Wedge Capital Management L L P NC Raises Holdings in Range Resources Co. (NYSE:RRC)

Wedge Capital Management L L P NC raised its position in shares of Range Resources Co. (NYSE:RRC) by 21.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 586,065 shares of the oil and gas exploration company’s stock after buying an additional 102,524 shares during the period. Wedge Capital Management L L P NC owned about 0.24% of Range Resources worth $17,840,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Cary Street Partners Investment Advisory LLC purchased a new position in shares of Range Resources during the third quarter worth $27,000. Schroder Investment Management Group boosted its holdings in Range Resources by 23.7% in the third quarter. Schroder Investment Management Group now owns 456,752 shares of the oil and gas exploration company’s stock valued at $14,803,000 after purchasing an additional 87,624 shares during the period. Kennedy Capital Management LLC boosted its holdings in Range Resources by 17.7% in the third quarter. Kennedy Capital Management LLC now owns 224,573 shares of the oil and gas exploration company’s stock valued at $7,278,000 after purchasing an additional 33,793 shares during the period. Vaughan Nelson Investment Management L.P. purchased a new position in Range Resources in the third quarter valued at $19,704,000. Finally, Cambria Investment Management L.P. boosted its holdings in Range Resources by 8.5% in the third quarter. Cambria Investment Management L.P. now owns 264,965 shares of the oil and gas exploration company’s stock valued at $8,588,000 after purchasing an additional 20,685 shares during the period. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Range Resources Stock Down 0.1 %

RRC opened at $36.09 on Tuesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.49 and a quick ratio of 1.49. The stock has a market capitalization of $8.74 billion, a price-to-earnings ratio of 10.20 and a beta of 1.83. The business has a 50-day moving average of $33.18 and a two-hundred day moving average of $32.30. Range Resources Co. has a 12 month low of $23.92 and a 12 month high of $37.88.

Range Resources (NYSE:RRC) last issued its earnings results on Wednesday, February 21st. The oil and gas exploration company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.21. Range Resources had a return on equity of 15.87% and a net margin of 25.82%. The business had revenue of $941.40 million during the quarter, compared to analysts’ expectations of $672.25 million. During the same quarter in the previous year, the business earned $1.26 EPS. The company’s revenue for the quarter was down 42.3% on a year-over-year basis. On average, research analysts expect that Range Resources Co. will post 1.94 earnings per share for the current year.

Range Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.89%. The ex-dividend date was Thursday, March 14th. Range Resources’s payout ratio is currently 9.04%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on RRC. Susquehanna raised their price target on Range Resources from $34.00 to $36.00 and gave the company a “neutral” rating in a research note on Monday. Royal Bank of Canada restated an “outperform” rating and issued a $36.00 price target on shares of Range Resources in a research report on Tuesday, April 9th. Citigroup boosted their price target on Range Resources from $33.00 to $37.00 and gave the company a “neutral” rating in a research report on Wednesday, April 3rd. Piper Sandler lifted their price objective on Range Resources from $40.00 to $41.00 and gave the company an “overweight” rating in a report on Friday. Finally, Mizuho restated a “buy” rating and issued a $39.00 price target on shares of Range Resources in a report on Thursday, April 11th. Five equities research analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $35.90.

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.