Delta Global Management LP Buys New Position in Range Resources Corporation $RRC

Delta Global Management LP bought a new stake in Range Resources Corporation (NYSE:RRC) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 54,419 shares of the oil and gas exploration company’s stock, valued at approximately $2,459,000.

A number of other large investors have also recently bought and sold shares of RRC. Los Angeles Capital Management LLC bought a new position in shares of Range Resources during the 4th quarter worth approximately $34,000. Root Financial Partners LLC boosted its holdings in Range Resources by 37.8% during the first quarter. Root Financial Partners LLC now owns 1,006 shares of the oil and gas exploration company’s stock worth $45,000 after purchasing an additional 276 shares during the last quarter. SBI Okasan Asset Management Co.Ltd. acquired a new position in Range Resources during the fourth quarter worth $57,000. Basepoint Wealth LLC acquired a new position in Range Resources during the fourth quarter worth $61,000. Finally, International Assets Investment Management LLC bought a new position in Range Resources in the fourth quarter valued at $71,000. Institutional investors and hedge funds own 98.93% of the company’s stock.

Range Resources Price Performance

Shares of RRC opened at $38.97 on Friday. The company has a market cap of $9.11 billion, a price-to-earnings ratio of 10.77 and a beta of 0.41. Range Resources Corporation has a 1-year low of $32.60 and a 1-year high of $48.31. The company’s fifty day simple moving average is $38.23 and its 200 day simple moving average is $39.42. The company has a current ratio of 0.65, a quick ratio of 0.55 and a debt-to-equity ratio of 0.18.

Range Resources (NYSE:RRC) last announced its quarterly earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.13. The firm had revenue of $759.58 million during the quarter, compared to analysts’ expectations of $744.78 million. Range Resources had a net margin of 25.04% and a return on equity of 18.63%. The company’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.66 earnings per share. On average, research analysts forecast that Range Resources Corporation will post 3.49 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 12th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Friday, June 12th. Range Resources’s dividend payout ratio is presently 11.05%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on RRC shares. The Goldman Sachs Group lowered their price target on shares of Range Resources from $44.00 to $39.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 30th. Wells Fargo & Company reduced their price objective on shares of Range Resources from $46.00 to $45.00 and set an “equal weight” rating for the company in a research note on Thursday. Freedom Capital upgraded Range Resources from a “hold” rating to a “strong-buy” rating in a report on Friday, April 24th. Zacks Research downgraded Range Resources from a “hold” rating to a “strong sell” rating in a research report on Monday, July 13th. Finally, Weiss Ratings lowered Range Resources from a “buy (b-)” rating to a “hold (c)” rating in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $43.12.

About Range Resources

Range Resources Corporation, headquartered in Fort Worth, Texas, is an independent energy company engaged in the exploration, development and production of natural gas, oil and natural gas liquids. The company focuses its core operations on the Appalachian Basin, with a significant presence in Pennsylvania’s Marcellus Shale. Through its drilling and completion activities, Range Resources seeks to optimize production efficiency while maintaining a disciplined approach to capital allocation and cost management.

The company’s technical expertise centers on advanced horizontal drilling and hydraulic fracturing techniques, which it applies to unlock unconventional resources.