Range Resources Corporation $RRC Stock Acquired by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund raised its holdings in shares of Range Resources Corporation (NYSE:RRC) by 23.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 71,267 shares of the oil and gas exploration company’s stock after purchasing an additional 13,503 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Range Resources were worth $2,640,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Range Resources during the 2nd quarter valued at approximately $26,000. Heritage Family Offices LLP bought a new stake in shares of Range Resources in the third quarter worth $27,000. Northwestern Mutual Wealth Management Co. bought a new position in Range Resources during the 2nd quarter valued at $31,000. Root Financial Partners LLC acquired a new position in Range Resources during the 3rd quarter worth $35,000. Finally, Ameritas Advisory Services LLC acquired a new position in Range Resources during the 2nd quarter worth $44,000. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

RRC has been the subject of several research analyst reports. Stifel Nicolaus initiated coverage on shares of Range Resources in a research report on Thursday, September 10th. They issued a “hold” rating and a $46.00 target price for the company. Stephens boosted their price objective on Range Resources from $52.00 to $53.00 and gave the company an “overweight” rating in a report on Wednesday, July 22nd. Citigroup restated a “neutral” rating on shares of Range Resources in a research note on Thursday, July 23rd. Susquehanna upped their price objective on Range Resources from $41.00 to $44.00 and gave the company a “neutral” rating in a research note on Tuesday, October 20th. Finally, Raymond James Financial reaffirmed an “outperform” rating and set a $48.00 target price on shares of Range Resources in a report on Friday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, nineteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $47.61.

Range Resources Stock Performance

Shares of NYSE:RRC traded up $0.40 on Friday, reaching $51.86. 3,367,071 shares of the company’s stock were exchanged, compared to its average volume of 6,255,452. The firm has a market capitalization of $12.12 billion, a price-to-earnings ratio of 13.76 and a beta of 0.64. Range Resources Corporation has a fifty-two week low of $32.68 and a fifty-two week high of $56.90. The business’s 50-day moving average is $44.14 and its two-hundred day moving average is $41.14. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.16.

Range Resources (NYSE:RRC) last posted its quarterly earnings results on Tuesday, October 27th. The oil and gas exploration company reported $0.81 EPS for the quarter, beating the consensus estimate of $0.75 by $0.06. Range Resources had a net margin of 25.25% and a return on equity of 19.15%. The business had revenue of $842.83 million during the quarter, compared to analyst estimates of $795.19 million. During the same period in the previous year, the business posted $0.57 EPS. The company’s quarterly revenue was up 12.6% on a year-over-year basis. As a group, equities research analysts forecast that Range Resources Corporation will post 3.85 EPS for the current year.

Range Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 11th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Friday, September 11th. Range Resources’s payout ratio is presently 10.61%.

Range Resources Profile

Range Resources Corporation is an independent energy company focused on exploring for, developing and producing natural gas, natural gas liquids and crude oil. Its operations are concentrated in the Appalachian Basin, particularly the Marcellus Shale in southwestern Pennsylvania. The company also markets and sells its production to customers in the energy and industrial sectors. Range Resources has played a significant role in developing the Marcellus Shale, a major natural gas-producing formation in the United States.