KLP Kapitalforvaltning AS Buys New Position in Range Resources Co. (NYSE:RRC)

KLP Kapitalforvaltning AS bought a new stake in Range Resources Co. (NYSE:RRC - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 49,900 shares of the oil and gas exploration company's stock, valued at approximately $1,795,000.

Other hedge funds have also modified their holdings of the company. Brooklyn Investment Group acquired a new stake in Range Resources in the third quarter valued at approximately $25,000. Smartleaf Asset Management LLC boosted its stake in shares of Range Resources by 87.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,012 shares of the oil and gas exploration company's stock valued at $37,000 after purchasing an additional 471 shares during the period. UMB Bank n.a. boosted its stake in shares of Range Resources by 59.0% in the fourth quarter. UMB Bank n.a. now owns 1,148 shares of the oil and gas exploration company's stock valued at $41,000 after purchasing an additional 426 shares during the period. Geneos Wealth Management Inc. acquired a new stake in Range Resources during the 4th quarter valued at $46,000. Finally, Versant Capital Management Inc increased its stake in Range Resources by 42.8% during the 4th quarter. Versant Capital Management Inc now owns 1,544 shares of the oil and gas exploration company's stock worth $56,000 after buying an additional 463 shares during the period. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Range Resources Stock Performance

NYSE RRC traded up $0.28 during trading hours on Tuesday, hitting $40.21. The company had a trading volume of 2,403,948 shares, compared to its average volume of 2,356,530. Range Resources Co. has a fifty-two week low of $27.29 and a fifty-two week high of $41.95. The firm has a market cap of $9.70 billion, a P/E ratio of 20.31, a price-to-earnings-growth ratio of 5.11 and a beta of 1.80. 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 business has a fifty day simple moving average of $38.48 and a 200-day simple moving average of $35.37.

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Range Resources (NYSE:RRC - Get Free Report) last released its quarterly earnings data on Tuesday, February 25th. The oil and gas exploration company reported $0.68 earnings per share for the quarter, topping analysts' consensus estimates of $0.55 by $0.13. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. The business had revenue of $626.42 million for the quarter, compared to analysts' expectations of $676.53 million. During the same quarter last year, the company earned $0.63 EPS. Equities analysts predict that Range Resources Co. will post 2.02 EPS for the current year.

Range Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 0.90%. This is a positive change from Range Resources's previous quarterly dividend of $0.08. The ex-dividend date was Friday, March 14th. Range Resources's dividend payout ratio is 32.73%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on RRC. StockNews.com raised shares of Range Resources from a "sell" rating to a "hold" rating in a research report on Thursday, March 27th. Bank of America raised Range Resources from a "neutral" rating to a "buy" rating and increased their price target for the company from $34.00 to $45.00 in a report on Monday, January 13th. Stephens lifted their price objective on Range Resources from $43.00 to $44.00 and gave the stock an "overweight" rating in a report on Wednesday, February 26th. Raymond James upped their target price on Range Resources from $46.00 to $55.00 and gave the company an "outperform" rating in a research report on Monday. Finally, Piper Sandler raised their price target on shares of Range Resources from $32.00 to $33.00 and gave the stock a "neutral" rating in a research report on Thursday, March 6th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $41.60.

Range Resources Company 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.