Congress Asset Management Co. Increases Position in Range Resources Corporation $RRC

Congress Asset Management Co. lifted its stake in Range Resources Corporation (NYSE:RRC) by 13.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 614,071 shares of the oil and gas exploration company’s stock after acquiring an additional 74,786 shares during the period. Congress Asset Management Co. owned 0.26% of Range Resources worth $21,652,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in Range Resources by 3.3% in 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 last quarter. Boston Partners lifted its position in shares of Range Resources by 59.3% during the third quarter. Boston Partners now owns 11,817,550 shares of the oil and gas exploration company’s stock valued at $445,196,000 after buying an additional 4,398,042 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Range Resources by 7.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 8,291,202 shares of the oil and gas exploration company’s stock valued at $312,075,000 after buying an additional 608,274 shares in the last quarter. Lingotto Investment Management LLP boosted its holdings in shares of Range Resources by 2.0% in 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 in the last quarter. Finally, Invesco Ltd. grew its position 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. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Range Resources Stock Performance

Shares of Range Resources stock opened at $45.97 on Wednesday. The company has a 50 day moving average price of $38.89 and a 200 day moving average price of $37.45. The firm has a market capitalization of $10.82 billion, a P/E ratio of 16.78, a PEG ratio of 0.41 and a beta of 0.57. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.28. Range Resources Corporation has a 52 week low of $30.32 and a 52 week high of $46.19.

Range Resources (NYSE:RRC) last issued its quarterly earnings results on Tuesday, February 24th. The oil and gas exploration company reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.13. The business had revenue of $786.89 million for the quarter, compared to analyst estimates of $770.92 million. Range Resources had a net margin of 21.12% and a return on equity of 16.31%. Range Resources’s revenue for the quarter was up 30.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.68 EPS. Sell-side analysts expect that Range Resources Corporation will post 2.02 EPS for the current year.

Range Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, March 13th. This is a positive change from Range Resources’s previous quarterly dividend of $0.09. Range Resources’s payout ratio is currently 14.60%.

Analyst Ratings Changes

Several research analysts recently commented on RRC shares. Mizuho boosted their price objective on shares of Range Resources from $46.00 to $48.00 and gave the stock an “outperform” rating in a research note on Friday, December 12th. Weiss Ratings upgraded shares of Range Resources from a “hold (c)” rating to a “buy (b)” rating in a research note on Friday, February 27th. Morgan Stanley cut their price target on shares of Range Resources from $42.00 to $40.00 and set an “equal weight” rating on the stock in a report on Friday, January 23rd. Bank of America reaffirmed a “neutral” rating and set a $38.00 price target (down from $44.00) on shares of Range Resources in a research report on Friday, January 16th. Finally, Citigroup increased their price objective on Range Resources from $36.00 to $43.00 and gave the company a “neutral” rating in a report on Thursday, March 5th. Four equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $42.76.

Range Resources Profile

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.