HITE Hedge Asset Management LLC Buys Shares of 374,108 Range Resources Co. (NYSE:RRC)

HITE Hedge Asset Management LLC bought a new stake in Range Resources Co. (NYSE:RRC - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 374,108 shares of the oil and gas exploration company's stock, valued at approximately $11,508,000. Range Resources accounts for about 1.3% of HITE Hedge Asset Management LLC's portfolio, making the stock its 28th largest position. HITE Hedge Asset Management LLC owned 0.16% of Range Resources as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brooklyn Investment Group purchased a new stake in Range Resources during the 3rd quarter valued at about $25,000. Blue Trust Inc. increased 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 acquired a new position in Range Resources in the 3rd quarter worth approximately $49,000. Fifth Third Bancorp raised its position in Range Resources by 21.2% during 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, Perkins Coie Trust Co acquired a new stake in Range Resources during the 2nd quarter valued at approximately $67,000. Hedge funds and other institutional investors own 98.93% of the company's stock.

Insider Buying and Selling at Range Resources

In other news, VP Ashley Kavanaugh sold 12,700 shares of the company'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 transaction, the vice president now directly owns 9,670 shares in the company, valued at approximately $304,121.50. This 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 bought 1,275 shares of the company's stock in a transaction that occurred on Thursday, October 24th. The stock was bought at an average price of $31.46 per share, with a total value of $40,111.50. Following the acquisition, 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 position. The disclosure for this purchase can be found here. 2.50% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on RRC shares. Benchmark reiterated a "hold" rating on shares of Range Resources in a research note on Wednesday, October 23rd. Piper Sandler cut their price target on Range Resources from $31.00 to $30.00 and set a "neutral" rating on the stock in a research report on Monday, November 18th. Barclays raised Range Resources from an "underweight" rating to an "equal weight" rating and decreased their price objective for the company from $35.00 to $34.00 in a report on Wednesday, October 2nd. Wells Fargo & Company dropped their target price on Range Resources from $39.00 to $38.00 and set an "equal weight" rating on the stock in a report on Friday, October 25th. Finally, Royal Bank of Canada upped their price objective on shares of Range Resources from $35.00 to $40.00 and gave the stock a "sector perform" rating in a research report on Monday, November 25th. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, Range Resources currently has a consensus rating of "Hold" and an average price target of $35.00.

Range Resources Price Performance

RRC traded up $0.23 on Tuesday, hitting $35.14. 1,436,494 shares of the company's stock were exchanged, compared to its average volume of 2,341,872. Range Resources Co. has a fifty-two week low of $27.29 and a fifty-two week high of $39.33. The stock has a market cap of $8.48 billion, a price-to-earnings ratio of 17.75 and a beta of 1.85. The firm has a 50-day moving average price of $32.26 and a 200-day moving average price of $32.50. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.28.

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 earnings per share for the quarter, topping analysts' consensus estimates of $0.32 by $0.16. The firm had revenue of $615.03 million for the quarter, compared to analyst estimates of $617.90 million. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. Range Resources's quarterly revenue was up .9% on a year-over-year basis. During the same period in the previous year, the business posted $0.43 earnings per share. As a group, equities analysts anticipate that Range Resources Co. will post 1.9 earnings per share for the current year.

Range Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.91%. The ex-dividend date of this dividend is Friday, December 13th. Range Resources's dividend payout ratio (DPR) is presently 16.16%.

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.