Range Resources Corp. (RRC) Sees Large Volume Increase
Range Resources Corp. (NYSE:RRC) saw strong trading volume on Monday . 3,458,344 shares traded hands during trading, a decline of 8% from the previous session’s volume of 3,748,476 shares.The stock last traded at $37.64 and had previously closed at $37.38.
A number of analysts have recently issued reports on the stock. Vetr lowered shares of Range Resources Corp. from a “hold” rating to a “sell” rating and set a $44.39 price objective on the stock. in a research note on Tuesday, June 21st. Nomura lowered shares of Range Resources Corp. from a “buy” rating to a “neutral” rating and set a $45.00 price objective on the stock. in a research note on Wednesday, June 8th. Jefferies Group reissued a “buy” rating and set a $50.00 price target (up previously from $45.00) on shares of Range Resources Corp. in a research report on Sunday, July 10th. Imperial Capital raised shares of Range Resources Corp. from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $45.00 to $55.00 in a research report on Thursday, July 14th. Finally, Deutsche Bank AG decreased their price target on shares of Range Resources Corp. from $45.00 to $40.00 and set a “hold” rating for the company in a research report on Tuesday, June 14th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $44.54.
The firm’s 50-day moving average is $39.91 and its 200-day moving average is $39.67. The firm’s market cap is $6.19 billion.
Range Resources Corp. (NYSE:RRC) last announced its earnings results on Tuesday, July 26th. The oil and gas exploration company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.07. The company had revenue of $362.67 million for the quarter, compared to analysts’ expectations of $327.40 million. Range Resources Corp. had a negative return on equity of 14.57% and a negative net margin of 71.00%. The business’s revenue for the quarter was down 10.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.01 earnings per share. Equities analysts forecast that Range Resources Corp. will post ($0.27) earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 16th will be paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.22%. The ex-dividend date is Wednesday, September 14th. Range Resources Corp.’s dividend payout ratio (DPR) is presently -1.42%.
In other news, Director Anthony V. Dub sold 5,106 shares of the company’s stock in a transaction on Tuesday, June 21st. The stock was sold at an average price of $45.57, for a total transaction of $232,680.42. Following the transaction, the director now owns 98,897 shares of the company’s stock, valued at $4,506,736.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.40% of the company’s stock.
Several institutional investors have recently modified their holdings of RRC. FMR LLC raised its position in shares of Range Resources Corp. by 449.6% in the second quarter. FMR LLC now owns 4,634,388 shares of the oil and gas exploration company’s stock valued at $199,928,000 after buying an additional 3,791,208 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in shares of Range Resources Corp. by 1.0% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 4,410,311 shares of the oil and gas exploration company’s stock valued at $190,261,000 after buying an additional 44,179 shares during the period. BlackRock Fund Advisors raised its position in shares of Range Resources Corp. by 3.0% in the second quarter. BlackRock Fund Advisors now owns 3,053,906 shares of the oil and gas exploration company’s stock valued at $131,746,000 after buying an additional 87,524 shares during the period. Emerald Acquisition Ltd. purchased a new position in shares of Range Resources Corp. during the second quarter valued at about $116,394,000. Finally, Blue Ridge Capital L.L.C. purchased a new position in shares of Range Resources Corp. during the second quarter valued at about $106,556,000.
About Range Resources Corp.
Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil company. The Company operates through the exploration and production of natural gas, NGLs and oil in the United States segment. The Company is engaged in the exploration, development and acquisition of natural gas and oil properties, focused in the Appalachian region of the United States.
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