Mariner Investment Group LLC Acquires Shares of 35,000 Range Resources Co. (NYSE:RRC)

Mariner Investment Group LLC bought a new position in shares of Range Resources Co. (NYSE:RRC - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 35,000 shares of the oil and gas exploration company's stock, valued at approximately $1,077,000. Range Resources comprises approximately 0.3% of Mariner Investment Group LLC's investment portfolio, making the stock its 11th biggest position.

Other hedge funds have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its stake in Range Resources by 25.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 28,633,567 shares of the oil and gas exploration company's stock valued at $985,855,000 after acquiring an additional 5,759,883 shares during the last quarter. Vanguard Group Inc. grew its holdings in Range Resources by 4.1% during the first quarter. Vanguard Group Inc. now owns 24,490,639 shares of the oil and gas exploration company's stock worth $843,213,000 after purchasing an additional 959,011 shares during the period. Boston Partners increased its position in Range Resources by 2.1% during the first quarter. Boston Partners now owns 6,531,086 shares of the oil and gas exploration company's stock worth $224,912,000 after buying an additional 133,565 shares during the last quarter. Lingotto Investment Management LLP raised its stake in Range Resources by 1.5% in the second quarter. Lingotto Investment Management LLP now owns 6,451,726 shares of the oil and gas exploration company's stock valued at $216,326,000 after buying an additional 93,782 shares during the period. Finally, KGH Ltd lifted its position in shares of Range Resources by 3.2% in the second quarter. KGH Ltd now owns 6,080,000 shares of the oil and gas exploration company's stock valued at $203,862,000 after buying an additional 190,000 shares during the last quarter. Institutional investors own 98.93% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Jefferies Financial Group increased their price target on Range Resources from $34.00 to $35.00 and gave the company a "hold" rating in a research note on Monday, July 8th. Scotiabank raised shares of Range Resources from a "sector perform" rating to a "sector outperform" rating and set a $45.00 target price for the company in a report on Tuesday, August 20th. Piper Sandler cut shares of Range Resources from an "overweight" rating to a "neutral" rating and lowered their price target for the company from $43.00 to $31.00 in a report on Thursday, August 15th. The Goldman Sachs Group reduced their price objective on Range Resources from $40.00 to $35.00 and set a "neutral" rating for the company in a report on Friday, September 6th. Finally, Wells Fargo & Company dropped their price target on Range Resources from $39.00 to $38.00 and set an "equal weight" rating for the company in a report on Friday, October 25th. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $35.00.

Insider Transactions at Range Resources

In related news, Director Charles G. Griffie acquired 1,275 shares of the firm's stock in a transaction that occurred on Thursday, October 24th. The stock was acquired at an average cost of $31.46 per share, for a total transaction of $40,111.50. Following the completion of the acquisition, the director now directly owns 5,921 shares of the company's stock, valued at approximately $186,274.66. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. In other Range Resources news, VP Ashley Kavanaugh sold 12,700 shares of the company's stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $31.45, for a total transaction of $399,415.00. Following the sale, the vice president now owns 9,670 shares of the company's stock, valued at approximately $304,121.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Charles G. Griffie purchased 1,275 shares of the firm's stock in a transaction on Thursday, October 24th. The shares were acquired at an average price of $31.46 per share, with a total value of $40,111.50. Following the completion of the acquisition, the director now owns 5,921 shares in the company, valued at approximately $186,274.66. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 1.57% of the company's stock.

Range Resources Price Performance

NYSE RRC traded up $0.74 during trading on Monday, hitting $30.56. 1,928,260 shares of the company's stock were exchanged, compared to its average volume of 2,369,795. The company has a market cap of $7.37 billion, a PE ratio of 15.43 and a beta of 1.80. 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 Co. has a fifty-two week low of $27.29 and a fifty-two week high of $39.33. The stock's 50 day moving average price is $30.24 and its two-hundred day moving average price is $32.82.

Range Resources (NYSE:RRC - Get Free Report) last issued its earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share for the quarter, beating 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 analyst estimates of $617.90 million. During the same quarter last year, the business posted $0.43 earnings per share. The company's quarterly revenue was up .9% on a year-over-year basis. Research analysts expect that Range Resources Co. will post 1.87 EPS for the current year.

Range Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date of this dividend was Friday, September 13th. Range Resources's payout ratio is 16.16%.

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.