Geode Capital Management LLC increased its position in shares of Range Resources Co. (NYSE:RRC - Free Report) by 0.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,003,299 shares of the oil and gas exploration company's stock after acquiring an additional 35,344 shares during the period. Geode Capital Management LLC owned about 1.66% of Range Resources worth $123,174,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of RRC. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Range Resources by 13.2% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 7,912 shares of the oil and gas exploration company's stock valued at $265,000 after purchasing an additional 920 shares during the period. Assenagon Asset Management S.A. purchased a new position in Range Resources in the 2nd quarter valued at approximately $3,274,000. Raymond James & Associates grew its stake in shares of Range Resources by 4.5% in the second quarter. Raymond James & Associates now owns 249,652 shares of the oil and gas exploration company's stock worth $8,371,000 after acquiring an additional 10,775 shares in the last quarter. Fifth Third Bancorp raised its stake in shares of Range Resources by 21.2% in the second quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company's stock valued at $57,000 after acquiring an additional 299 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC purchased a new position in Range Resources in the second quarter valued at $266,000. 98.93% of the stock is currently owned by hedge funds and other institutional investors.
Range Resources Stock Performance
Shares of RRC stock traded down $1.23 during midday trading on Wednesday, hitting $32.92. The company had a trading volume of 1,518,923 shares, compared to its average volume of 2,320,738. The stock has a market cap of $7.94 billion, a price-to-earnings ratio of 16.63 and a beta of 1.85. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.54 and a quick ratio of 0.54. The company's 50 day simple moving average is $33.02 and its 200 day simple moving average is $32.34. Range Resources Co. has a 52-week low of $27.29 and a 52-week high of $39.33.
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 (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.16. The company had revenue of $615.03 million for the quarter, compared to analysts' expectations of $617.90 million. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. Range Resources's revenue was up .9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.43 EPS. Research analysts anticipate that Range Resources Co. will post 1.91 earnings per share for the current fiscal year.
Range Resources Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.32 dividend on an annualized basis and a yield of 0.97%. Range Resources's payout ratio is currently 16.16%.
Analyst Upgrades and Downgrades
Several brokerages have recently issued reports on RRC. Susquehanna decreased their price objective on Range Resources from $36.00 to $31.00 and set a "neutral" rating for the company in a research note on Wednesday, September 4th. Royal Bank of Canada raised their target price on shares of Range Resources from $35.00 to $40.00 and gave the company a "sector perform" rating in a report on Monday, November 25th. Citigroup boosted their price target on shares of Range Resources from $33.00 to $38.00 and gave the stock a "neutral" rating in a report on Friday, December 6th. Morgan Stanley reduced their price objective on shares of Range Resources from $33.00 to $31.00 and set an "underweight" rating on the stock in a report on Monday, September 16th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Range Resources from $37.00 to $31.00 and set an "underweight" rating for the company in a research note on Thursday, September 12th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $36.00.
Read Our Latest Stock Analysis on Range Resources
Insiders Place Their Bets
In other news, Director Charles G. Griffie acquired 1,275 shares of the business's stock in a transaction on Thursday, October 24th. The stock was bought at an average price of $31.46 per share, for a total transaction of $40,111.50. Following the transaction, the director now owns 5,921 shares in the company, valued at $186,274.66. This represents a 27.44 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Ashley Kavanaugh sold 12,700 shares of the company's stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $31.45, for a total transaction of $399,415.00. Following the transaction, the vice president now owns 9,670 shares of the company's stock, valued at approximately $304,121.50. The trade was a 56.77 % decrease in their position. The disclosure for this sale can be found here. 1.57% of the stock is owned by insiders.
Range Resources Company Profile
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Free Report)
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.
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