Tidal Investments LLC Raises Stock Holdings in Range Resources Corporation $RRC

Tidal Investments LLC grew its stake in shares of Range Resources Corporation (NYSE:RRC) by 62.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 73,725 shares of the oil and gas exploration company’s stock after acquiring an additional 28,438 shares during the quarter. Tidal Investments LLC’s holdings in Range Resources were worth $2,742,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in RRC. BlackRock Inc. purchased a new stake in Range Resources during the second quarter valued at about $868,085,000. Bank of New York Mellon Corp purchased a new position in shares of Range Resources in the 2nd quarter worth about $67,470,000. Boston Partners raised its holdings in shares of Range Resources by 14.0% in the 4th quarter. Boston Partners now owns 13,467,808 shares of the oil and gas exploration company’s stock worth $474,585,000 after purchasing an additional 1,650,258 shares during the period. Bank of America Corp DE acquired a new position in shares of Range Resources in the 2nd quarter valued at about $58,524,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Range Resources in the 2nd quarter valued at about $53,264,000. 98.93% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Range Resources

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

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Stephens boosted their target price on Range Resources from $52.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, July 22nd. Zacks Research raised shares of Range Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 19th. Raymond James Financial set a $45.00 price objective on shares of Range Resources in a research note on Monday, July 27th. Barclays increased their price objective on shares of Range Resources from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Tuesday, September 8th. Finally, Wells Fargo & Company cut their target price on shares of Range Resources from $46.00 to $45.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, fifteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $44.29.

Range Resources Stock Up 2.4%

Shares of NYSE:RRC opened at $41.85 on Wednesday. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.18. Range Resources Corporation has a 52-week low of $32.68 and a 52-week high of $48.31. The company has a 50 day moving average of $39.71 and a two-hundred day moving average of $40.62. The company has a market capitalization of $9.78 billion, a price-to-earnings ratio of 11.56 and a beta of 0.43.

Range Resources (NYSE:RRC) last posted its 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 net margin of 25.04% and a return on equity of 18.63%. The business had revenue of $759.58 million for the quarter, compared to analysts’ expectations of $744.78 million. During the same period in the previous year, the company posted $0.66 earnings per share. The business’s revenue for the quarter was down 2.7% compared to the same quarter last year. As a group, analysts forecast that Range Resources Corporation will post 3.65 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 11th will be issued a dividend of $0.10 per share. The ex-dividend date is Friday, September 11th. This represents a $0.40 annualized dividend and a yield of 1.0%. Range Resources’s payout ratio is currently 11.05%.

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.