Short Interest in Range Resources Corp. (RRC) Decreases By 49.8%
Range Resources Corp. (NYSE:RRC) saw a significant decrease in short interest in the month of September. As of September 30th, there was short interest totalling 12,725,180 shares, a decrease of 49.8% from the September 15th total of 25,342,388 shares. Based on an average trading volume of 6,217,455 shares, the short-interest ratio is currently 2.0 days. Currently, 5.9% of the shares of the stock are short sold.
Range Resources Corp. (NYSE:RRC) opened at 37.98 on Monday. Range Resources Corp. has a 52 week low of $19.21 and a 52 week high of $46.96. The firm has a 50-day moving average of $39.24 and a 200 day moving average of $40.39. The stock’s market capitalization is $6.33 billion.
Range Resources Corp. (NYSE:RRC) last issued its earnings results on Tuesday, July 26th. The oil and gas exploration company reported ($0.14) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.21) by $0.07. Range Resources Corp. had a negative return on equity of 14.57% and a negative net margin of 71.00%. The business earned $362.67 million during the quarter, compared to analysts’ expectations of $327.40 million. During the same quarter in the previous year, the business earned $0.01 EPS. The company’s revenue for the quarter was down 10.4% on a year-over-year basis. On average, analysts anticipate that Range Resources Corp. will post ($0.20) EPS for the current year.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/17/short-interest-in-range-resources-corp-rrc-decreases-by-49-8.html
The company also recently announced a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Friday, September 16th were issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.21%. The ex-dividend date was Wednesday, September 14th. Range Resources Corp.’s payout ratio is currently -1.42%.
A number of research firms have weighed in on RRC. Vetr cut shares of Range Resources Corp. from a “hold” rating to a “sell” rating and set a $44.39 price objective for the company. in a research report on Tuesday, June 21st. Jefferies Group restated a “buy” rating and set a $50.00 price objective (up from $45.00) on shares of Range Resources Corp. in a research report on Sunday, July 10th. Imperial Capital upgraded shares of Range Resources Corp. from an “in-line” rating to an “outperform” rating and upped their price objective for the stock from $45.00 to $55.00 in a research report on Thursday, July 14th. Simmons began coverage on shares of Range Resources Corp. in a report on Wednesday, July 13th. They set an “overweight” rating and a $52.00 target price for the company. Finally, Zacks Investment Research raised shares of Range Resources Corp. from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a report on Tuesday, July 12th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and eighteen have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $44.31.
In other Range Resources Corp. news, COO Ray N. Walker, Jr. sold 13,350 shares of the company’s stock in a transaction on Monday, September 19th. The shares were sold at an average price of $37.53, for a total transaction of $501,025.50. Following the completion of the transaction, the chief operating officer now directly owns 42,598 shares in the company, valued at $1,598,702.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gregory Gene Maxwell acquired 1,000 shares of Range Resources Corp. stock in a transaction on Tuesday, September 27th. The shares were bought at an average price of $37.00 per share, with a total value of $37,000.00. Following the completion of the transaction, the director now directly owns 12,211 shares of the company’s stock, valued at approximately $451,807. The disclosure for this purchase can be found here. Company insiders own 2.40% of the company’s stock.
Hedge funds have recently modified their holdings of the company. FMR LLC boosted its stake in shares of Range Resources Corp. by 449.6% in the second quarter. FMR LLC now owns 4,634,388 shares of the oil and gas exploration company’s stock worth $199,928,000 after buying an additional 3,791,208 shares during the last quarter. Emerald Acquisition Ltd. purchased a new stake in shares of Range Resources Corp. during the second quarter worth about $116,394,000. Blue Ridge Capital L.L.C. purchased a new stake in shares of Range Resources Corp. during the second quarter worth about $106,556,000. Blackstone Group L.P. purchased a new stake in shares of Range Resources Corp. during the second quarter worth about $25,309,000. Finally, British Airways Pensions Investment Management Ltd purchased a new stake in shares of Range Resources Corp. during the second quarter worth about $23,916,000.
About Range Resources Corp.
Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil company. The Company operates through the exploration and production of natural gas, NGLs and oil in the United States segment. The Company is engaged in the exploration, development and acquisition of natural gas and oil properties, focused in the Appalachian region of the United States.
Receive News & Ratings for Range Resources Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Range Resources Corp. and related companies with MarketBeat.com's FREE daily email newsletter.