Louisiana State Employees Retirement System Acquires New Position in Range Resources Co. (NYSE:RRC)

Louisiana State Employees Retirement System acquired a new stake in Range Resources Co. (NYSE:RRC) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 67,800 shares of the oil and gas exploration company’s stock, valued at approximately $2,064,000.

A number of other hedge funds have also recently added to or reduced their stakes in RRC. Cary Street Partners Investment Advisory LLC acquired a new stake in shares of Range Resources during the 3rd quarter valued at approximately $27,000. Schroder Investment Management Group lifted its position in shares of Range Resources by 23.7% during the 3rd quarter. Schroder Investment Management Group now owns 456,752 shares of the oil and gas exploration company’s stock valued at $14,803,000 after acquiring an additional 87,624 shares during the period. Kennedy Capital Management LLC lifted its position in shares of Range Resources by 17.7% during the 3rd quarter. Kennedy Capital Management LLC now owns 224,573 shares of the oil and gas exploration company’s stock valued at $7,278,000 after acquiring an additional 33,793 shares during the period. Vaughan Nelson Investment Management L.P. acquired a new stake in shares of Range Resources during the 3rd quarter valued at approximately $19,704,000. Finally, Cambria Investment Management L.P. lifted its position in shares of Range Resources by 8.5% during the 3rd quarter. Cambria Investment Management L.P. now owns 264,965 shares of the oil and gas exploration company’s stock valued at $8,588,000 after acquiring an additional 20,685 shares during the period. Institutional investors and hedge funds own 98.93% of the company’s stock.

Analyst Upgrades and Downgrades

RRC has been the subject of a number of research reports. Morgan Stanley lifted their price target on shares of Range Resources from $23.00 to $33.00 and gave the company an “underweight” rating in a research report on Wednesday. Susquehanna reiterated a “neutral” rating and set a $34.00 price target (down from $43.00) on shares of Range Resources in a research report on Friday, January 26th. Citigroup lifted their price objective on Range Resources from $33.00 to $37.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 3rd. Benchmark lowered Range Resources from a “buy” rating to a “hold” rating in a research note on Thursday, January 11th. Finally, Truist Financial reduced their target price on Range Resources from $32.00 to $30.00 and set a “hold” rating on the stock in a research note on Friday, April 5th. Five research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $35.75.

Range Resources Stock Down 0.7 %

Shares of NYSE RRC opened at $34.72 on Thursday. Range Resources Co. has a 12-month low of $23.92 and a 12-month high of $37.88. The company has a market cap of $8.41 billion, a P/E ratio of 9.81 and a beta of 1.83. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.47. The stock has a fifty day moving average price of $32.76 and a 200 day moving average price of $32.20.

Range Resources (NYSE:RRC) last announced its quarterly earnings results on Wednesday, February 21st. The oil and gas exploration company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.21. Range Resources had a return on equity of 15.87% and a net margin of 25.82%. The firm had revenue of $941.40 million during the quarter, compared to the consensus estimate of $672.25 million. During the same period in the prior year, the firm earned $1.26 EPS. The firm’s quarterly revenue was down 42.3% compared to the same quarter last year. Research analysts anticipate that Range Resources Co. will post 1.91 EPS for the current fiscal year.

Range Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a $0.08 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.32 annualized dividend and a yield of 0.92%. Range Resources’s dividend payout ratio is currently 9.04%.

About Range Resources

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), crude oil, and condensate company in the United States. The company engages in the exploration, development, and acquisition of natural gas and crude oil properties located in the Appalachian region. It sells natural gas to utilities, marketing and midstream companies, and industrial users; NGLs to petrochemical end users, marketers/traders, and natural gas processors; and oil and condensate to crude oil processors, transporters, and refining and marketing companies.