Aventail Capital Group LP Raises Stock Position in Range Resources Corporation $RRC

Aventail Capital Group LP boosted its stake in Range Resources Corporation (NYSE:RRC) by 130.1% in the third quarter, HoldingsChannel reports. The firm owned 461,340 shares of the oil and gas exploration company’s stock after acquiring an additional 260,884 shares during the period. Aventail Capital Group LP’s holdings in Range Resources were worth $17,365,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. True Wealth Design LLC lifted its holdings in shares of Range Resources by 116.3% during the 3rd quarter. True Wealth Design LLC now owns 1,006 shares of the oil and gas exploration company’s stock valued at $38,000 after buying an additional 541 shares during the period. Smartleaf Asset Management LLC grew its holdings in shares of Range Resources by 49.6% in the third quarter. Smartleaf Asset Management LLC now owns 1,013 shares of the oil and gas exploration company’s stock worth $38,000 after acquiring an additional 336 shares during the period. Allworth Financial LP grew its holdings in shares of Range Resources by 196.5% in the second quarter. Allworth Financial LP now owns 1,103 shares of the oil and gas exploration company’s stock worth $45,000 after acquiring an additional 731 shares during the period. Clearstead Advisors LLC increased its position in Range Resources by 439.5% during the third quarter. Clearstead Advisors LLC now owns 2,104 shares of the oil and gas exploration company’s stock valued at $79,000 after acquiring an additional 1,714 shares during the last quarter. Finally, MAI Capital Management bought a new position in Range Resources in the second quarter valued at about $87,000. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Range Resources Stock Performance

Shares of RRC opened at $43.54 on Friday. The business has a 50-day simple moving average of $37.43 and a two-hundred day simple moving average of $36.94. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.28. Range Resources Corporation has a 52 week low of $30.32 and a 52 week high of $43.65. The stock has a market cap of $10.25 billion, a price-to-earnings ratio of 15.89, a PEG ratio of 0.40 and a beta of 0.57.

Range Resources (NYSE:RRC) last posted its quarterly earnings data on Tuesday, February 24th. The oil and gas exploration company reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.13. The firm had revenue of $786.89 million for the quarter, compared to analysts’ expectations of $770.92 million. Range Resources had a return on equity of 16.31% and a net margin of 21.12%.The business’s quarterly revenue was up 30.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.68 EPS. On average, analysts expect that Range Resources Corporation will post 2.02 EPS for the current year.

Range Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be issued a dividend of $0.10 per share. This is an increase from Range Resources’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Friday, March 13th. Range Resources’s payout ratio is presently 13.14%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on RRC shares. Citigroup raised their target price on Range Resources from $36.00 to $43.00 and gave the stock a “neutral” rating in a research report on Thursday, March 5th. Wells Fargo & Company increased their price objective on shares of Range Resources from $43.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 26th. Bank of America reissued a “neutral” rating and issued a $38.00 price objective (down from $44.00) on shares of Range Resources in a report on Friday, January 16th. Mizuho boosted their target price on shares of Range Resources from $46.00 to $48.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Finally, Barclays raised shares of Range Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 18th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $42.13.

Range Resources Company 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.