Range Resources Co. (NYSE:RRC) Sees Large Drop in Short Interest

Range Resources Co. (NYSE:RRC - Get Free Report) was the recipient of a significant decrease in short interest in the month of January. As of January 31st, there was short interest totalling 10,990,000 shares, a decrease of 24.9% from the January 15th total of 14,640,000 shares. Based on an average daily volume of 2,320,000 shares, the short-interest ratio is presently 4.7 days. Approximately 4.6% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on RRC shares. Wolfe Research upgraded Range Resources from a "peer perform" rating to an "outperform" rating and set a $42.00 price objective for the company in a research report on Friday, January 3rd. Citigroup increased their price objective on Range Resources from $33.00 to $38.00 and gave the company a "neutral" rating in a research report on Friday, December 6th. Stephens increased their price objective on Range Resources from $39.00 to $43.00 and gave the company an "overweight" rating in a research report on Wednesday, January 29th. Bank of America upgraded Range Resources from a "neutral" rating to a "buy" rating and increased their price objective for the company from $34.00 to $45.00 in a research report on Monday, January 13th. Finally, Piper Sandler increased their price objective on Range Resources from $30.00 to $32.00 and gave the company a "neutral" rating in a research report on Wednesday, January 29th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Range Resources presently has an average rating of "Hold" and an average price target of $38.78.

Institutional Trading of Range Resources

Several hedge funds and other institutional investors have recently modified their holdings of RRC. JPMorgan Chase & Co. raised its holdings in Range Resources by 61.9% during the third quarter. JPMorgan Chase & Co. now owns 1,579,579 shares of the oil and gas exploration company's stock valued at $48,588,000 after buying an additional 604,199 shares in the last quarter. HITE Hedge Asset Management LLC acquired a new stake in Range Resources during the third quarter worth about $11,508,000. Calamos Advisors LLC acquired a new stake in Range Resources during the fourth quarter valued at approximately $567,000. Radnor Capital Management LLC grew its stake in shares of Range Resources by 156.2% in the 4th quarter. Radnor Capital Management LLC now owns 42,993 shares of the oil and gas exploration company's stock valued at $1,547,000 after purchasing an additional 26,213 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Range Resources by 4.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,017,704 shares of the oil and gas exploration company's stock valued at $62,065,000 after purchasing an additional 92,217 shares during the period. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Range Resources Stock Up 0.8 %

Shares of NYSE:RRC traded up $0.31 during midday trading on Tuesday, hitting $38.98. 2,047,262 shares of the stock were exchanged, compared to its average volume of 2,606,570. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.54 and a current ratio of 0.54. Range Resources has a 52-week low of $27.29 and a 52-week high of $41.95. The business's fifty day simple moving average is $37.36 and its two-hundred day simple moving average is $33.48. The company has a market capitalization of $9.41 billion, a PE ratio of 19.69 and a beta of 1.77.

Range Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 13th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.32 annualized dividend and a dividend yield of 0.82%. Range Resources's dividend payout ratio is 16.16%.

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.