Royal Bank of Canada Reduces Stock Position in Range Resources Corporation $RRC

Royal Bank of Canada lessened its stake in Range Resources Corporation (NYSE:RRC) by 16.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 95,466 shares of the oil and gas exploration company’s stock after selling 18,578 shares during the quarter. Royal Bank of Canada’s holdings in Range Resources were worth $4,314,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Seelaus Asset Management LLC increased its stake in shares of Range Resources by 2.6% in the 1st quarter. Seelaus Asset Management LLC now owns 9,745 shares of the oil and gas exploration company’s stock worth $440,000 after acquiring an additional 250 shares during the last quarter. Root Financial Partners LLC boosted its position in shares of Range Resources by 37.8% during the 1st quarter. Root Financial Partners LLC now owns 1,006 shares of the oil and gas exploration company’s stock valued at $45,000 after acquiring an additional 276 shares during the last quarter. UMB Bank n.a. grew its holdings in shares of Range Resources by 13.0% in the fourth quarter. UMB Bank n.a. now owns 2,431 shares of the oil and gas exploration company’s stock valued at $86,000 after purchasing an additional 279 shares during the period. Confluence Wealth Services Inc. grew its holdings in shares of Range Resources by 3.2% in the fourth quarter. Confluence Wealth Services Inc. now owns 10,199 shares of the oil and gas exploration company’s stock valued at $360,000 after purchasing an additional 312 shares during the period. Finally, Harbor Investment Advisory LLC increased its position in Range Resources by 0.9% during the first quarter. Harbor Investment Advisory LLC now owns 38,618 shares of the oil and gas exploration company’s stock worth $1,745,000 after purchasing an additional 330 shares during the last quarter. Hedge funds and other institutional investors own 98.93% of the company’s stock.

Range Resources Stock Down 0.6%

Range Resources stock opened at $39.95 on Friday. Range Resources Corporation has a fifty-two week low of $32.60 and a fifty-two week high of $48.31. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.65 and a current ratio of 0.65. The firm has a 50 day moving average price of $37.91 and a 200 day moving average price of $39.94. The company has a market capitalization of $9.34 billion, a PE ratio of 11.04 and a beta of 0.42.

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

Range Resources Announces Dividend

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

Insider Buying and Selling

In related news, Director Reginal Spiller sold 3,500 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $40.00, for a total transaction of $140,000.00. Following the completion of the transaction, the director directly owned 13,421 shares in the company, valued at $536,840. This trade represents a 20.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.10% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have weighed in on RRC. Zacks Research lowered shares of Range Resources from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Weiss Ratings lowered shares of Range Resources from a “buy (b-)” rating to a “hold (c)” rating in a research report on Thursday, July 23rd. Truist Financial decreased their price objective on Range Resources from $46.00 to $43.00 and set a “hold” rating on the stock in a report on Friday, July 10th. Stephens increased their price objective on Range Resources from $52.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 22nd. Finally, Wells Fargo & Company reduced their target price on Range Resources from $46.00 to $45.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 23rd. One 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’s stock. According to data from MarketBeat.com, Range Resources presently has a consensus rating of “Hold” and an average price target of $43.35.

Range Resources Profile

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.