DAVENPORT & Co LLC Acquires Shares of 298,460 Range Resources Corporation $RRC

DAVENPORT & Co LLC bought a new position in shares of Range Resources Corporation (NYSE:RRC) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 298,460 shares of the oil and gas exploration company’s stock, valued at approximately $10,524,000. DAVENPORT & Co LLC owned approximately 0.13% of Range Resources at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. CWA Asset Management Group LLC lifted its stake in shares of Range Resources by 43.5% in the third quarter. CWA Asset Management Group LLC now owns 388,569 shares of the oil and gas exploration company’s stock worth $14,626,000 after acquiring an additional 117,722 shares in the last quarter. Oppenheimer & Co. Inc. boosted its holdings in Range Resources by 753.5% in the third quarter. Oppenheimer & Co. Inc. now owns 90,179 shares of the oil and gas exploration company’s stock valued at $3,394,000 after purchasing an additional 79,613 shares during the last quarter. Citigroup Inc. grew its stake in Range Resources by 71.0% during the 3rd quarter. Citigroup Inc. now owns 307,604 shares of the oil and gas exploration company’s stock valued at $11,578,000 after purchasing an additional 127,753 shares in the last quarter. Congress Asset Management Co. increased its holdings in Range Resources by 12.1% during the 3rd quarter. Congress Asset Management Co. now owns 539,285 shares of the oil and gas exploration company’s stock worth $20,299,000 after purchasing an additional 58,335 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in Range Resources by 48.3% during the 3rd quarter. Envestnet Asset Management Inc. now owns 135,125 shares of the oil and gas exploration company’s stock worth $5,086,000 after purchasing an additional 44,004 shares during the last quarter. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on RRC. JPMorgan Chase & Co. restated an “underweight” rating and issued a $39.00 price target (down from $44.00) on shares of Range Resources in a research note on Monday, December 8th. 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 note on Thursday, February 26th. TD Cowen boosted their target price on shares of Range Resources from $40.00 to $45.00 and gave the stock a “hold” rating in a research report on Tuesday, March 17th. Bank of America restated a “neutral” rating and issued a $38.00 target price (down from $44.00) on shares of Range Resources in a research note on Friday, January 16th. Finally, Mizuho increased their price target on shares of Range Resources from $46.00 to $48.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. Four equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $42.76.

Range Resources Stock Up 1.3%

RRC stock opened at $46.56 on Thursday. The firm has a market cap of $10.96 billion, a price-to-earnings ratio of 16.99, a PEG ratio of 0.42 and a beta of 0.57. Range Resources Corporation has a 1-year low of $30.32 and a 1-year high of $46.69. The firm has a fifty day moving average price of $39.15 and a two-hundred day moving average price of $37.52. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.67 and a quick ratio of 0.67.

Range Resources (NYSE:RRC) last posted its quarterly earnings results 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. Range Resources had a net margin of 21.12% and a return on equity of 16.31%. The company had revenue of $786.89 million for the quarter, compared to the consensus estimate of $770.92 million. During the same period last year, the firm posted $0.68 EPS. The company’s revenue for the quarter was up 30.9% on a year-over-year basis. Research analysts predict 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. Shareholders of record on Friday, March 13th will be given a $0.10 dividend. This is a positive change from Range Resources’s previous quarterly dividend of $0.09. The ex-dividend date is Friday, March 13th. This represents a $0.40 annualized dividend and a yield of 0.9%. Range Resources’s payout ratio is currently 14.60%.

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.