Castleark Management LLC Makes New $1.62 Million Investment in Range Resources Co. (NYSE:RRC)

Castleark Management LLC purchased a new stake in shares of Range Resources Co. (NYSE:RRC - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 52,780 shares of the oil and gas exploration company's stock, valued at approximately $1,624,000.

A number of other large investors have also added to or reduced their stakes in the company. Brooklyn Investment Group purchased a new stake in shares of Range Resources during the third quarter worth about $25,000. Blue Trust Inc. lifted its holdings in Range Resources by 107.8% in the 3rd quarter. Blue Trust Inc. now owns 1,359 shares of the oil and gas exploration company's stock worth $46,000 after buying an additional 705 shares during the period. Bogart Wealth LLC purchased a new stake in Range Resources in the 3rd quarter worth approximately $49,000. Fifth Third Bancorp grew its position in shares of Range Resources by 21.2% in the 2nd quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company's stock worth $57,000 after buying an additional 299 shares during the last quarter. Finally, International Assets Investment Management LLC purchased a new position in shares of Range Resources during the second quarter valued at approximately $67,000. Institutional investors own 98.93% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on RRC. Bank of America assumed coverage on Range Resources in a research note on Monday, October 28th. They issued a "neutral" rating and a $34.00 price target for the company. StockNews.com raised shares of Range Resources to a "sell" rating in a research note on Wednesday, November 27th. Piper Sandler decreased their price target on shares of Range Resources from $31.00 to $30.00 and set a "neutral" rating for the company in a research note on Monday, November 18th. Royal Bank of Canada raised their price objective on shares of Range Resources from $35.00 to $40.00 and gave the stock a "sector perform" rating in a report on Monday, November 25th. Finally, UBS Group decreased their target price 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 equities research 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's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $35.06.

Range Resources Stock Down 2.2 %

Range Resources stock traded down $0.75 during trading hours on Friday, hitting $33.75. The stock had a trading volume of 2,005,348 shares, compared to its average volume of 1,916,271. The stock's 50-day moving average price is $32.57 and its 200-day moving average price is $32.44. The stock has a market capitalization of $8.14 billion, a P/E ratio of 17.05 and a beta of 1.85. Range Resources Co. has a 12-month low of $27.29 and a 12-month high of $39.33. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.28.

Range Resources (NYSE:RRC - Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share 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 company had revenue of $615.03 million during the quarter, compared to analyst estimates of $617.90 million. During the same period in the previous year, the business earned $0.43 EPS. The firm's revenue for the quarter was up .9% on a year-over-year basis. Equities research analysts anticipate that Range Resources Co. will post 1.9 EPS for the current fiscal year.

Range Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be given a dividend of $0.08 per share. The ex-dividend date is Friday, December 13th. This represents a $0.32 annualized dividend and a dividend yield of 0.95%. Range Resources's dividend payout ratio (DPR) is presently 16.16%.

Insider Buying and Selling

In related news, VP Ashley Kavanaugh sold 12,700 shares of the firm's stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $31.45, for a total value of $399,415.00. Following the sale, the vice president now owns 9,670 shares in the company, valued at approximately $304,121.50. This trade represents a 56.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Charles G. Griffie bought 1,275 shares of the firm's stock in a transaction 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 owns 5,921 shares in the company, valued at approximately $186,274.66. The trade was a 27.44 % increase in their position. The disclosure for this purchase can be found here. 1.57% of the stock is owned by corporate insiders.

About Range Resources

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.