State Street Corp Cuts Stock Position in Range Resources Co. (NYSE:RRC)

State Street Corp lowered its position in shares of Range Resources Co. (NYSE:RRC - Free Report) by 5.2% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,377,949 shares of the oil and gas exploration company's stock after selling 518,079 shares during the period. State Street Corp owned about 3.89% of Range Resources worth $288,466,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. William Blair Investment Management LLC purchased a new stake in shares of Range Resources during the second quarter worth about $78,223,000. Canoe Financial LP grew its position in shares of Range Resources by 114.9% in the 3rd quarter. Canoe Financial LP now owns 2,660,309 shares of the oil and gas exploration company's stock worth $81,299,000 after buying an additional 1,422,200 shares during the last quarter. HITE Hedge Asset Management LLC bought a new position in shares of Range Resources during the third quarter valued at approximately $11,508,000. Verition Fund Management LLC lifted its stake in 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 worth $12,594,000 after acquiring an additional 324,011 shares during the period. Finally, Sagefield Capital LP boosted its holdings in Range Resources by 44.8% in the second quarter. Sagefield Capital LP now owns 906,886 shares of the oil and gas exploration company's stock valued at $30,408,000 after acquiring an additional 280,452 shares in the last quarter. Institutional investors own 98.93% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on the stock. Mizuho decreased their price objective on shares of Range Resources from $45.00 to $40.00 and set an "outperform" rating for the company in a report on Wednesday, October 9th. Stephens upped their target price on Range Resources from $36.00 to $37.00 and gave the stock an "overweight" rating in a report on Wednesday, October 23rd. Scotiabank upgraded Range Resources from a "sector perform" rating to a "sector outperform" rating and set a $45.00 target price for the company in a research note on Tuesday, August 20th. The Goldman Sachs Group reduced their price target on Range Resources from $40.00 to $35.00 and set a "neutral" rating on the stock in a research note on Friday, September 6th. Finally, Citigroup boosted their target price on shares of Range Resources from $33.00 to $38.00 and gave the company a "neutral" rating in a report on Friday, December 6th. Three equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $35.50.

Insider Buying and Selling

In other Range Resources news, VP Ashley Kavanaugh sold 12,700 shares of the business's stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $31.45, for a total transaction of $399,415.00. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Charles G. Griffie purchased 1,275 shares of Range Resources stock in a transaction on Thursday, October 24th. The stock was bought at an average price of $31.46 per share, with a total value of $40,111.50. Following the transaction, the director now owns 5,921 shares of the company's stock, valued at approximately $186,274.66. This represents a 27.44 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.50% of the stock is currently owned by insiders.

Range Resources Stock Performance

NYSE:RRC traded up $1.93 during trading hours on Wednesday, reaching $35.91. The company had a trading volume of 1,936,168 shares, compared to its average volume of 2,332,629. The firm has a market cap of $8.67 billion, a price-to-earnings ratio of 17.17 and a beta of 1.85. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.28. The firm's 50 day moving average price is $32.70 and its 200-day moving average price is $32.39. 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 issued its quarterly earnings data on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.32 by $0.16. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The company had revenue of $615.03 million during the quarter, compared to analyst estimates of $617.90 million. During the same quarter in the previous year, the company posted $0.43 earnings per share. Range Resources's revenue was up .9% compared to the same quarter last year. On average, analysts forecast that Range Resources Co. will post 1.9 EPS for the current year.

Range Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.89%. The ex-dividend date is Friday, December 13th. Range Resources's dividend payout ratio (DPR) is presently 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.