Holocene Advisors LP Makes New $66.56 Million Investment in Range Resources Corporation $RRC

Holocene Advisors LP purchased a new position in shares of Range Resources Corporation (NYSE:RRC) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 1,768,330 shares of the oil and gas exploration company’s stock, valued at approximately $66,560,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. CWA Asset Management Group LLC increased its position in Range Resources by 43.5% during the third quarter. CWA Asset Management Group LLC now owns 388,569 shares of the oil and gas exploration company’s stock worth $14,626,000 after buying an additional 117,722 shares during the last quarter. Congress Asset Management Co. lifted its position in shares of Range Resources by 12.1% in the third quarter. Congress Asset Management Co. now owns 539,285 shares of the oil and gas exploration company’s stock worth $20,299,000 after buying an additional 58,335 shares during the last quarter. Oppenheimer & Co. Inc. boosted its stake in shares of Range Resources by 753.5% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 90,179 shares of the oil and gas exploration company’s stock worth $3,394,000 after acquiring an additional 79,613 shares in the last quarter. Citigroup Inc. boosted its stake in shares of Range Resources by 71.0% during the 3rd quarter. Citigroup Inc. now owns 307,604 shares of the oil and gas exploration company’s stock worth $11,578,000 after acquiring an additional 127,753 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in shares of Range Resources by 48.3% during the 3rd quarter. Envestnet Asset Management Inc. now owns 135,125 shares of the oil and gas exploration company’s stock valued at $5,086,000 after acquiring an additional 44,004 shares during the last quarter. Institutional investors own 98.93% of the company’s stock.

Range Resources Price Performance

Shares of NYSE:RRC opened at $43.61 on Tuesday. The business has a 50 day moving average price of $37.61 and a 200 day moving average price of $37.03. Range Resources Corporation has a twelve month low of $30.32 and a twelve month high of $44.56. The company has a market cap of $10.26 billion, a price-to-earnings ratio of 15.92, a PEG ratio of 0.40 and a beta of 0.57. 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 (NYSE:RRC) last issued its quarterly earnings results on Tuesday, February 24th. The oil and gas exploration company reported $0.82 EPS for the quarter, topping the consensus estimate of $0.69 by $0.13. Range Resources had a return on equity of 16.31% and a net margin of 21.12%.The company had revenue of $786.89 million for the quarter, compared to the consensus estimate of $770.92 million. During the same period in the previous year, the business posted $0.68 EPS. The company’s revenue for the quarter was up 30.9% on a year-over-year basis. Research analysts predict that Range Resources Corporation will post 2.02 earnings per share for the current year.

Range Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.9%. This is an increase from Range Resources’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Friday, March 13th. Range Resources’s payout ratio is presently 14.60%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Zacks Research downgraded Range Resources from a “hold” rating to a “strong sell” rating in a research note on Wednesday, January 21st. TD Cowen raised Range Resources to a “hold” rating in a research report on Monday, February 9th. Barclays increased their price target on Range Resources from $39.00 to $41.00 and gave the company an “equal weight” rating in a report on Monday. Piper Sandler boosted their price objective on shares of Range Resources from $41.00 to $42.00 and gave the stock a “neutral” rating in a research note on Thursday, March 12th. Finally, Royal Bank Of Canada decreased their price objective on shares of Range Resources from $46.00 to $44.00 and set a “sector perform” rating for the company in a report on Wednesday, January 14th. Four investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Range Resources has an average rating of “Hold” and an average target price of $42.27.

Range Resources 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.