Range Resources Corporation $RRC Stock Position Raised by Bank of New York Mellon Corp

Bank of New York Mellon Corp lifted its stake in shares of Range Resources Corporation (NYSE:RRC) by 1.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,962,499 shares of the oil and gas exploration company’s stock after purchasing an additional 22,278 shares during the period. Bank of New York Mellon Corp owned approximately 0.83% of Range Resources worth $88,666,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Los Angeles Capital Management LLC purchased a new position in Range Resources in the 4th quarter worth about $34,000. Root Financial Partners LLC lifted its stake in Range Resources by 37.8% during the first quarter. Root Financial Partners LLC now owns 1,006 shares of the oil and gas exploration company’s stock valued at $45,000 after buying an additional 276 shares in the last quarter. SBI Okasan Asset Management Co.Ltd. purchased a new stake in Range Resources during the fourth quarter valued at about $57,000. Basepoint Wealth LLC acquired a new position in shares of Range Resources in the fourth quarter worth about $61,000. Finally, International Assets Investment Management LLC acquired a new position in shares of Range Resources in the fourth quarter worth about $71,000. 98.93% of the stock is owned by hedge funds and other institutional investors.

Range Resources Stock Performance

Shares of RRC opened at $37.70 on Wednesday. The company’s 50 day moving average price is $38.40 and its 200 day moving average price is $39.38. Range Resources Corporation has a 52 week low of $32.60 and a 52 week high of $48.31. The company has a market capitalization of $8.88 billion, a PE ratio of 9.97 and a beta of 0.41. 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 (NYSE:RRC) last released its quarterly earnings data on Tuesday, April 21st. The oil and gas exploration company reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.27. The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $898.20 million. Range Resources had a net margin of 26.09% and a return on equity of 18.64%. The company’s revenue for the quarter was up 49.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.96 EPS. Research analysts expect that Range Resources Corporation will post 3.46 EPS for the current fiscal year.

Range Resources Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Zacks Research downgraded shares of Range Resources from a “hold” rating to a “strong sell” rating in a research report on Monday, July 13th. Citigroup lowered their price objective on shares of Range Resources from $50.00 to $45.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 14th. Stephens cut their target price on shares of Range Resources from $53.00 to $52.00 and set an “overweight” rating on the stock in a research note on Friday, July 10th. Susquehanna reduced their target price on Range Resources from $45.00 to $41.00 and set a “neutral” rating for the company in a report on Tuesday. Finally, Bank of America raised their target price on Range Resources from $38.00 to $44.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $43.12.

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.