Wellington Management Group LLP Acquires Shares of 936,192 Range Resources Co. (NYSE:RRC)

Wellington Management Group LLP purchased a new stake in Range Resources Co. (NYSE:RRC - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 936,192 shares of the oil and gas exploration company's stock, valued at approximately $33,684,000. Wellington Management Group LLP owned 0.39% of Range Resources as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. LPL Financial LLC increased its holdings in Range Resources by 23.2% in the 4th quarter. LPL Financial LLC now owns 113,800 shares of the oil and gas exploration company's stock valued at $4,095,000 after purchasing an additional 21,440 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Range Resources by 61.9% in 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. Oppenheimer Asset Management Inc. acquired a new stake in shares of Range Resources in the fourth quarter valued at $380,000. Calamos Advisors LLC purchased a new stake in shares of Range Resources in the 4th quarter valued at $567,000. Finally, Radnor Capital Management LLC lifted its stake in Range Resources by 156.2% during the 4th quarter. Radnor Capital Management LLC now owns 42,993 shares of the oil and gas exploration company's stock worth $1,547,000 after acquiring an additional 26,213 shares in the last quarter. 98.93% of the stock is currently owned by institutional investors and hedge funds.

Range Resources Stock Performance

Shares of Range Resources stock traded up $1.06 on Friday, hitting $33.31. The stock had a trading volume of 3,499,772 shares, compared to its average volume of 2,426,979. The stock has a market cap of $8.04 billion, a price-to-earnings ratio of 16.82, a P/E/G ratio of 5.11 and a beta of 1.73. 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 52-week low of $27.29 and a 52-week high of $41.95. The company's 50 day moving average price is $37.70 and its 200 day moving average price is $35.58.

Remove Ads

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

Range Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were paid a dividend of $0.09 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.36 dividend on an annualized basis and a yield of 1.08%. This is a boost from Range Resources's previous quarterly dividend of $0.08. Range Resources's dividend payout ratio is currently 32.73%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on RRC. Williams Trading set a $40.00 price target on shares of Range Resources in a research note on Wednesday, March 5th. Wells Fargo & Company upped their target price on shares of Range Resources from $38.00 to $40.00 and gave the stock an "overweight" rating in a research note on Tuesday, December 17th. Piper Sandler raised their price target on shares of Range Resources from $32.00 to $33.00 and gave the company a "neutral" rating in a research report on Thursday, March 6th. Roth Mkm raised Range Resources from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $41.00 to $42.00 in a research report on Tuesday. Finally, Royal Bank of Canada reiterated a "sector perform" rating and issued a $42.00 price objective on shares of Range Resources in a research note on Friday. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $41.81.

Range Resources 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.