Fifth Third Bancorp Buys 93,069 Shares of Range Resources Corporation $RRC

Fifth Third Bancorp raised its stake in Range Resources Corporation (NYSE:RRC) by 4,600.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 95,092 shares of the oil and gas exploration company’s stock after buying an additional 93,069 shares during the period. Fifth Third Bancorp’s holdings in Range Resources were worth $4,296,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Empowered Funds LLC increased its holdings in Range Resources by 2.1% in the first quarter. Empowered Funds LLC now owns 75,851 shares of the oil and gas exploration company’s stock valued at $3,029,000 after purchasing an additional 1,563 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Range Resources by 1.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 466,796 shares of the oil and gas exploration company’s stock worth $18,639,000 after acquiring an additional 8,816 shares in the last quarter. Focus Partners Wealth bought a new position in shares of Range Resources in the first quarter valued at $285,000. EverSource Wealth Advisors LLC lifted its position in Range Resources by 63.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,932 shares of the oil and gas exploration company’s stock valued at $119,000 after acquiring an additional 1,139 shares in the last quarter. Finally, California Public Employees Retirement System raised its position in Range Resources by 8.0% in the 2nd quarter. California Public Employees Retirement System now owns 410,651 shares of the oil and gas exploration company’s stock valued at $16,701,000 after buying an additional 30,481 shares during the last quarter. 98.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Citigroup cut their price objective on Range Resources from $50.00 to $45.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 14th. Weiss Ratings cut Range Resources from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, June 2nd. Freedom Capital upgraded shares of Range Resources from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 24th. Zacks Research lowered Range Resources from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. Finally, Morgan Stanley lowered their target price on shares of Range Resources from $50.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Monday, June 29th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $43.00.

Range Resources Price Performance

RRC opened at $36.74 on Friday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.55 and a current ratio of 0.55. Range Resources Corporation has a 52-week low of $32.60 and a 52-week high of $48.31. The stock has a market capitalization of $8.66 billion, a PE ratio of 9.72 and a beta of 0.41. The stock’s 50 day moving average price is $38.56 and its 200-day moving average price is $39.33.

Range Resources (NYSE:RRC) last announced its earnings results on Tuesday, April 21st. The oil and gas exploration company reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.27. Range Resources had a net margin of 26.09% and a return on equity of 18.64%. The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $898.20 million. During the same quarter in the previous year, the firm posted $0.96 EPS. The company’s revenue for the quarter was up 49.8% compared to the same quarter last year. On average, equities research analysts predict that Range Resources Corporation will post 3.46 EPS for the current year.

Range Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 12th were issued a dividend of $0.10 per share. The ex-dividend date was Friday, June 12th. This represents a $0.40 annualized dividend and a dividend yield of 1.1%. Range Resources’s dividend payout ratio (DPR) is presently 10.58%.

Range Resources Company 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.