Range Resources Corporation (NYSE:RRC)’s share price dropped 3% during mid-day trading on Monday . The company traded as low as $16.00 and last traded at $17.08. Approximately 5,633,446 shares were traded during mid-day trading, a decline of 16% from the average daily volume of 6,682,830 shares. The stock had previously closed at $16.58.
RRC has been the subject of a number of recent research reports. ValuEngine raised Range Resources Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, May 16th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $38.00 target price on shares of Range Resources Corporation in a report on Wednesday, May 17th. Goldman Sachs Group, Inc. (The) cut Range Resources Corporation from a “conviction-buy” rating to a “buy” rating and set a $42.50 target price for the company. in a report on Friday, June 2nd. Royal Bank Of Canada set a $44.00 target price on Range Resources Corporation and gave the stock a “buy” rating in a report on Saturday, June 3rd. Finally, BidaskClub raised Range Resources Corporation from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 14th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. Range Resources Corporation currently has an average rating of “Buy” and an average target price of $38.33.
The stock has a market capitalization of $4.37 billion, a price-to-earnings ratio of 121.08 and a beta of 0.94. The stock has a 50 day moving average price of $18.33 and a 200-day moving average price of $23.63.
Range Resources Corporation (NYSE:RRC) last released its quarterly earnings data on Tuesday, August 1st. The oil and gas exploration company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.20. The business had revenue of $565.00 million for the quarter, compared to analysts’ expectations of $544.08 million. Range Resources Corporation had a return on equity of 0.67% and a net margin of 1.75%. The firm’s quarterly revenue was up 55.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($1.35) EPS. On average, analysts predict that Range Resources Corporation will post $0.51 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be issued a dividend of $0.02 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.08 annualized dividend and a dividend yield of 0.45%. Range Resources Corporation’s payout ratio is 100.01%.
In other news, Director Mary Ralph Lowe purchased 10,000 shares of the stock in a transaction dated Friday, August 4th. The shares were purchased at an average cost of $17.99 per share, with a total value of $179,900.00. Following the acquisition, the director now directly owns 25,413 shares of the company’s stock, valued at $457,179.87. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Steffen E. Palko purchased 15,000 shares of the stock in a transaction dated Thursday, August 10th. The shares were purchased at an average cost of $16.81 per share, for a total transaction of $252,150.00. Following the completion of the acquisition, the director now directly owns 27,267 shares in the company, valued at $458,358.27. The disclosure for this purchase can be found here. Insiders have bought a total of 26,000 shares of company stock worth $449,800 over the last three months. Insiders own 0.42% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bronfman E.L. Rothschild L.P. increased its stake in shares of Range Resources Corporation by 7.3% in the 1st quarter. Bronfman E.L. Rothschild L.P. now owns 3,756 shares of the oil and gas exploration company’s stock worth $109,000 after purchasing an additional 257 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in shares of Range Resources Corporation by 0.8% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 4,109 shares of the oil and gas exploration company’s stock worth $119,000 after purchasing an additional 31 shares in the last quarter. Smithfield Trust Co. increased its stake in shares of Range Resources Corporation by 480.0% in the 2nd quarter. Smithfield Trust Co. now owns 4,640 shares of the oil and gas exploration company’s stock worth $107,000 after purchasing an additional 3,840 shares in the last quarter. Ameritas Investment Partners Inc. increased its stake in shares of Range Resources Corporation by 886.4% in the 1st quarter. Ameritas Investment Partners Inc. now owns 5,001 shares of the oil and gas exploration company’s stock worth $145,000 after purchasing an additional 4,494 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its stake in shares of Range Resources Corporation by 15.2% in the 1st quarter. Daiwa Securities Group Inc. now owns 5,300 shares of the oil and gas exploration company’s stock worth $154,000 after purchasing an additional 700 shares in the last quarter. 95.34% of the stock is currently owned by hedge funds and other institutional investors.
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Range Resources Corporation Company Profile
Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil company. The Company is engaged in the exploration and production of natural gas, NGLs and oil in the United States. It is engaged in the exploration, development and acquisition of natural gas and crude oil properties located primarily in the Appalachian and North Louisiana regions of the United States.
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