Short Interest in Range Resources Corp. (RRC) Decreases By 9.6%
Range Resources Corp. (NYSE:RRC) was the target of a significant decline in short interest during the month of March. As of March 29th, there was short interest totalling 45,411,647 shares, a decline of 9.6% from the March 15th total of 50,229,448 shares. Currently, 18.4% of the company’s stock are sold short. Based on an average trading volume of 5,225,085 shares, the days-to-cover ratio is presently 8.7 days.
NYSE:RRC opened at $10.16 on Tuesday. The company has a market cap of $2.56 billion, a PE ratio of 8.99, a P/E/G ratio of 0.96 and a beta of 1.16. Range Resources has a 52 week low of $9.22 and a 52 week high of $18.59. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.80 and a quick ratio of 0.77.
Range Resources (NYSE:RRC) last posted its earnings results on Monday, February 25th. The oil and gas exploration company reported $0.21 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.05. The company had revenue of $1.07 billion during the quarter, compared to analyst estimates of $736.35 million. Range Resources had a positive return on equity of 5.20% and a negative net margin of 53.20%. The business’s revenue was up 58.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.22 earnings per share. Equities research analysts anticipate that Range Resources will post 0.56 EPS for the current year.
In other Range Resources news, Director Steven D. Gray bought 20,000 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were acquired at an average cost of $10.95 per share, with a total value of $219,000.00. Following the completion of the transaction, the director now owns 7,804 shares in the company, valued at $85,453.80. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director James M. Funk acquired 10,000 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was purchased at an average cost of $9.80 per share, with a total value of $98,000.00. Following the completion of the acquisition, the director now owns 22,706 shares of the company’s stock, valued at $222,518.80. The disclosure for this purchase can be found here. 1.30% of the stock is currently owned by insiders.
Several large investors have recently bought and sold shares of RRC. Investec Asset Management LTD acquired a new position in shares of Range Resources during the fourth quarter worth approximately $90,825,000. FMR LLC boosted its position in shares of Range Resources by 9,258.5% during the fourth quarter. FMR LLC now owns 7,341,074 shares of the oil and gas exploration company’s stock worth $70,254,000 after buying an additional 7,262,631 shares during the period. Kopernik Global Investors LLC boosted its position in shares of Range Resources by 51.6% during the fourth quarter. Kopernik Global Investors LLC now owns 6,929,952 shares of the oil and gas exploration company’s stock worth $66,320,000 after buying an additional 2,359,051 shares during the period. Norges Bank acquired a new position in shares of Range Resources during the fourth quarter worth approximately $19,595,000. Finally, Mackenzie Financial Corp boosted its position in shares of Range Resources by 52.8% during the fourth quarter. Mackenzie Financial Corp now owns 5,355,090 shares of the oil and gas exploration company’s stock worth $51,248,000 after buying an additional 1,850,126 shares during the period.
Several analysts recently weighed in on RRC shares. reissued a “buy” rating and issued a $13.00 price objective on shares of Range Resources in a report on Tuesday, February 12th. Jefferies Financial Group reissued a “buy” rating and issued a $19.00 price objective on shares of Range Resources in a report on Wednesday, January 30th. Royal Bank of Canada reissued a “buy” rating on shares of Range Resources in a report on Monday, January 7th. TD Securities raised Range Resources from a “hold” rating to a “buy” rating and lowered their price objective for the company from $19.00 to $15.00 in a report on Monday, January 7th. Finally, B. Riley set a $21.00 price objective on Range Resources and gave the company a “buy” rating in a report on Sunday, December 30th. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $18.04.
Range Resources Company Profile
Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), and oil company. It engages in the exploration, development, and acquisition of natural gas and oil properties. It holds interests in developed and undeveloped natural gas and oil leases in the Appalachian and North Louisiana regions of the United States.
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