Maverick Capital Ltd. Makes New Investment in Range Resources Corporation $RRC

Maverick Capital Ltd. bought a new stake in shares of Range Resources Corporation (NYSE:RRC) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 24,168 shares of the oil and gas exploration company’s stock, valued at approximately $1,092,000.

Several other hedge funds and other institutional investors have also made changes to their positions in RRC. Los Angeles Capital Management LLC purchased a new stake in shares of Range Resources during the fourth quarter worth approximately $34,000. Root Financial Partners LLC lifted its holdings in Range Resources by 37.8% in the 1st quarter. Root Financial Partners LLC now owns 1,006 shares of the oil and gas exploration company’s stock valued at $45,000 after purchasing an additional 276 shares in the last quarter. SBI Okasan Asset Management Co.Ltd. acquired a new stake in Range Resources during the 4th quarter worth $57,000. Basepoint Wealth LLC acquired a new stake in Range Resources during the 4th quarter worth $61,000. Finally, International Assets Investment Management LLC purchased a new stake in shares of Range Resources during the fourth quarter worth $71,000. Hedge funds and other institutional investors own 98.93% of the company’s stock.

Range Resources Price Performance

NYSE:RRC opened at $38.29 on Wednesday. Range Resources Corporation has a 52 week low of $32.60 and a 52 week high of $48.31. The stock’s fifty day moving average is $38.05 and its two-hundred day moving average is $39.51. The company has a market capitalization of $8.95 billion, a P/E ratio of 10.58 and a beta of 0.41. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.18.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.13. The business had revenue of $759.58 million during the quarter, compared to analysts’ expectations of $744.78 million. Range Resources had a return on equity of 18.63% and a net margin of 25.04%.The company’s revenue was down 2.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.66 EPS. Equities analysts expect that Range Resources Corporation will post 3.49 EPS for the current year.

Range Resources Dividend Announcement

The business also recently declared 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. The ex-dividend date was Friday, June 12th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.0%. Range Resources’s dividend payout ratio (DPR) is currently 11.05%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on RRC. Weiss Ratings lowered shares of Range Resources from a “buy (b-)” rating to a “hold (c)” rating in a research report on Thursday, July 23rd. Morgan Stanley decreased their target price on shares of Range Resources from $50.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Monday, June 29th. Zacks Research cut Range Resources from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Freedom Capital upgraded Range Resources from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 24th. Finally, Bank of America lifted their price objective on Range Resources from $38.00 to $44.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $43.35.

About Range Resources

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.