Fore Capital LLC Takes Position in Range Resources Corporation $RRC

Fore Capital LLC acquired a new position in shares of Range Resources Corporation (NYSE:RRC) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 30,000 shares of the oil and gas exploration company’s stock, valued at approximately $1,116,000. Range Resources comprises 0.3% of Fore Capital LLC’s investment portfolio, making the stock its 23rd largest holding.

Several other institutional investors also recently modified their holdings of RRC. BlackRock Inc. acquired a new stake in Range Resources in the 2nd quarter valued at about $868,085,000. Boston Partners increased its position in Range Resources by 59.3% during the third quarter. Boston Partners now owns 11,817,550 shares of the oil and gas exploration company’s stock worth $445,196,000 after buying an additional 4,398,042 shares during the last quarter. AQR Capital Management LLC raised its stake in Range Resources by 517.6% in the third quarter. AQR Capital Management LLC now owns 2,440,277 shares of the oil and gas exploration company’s stock valued at $91,852,000 after buying an additional 2,045,165 shares during the period. Bank of New York Mellon Corp bought a new stake in Range Resources in the second quarter valued at approximately $67,470,000. Finally, UBS Group AG lifted its position in shares of Range Resources by 66.3% in the fourth quarter. UBS Group AG now owns 3,588,540 shares of the oil and gas exploration company’s stock valued at $126,532,000 after buying an additional 1,430,477 shares during the last quarter. 98.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently commented on RRC. Zacks Research downgraded Range Resources from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. The Goldman Sachs Group reduced their price objective on shares of Range Resources from $44.00 to $39.00 and set a “neutral” rating for the company in a research report on Tuesday, June 30th. UBS Group reissued a “neutral” rating on shares of Range Resources in a research report on Thursday, August 13th. Citigroup reaffirmed a “neutral” rating on shares of Range Resources in a report on Thursday, July 23rd. Finally, Barclays lowered their price target on shares of Range Resources from $43.00 to $40.00 and set an “equal weight” rating on the stock in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Range Resources currently has an average rating of “Hold” and a consensus target price of $43.81.

Insider Activity

In other news, Director Reginal Spiller sold 3,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $40.00, for a total transaction of $140,000.00. Following the transaction, the director directly owned 13,421 shares of the company’s stock, valued at approximately $536,840. This trade represents a 20.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.10% of the stock is currently owned by insiders.

Range Resources Stock Up 1.5%

RRC opened at $39.94 on Wednesday. The stock has a fifty day moving average of $37.97 and a 200-day moving average of $40.02. The company has a market capitalization of $9.33 billion, a P/E ratio of 11.03 and a beta of 0.42. Range Resources Corporation has a fifty-two week low of $32.60 and a fifty-two week high of $48.31. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.65 and a current ratio of 0.65.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $744.78 million. During the same period in the prior year, the company posted $0.66 earnings per share. Range Resources’s revenue was down 2.7% compared to the same quarter last year. On average, equities analysts expect that Range Resources Corporation will post 3.49 EPS for the current year.

Range Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Friday, June 12th. Range Resources’s dividend payout ratio is presently 11.05%.

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.