Raymond James Financial Inc. Takes Position in Range Resources Co. (NYSE:RRC)

Raymond James Financial Inc. purchased a new stake in Range Resources Co. (NYSE:RRC - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 363,767 shares of the oil and gas exploration company's stock, valued at approximately $13,088,000. Raymond James Financial Inc. owned approximately 0.15% of Range Resources as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. JPMorgan Chase & Co. boosted its position 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 worth $48,588,000 after purchasing an additional 604,199 shares during the period. HITE Hedge Asset Management LLC acquired a new position in shares of Range Resources in the third quarter valued at $11,508,000. Verition Fund Management LLC raised its stake in shares of Range Resources by 379.3% in the third quarter. Verition Fund Management LLC now owns 409,427 shares of the oil and gas exploration company's stock valued at $12,594,000 after purchasing an additional 324,011 shares in the last quarter. Canoe Financial LP raised its stake in Range Resources by 9.4% during the fourth quarter. Canoe Financial LP now owns 2,911,509 shares of the oil and gas exploration company's stock worth $104,595,000 after acquiring an additional 251,200 shares in the last quarter. Finally, Lingotto Investment Management LLP raised its stake in Range Resources by 2.5% during the fourth quarter. Lingotto Investment Management LLP now owns 6,864,038 shares of the oil and gas exploration company's stock worth $246,968,000 after acquiring an additional 165,242 shares in the last quarter. Institutional investors own 98.93% of the company's stock.

Remove Ads

Analysts Set New Price Targets

RRC has been the topic of several research analyst reports. Scotiabank cut Range Resources from a "sector outperform" rating to a "sector perform" rating and set a $45.00 target price on the stock. in a report on Friday, January 17th. Stephens raised their target price on Range Resources from $43.00 to $44.00 and gave the stock an "overweight" rating in a report on Wednesday, February 26th. Bank of America raised Range Resources from a "neutral" rating to a "buy" rating and raised their price target for the stock from $34.00 to $45.00 in a research report on Monday, January 13th. UBS Group lifted their target price on Range Resources from $39.00 to $41.00 and gave the company a "neutral" rating in a research report on Thursday, February 13th. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and set a $40.00 price target on shares of Range Resources in a research report on Tuesday, January 14th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $39.95.

Range Resources Stock Performance

Range Resources stock traded down $0.44 during mid-day trading on Friday, reaching $39.84. 3,211,568 shares of the company's stock were exchanged, compared to its average volume of 2,296,168. The business's fifty day simple moving average is $38.56 and its 200 day simple moving average is $34.77. The firm has a market capitalization of $9.61 billion, a PE ratio of 20.12, a P/E/G ratio of 5.11 and a beta of 1.80. Range Resources Co. has a one year low of $27.29 and a one year high of $41.95. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.28.

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

Range Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be paid a $0.09 dividend. The ex-dividend date of this dividend is Friday, March 14th. This is a positive change from Range Resources's previous quarterly dividend of $0.08. This represents a $0.36 annualized dividend and a dividend yield of 0.90%. Range Resources's payout ratio is presently 32.73%.

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.