Assenagon Asset Management S.A. Makes New Investment in Range Resources Corporation $RRC

Assenagon Asset Management S.A. purchased a new stake in Range Resources Corporation (NYSE:RRC) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 1,072,593 shares of the oil and gas exploration company’s stock, valued at approximately $37,820,000. Assenagon Asset Management S.A. owned approximately 0.45% of Range Resources at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. True Wealth Design LLC grew its position in shares of Range Resources by 116.3% during the third quarter. True Wealth Design LLC now owns 1,006 shares of the oil and gas exploration company’s stock worth $38,000 after buying an additional 541 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in Range Resources by 49.6% in the third quarter. Smartleaf Asset Management LLC now owns 1,013 shares of the oil and gas exploration company’s stock valued at $38,000 after acquiring an additional 336 shares in the last quarter. Clearstead Advisors LLC raised its holdings in Range Resources by 439.5% in the third quarter. Clearstead Advisors LLC now owns 2,104 shares of the oil and gas exploration company’s stock valued at $79,000 after acquiring an additional 1,714 shares in the last quarter. MAI Capital Management purchased a new position in Range Resources in the second quarter worth approximately $87,000. Finally, Hantz Financial Services Inc. lifted its stake in Range Resources by 206.4% in the third quarter. Hantz Financial Services Inc. now owns 2,301 shares of the oil and gas exploration company’s stock worth $87,000 after acquiring an additional 1,550 shares during the last quarter. Hedge funds and other institutional investors own 98.93% of the company’s stock.

Range Resources Stock Up 1.3%

RRC stock opened at $46.56 on Thursday. The stock has a market cap of $10.96 billion, a P/E ratio of 16.99, a PEG ratio of 0.42 and a beta of 0.57. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.28. Range Resources Corporation has a twelve month low of $30.32 and a twelve month high of $46.69. The company’s 50 day moving average is $39.15 and its two-hundred day moving average is $37.52.

Range Resources (NYSE:RRC) last issued its earnings results on Tuesday, February 24th. The oil and gas exploration company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.13. The business 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% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.68 EPS. Research analysts expect that Range Resources Corporation will post 2.02 earnings per share for the current fiscal year.

Range Resources Increases Dividend

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

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Wells Fargo & Company increased their price objective on shares of Range Resources from $43.00 to $46.00 and gave the company an “equal weight” rating in a research report on Thursday, February 26th. Bank of America reaffirmed a “neutral” rating and set a $38.00 price objective (down from $44.00) on shares of Range Resources in a research report on Friday, January 16th. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $39.00 target price (down from $44.00) on shares of Range Resources in a research note on Monday, December 8th. Morgan Stanley dropped their target price on Range Resources from $42.00 to $40.00 and set an “equal weight” rating on the stock in a report on Friday, January 23rd. Finally, Weiss Ratings upgraded Range Resources from a “hold (c)” rating to a “buy (b)” rating in a research note on Friday, February 27th. Four investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average 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.