Engineers Gate Manager LP Has $7.34 Million Stock Position in Range Resources Corporation $RRC

Engineers Gate Manager LP increased its stake in shares of Range Resources Corporation (NYSE:RRC) by 1,413.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 197,380 shares of the oil and gas exploration company’s stock after acquiring an additional 184,335 shares during the quarter. Engineers Gate Manager LP’s holdings in Range Resources were worth $7,341,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Range Resources in the 2nd quarter valued at $26,000. Northwestern Mutual Wealth Management Co. bought a new position in shares of Range Resources during the 2nd quarter worth about $31,000. Los Angeles Capital Management LLC bought a new position in shares of Range Resources during the 4th quarter worth about $34,000. Ameritas Advisory Services LLC acquired a new position in shares of Range Resources during the second quarter valued at about $44,000. Finally, Root Financial Partners LLC raised its position in shares of 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 valued at $45,000 after buying an additional 276 shares during the last quarter. 98.93% of the stock is currently owned by institutional investors and hedge funds.

Range Resources Price Performance

NYSE:RRC opened at $41.17 on Friday. 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 company has a 50-day moving average of $39.56 and a 200-day moving average of $40.57. Range Resources Corporation has a 52 week low of $32.68 and a 52 week high of $48.31. The company has a market capitalization of $9.62 billion, a price-to-earnings ratio of 11.37 and a beta of 0.43.

Range Resources (NYSE:RRC) last posted its quarterly earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.13. The firm had revenue of $759.58 million during the quarter, compared to analyst estimates of $744.78 million. Range Resources had a net margin of 25.04% and a return on equity of 18.63%. The company’s quarterly revenue was down 2.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.66 earnings per share. As a group, equities research analysts anticipate that Range Resources Corporation will post 3.62 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 11th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Friday, September 11th. Range Resources’s dividend payout ratio is 11.05%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on RRC shares. Truist Financial decreased their target price on Range Resources from $46.00 to $43.00 and set a “hold” rating on the stock in a research report on Friday, July 10th. Susquehanna cut their price target on Range Resources from $45.00 to $41.00 and set a “neutral” rating for the company in a report on Tuesday, July 21st. UBS Group set a $42.00 price objective on Range Resources in a research report on Tuesday. Zacks Research raised Range Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 19th. Finally, Raymond James Financial set a $45.00 price objective on Range Resources in a research report on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Range Resources presently has a consensus rating of “Hold” and an average price target of $43.88.

Insider Buying and Selling at Range Resources

In related news, Director Reginal Spiller sold 3,500 shares of the stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $40.00, for a total transaction of $140,000.00. Following the completion of the sale, the director 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 document filed with the SEC, which is available through the SEC website. Insiders own 1.10% of the company’s stock.

Range Resources Company Profile

Range Resources Corporation (NYSE:RRC) is an independent natural gas, natural gas liquids (NGLs) and oil exploration and production company. Its activities include acquiring, developing and operating unconventional properties, with a primary focus on the Marcellus Shale in the Appalachian Basin.

The company’s production portfolio is centered on natural gas, along with NGLs such as ethane, propane, butane and natural gasoline, as well as condensate and oil. Range Resources also manages related gathering, processing, transportation and marketing activities to move its products from production areas to end markets.

Founded in 1976, Range Resources has built its operations through exploration, development and acquisitions in U.S.