

Range Resources Corporation, headquartered in Fort Worth, Texas, is an independent energy company engaged in the exploration, development and production of natural gas, oil and natural gas liquids. The company focuses its core operations on the Appalachian Basin, with a significant presence in Pennsylvania’s Marcellus Shale. Through its drilling and completion activities, Range Resources seeks to optimize production efficiency while maintaining a disciplined approach to capital allocation and cost management.

The company’s technical expertise centers on advanced horizontal drilling and hydraulic fracturing techniques, which it applies to unlock unconventional resources.