HITE Hedge Asset Management LLC Takes $11.51 Million Position in Range Resources Co. (NYSE:RRC)

HITE Hedge Asset Management LLC acquired a new stake in shares of Range Resources Co. (NYSE:RRC - Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 374,108 shares of the oil and gas exploration company's stock, valued at approximately $11,508,000. Range Resources comprises 1.3% of HITE Hedge Asset Management LLC's portfolio, making the stock its 28th biggest holding. HITE Hedge Asset Management LLC owned 0.16% of Range Resources at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. William Blair Investment Management LLC purchased a new stake in Range Resources during the second quarter valued at approximately $78,223,000. Canoe Financial LP lifted its position in shares of Range Resources by 114.9% during the 3rd quarter. Canoe Financial LP now owns 2,660,309 shares of the oil and gas exploration company's stock valued at $81,299,000 after buying an additional 1,422,200 shares in the last quarter. Verition Fund Management LLC grew its stake in shares of Range Resources by 379.3% during the 3rd quarter. Verition Fund Management LLC now owns 409,427 shares of the oil and gas exploration company's stock valued at $12,594,000 after acquiring an additional 324,011 shares during the period. Sagefield Capital LP raised its stake in Range Resources by 44.8% during the 2nd quarter. Sagefield Capital LP now owns 906,886 shares of the oil and gas exploration company's stock worth $30,408,000 after acquiring an additional 280,452 shares during the period. Finally, Vaughan Nelson Investment Management L.P. boosted its position in shares of Range Resources by 26.2% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,186,310 shares of the oil and gas exploration company's stock worth $39,777,000 after purchasing an additional 246,172 shares during the period. Hedge funds and other institutional investors own 98.93% of the company's stock.

Insider Buying and Selling

In other news, VP Ashley Kavanaugh sold 12,700 shares of Range Resources stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $31.45, for a total value of $399,415.00. Following the transaction, the vice president now directly owns 9,670 shares in the company, valued at approximately $304,121.50. This trade represents a 56.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Charles G. Griffie acquired 1,275 shares of the firm's stock in a transaction that occurred on Thursday, October 24th. The shares were bought at an average price of $31.46 per share, with a total value of $40,111.50. Following the completion of the purchase, the director now directly owns 5,921 shares in the company, valued at $186,274.66. The trade was a 27.44 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.50% of the stock is owned by insiders.

Range Resources Trading Up 0.7 %

NYSE:RRC traded up $0.23 during mid-day trading on Tuesday, hitting $35.14. 1,436,494 shares of the stock traded hands, compared to its average volume of 2,341,872. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $8.48 billion, a price-to-earnings ratio of 17.75 and a beta of 1.85. Range Resources Co. has a 52 week low of $27.29 and a 52 week high of $39.33. The firm's 50 day moving average is $32.26 and its two-hundred day moving average is $32.50.

Range Resources (NYSE:RRC - Get Free Report) last posted its quarterly earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 EPS for the quarter, topping analysts' consensus estimates of $0.32 by $0.16. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. The firm had revenue of $615.03 million for the quarter, compared to analysts' expectations of $617.90 million. During the same period in the prior year, the business posted $0.43 earnings per share. The business's revenue for the quarter was up .9% on a year-over-year basis. On average, equities research analysts predict that Range Resources Co. will post 1.9 earnings per share for the current year.

Range Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be issued a $0.08 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.32 annualized dividend and a dividend yield of 0.91%. Range Resources's payout ratio is currently 16.16%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Scotiabank raised Range Resources from a "sector perform" rating to a "sector outperform" rating and set a $45.00 target price on the stock in a research note on Tuesday, August 20th. Mizuho lowered their target price on shares of Range Resources from $45.00 to $40.00 and set an "outperform" rating on the stock in a report on Wednesday, October 9th. JPMorgan Chase & Co. cut their target price on shares of Range Resources from $37.00 to $31.00 and set an "underweight" rating for the company in a research note on Thursday, September 12th. Bank of America assumed coverage on shares of Range Resources in a research note on Monday, October 28th. They issued a "neutral" rating and a $34.00 price target on the stock. Finally, UBS Group cut their price objective on Range Resources from $30.00 to $27.00 and set a "sell" rating for the company in a research report on Wednesday, September 18th. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $35.00.

Range Resources Profile

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), crude oil, and condensate company in the United States. The company engages in the exploration, development, and acquisition of natural gas and crude oil properties located in the Appalachian region. It sells natural gas to utilities, marketing and midstream companies, and industrial users; NGLs to petrochemical end users, marketers/traders, and natural gas processors; and oil and condensate to crude oil processors, transporters, and refining and marketing companies.