Range Resources Co. (NYSE:RRC) Position Cut by M&T Bank Corp

M&T Bank Corp trimmed its stake in Range Resources Co. (NYSE:RRC) by 4.8% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 11,163 shares of the oil and gas exploration company’s stock after selling 560 shares during the quarter. M&T Bank Corp’s holdings in Range Resources were worth $339,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Invesco Ltd. lifted its stake in Range Resources by 22.4% in the third quarter. Invesco Ltd. now owns 3,796,629 shares of the oil and gas exploration company’s stock valued at $123,049,000 after buying an additional 693,970 shares during the last quarter. Lord Abbett & CO. LLC raised its stake in shares of Range Resources by 66.6% during the third quarter. Lord Abbett & CO. LLC now owns 1,463,000 shares of the oil and gas exploration company’s stock valued at $47,416,000 after purchasing an additional 585,000 shares in the last quarter. Canoe Financial LP raised its stake in shares of Range Resources by 86.5% during the third quarter. Canoe Financial LP now owns 1,195,400 shares of the oil and gas exploration company’s stock valued at $38,743,000 after purchasing an additional 554,400 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its stake in shares of Range Resources by 56.5% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 951,501 shares of the oil and gas exploration company’s stock valued at $28,964,000 after purchasing an additional 343,541 shares in the last quarter. Finally, Bank Pictet & Cie Europe AG raised its stake in shares of Range Resources by 61.6% during the third quarter. Bank Pictet & Cie Europe AG now owns 838,600 shares of the oil and gas exploration company’s stock valued at $27,179,000 after purchasing an additional 319,800 shares in the last quarter. 98.93% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Scotiabank cut shares of Range Resources from a “sector outperform” rating to a “sector perform” rating and lifted their price objective for the company from $40.00 to $45.00 in a research note on Thursday, April 11th. Mizuho lifted their price objective on shares of Range Resources from $41.00 to $45.00 and gave the company a “buy” rating in a research note on Monday. Truist Financial cut their price objective on shares of Range Resources from $32.00 to $30.00 and set a “hold” rating on the stock in a research note on Friday, April 5th. Stephens lifted their target price on Range Resources from $41.00 to $42.00 and gave the stock an “overweight” rating in a report on Wednesday, April 24th. Finally, Barclays assumed coverage on shares of Range Resources in a report on Wednesday, April 10th. They issued an “underweight” rating and a $35.00 price target for the company. Five investment analysts have rated the stock with a sell rating, eleven have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Range Resources currently has an average rating of “Hold” and a consensus price target of $36.81.

Insider Activity

In other Range Resources news, Director Charles G. Griffie bought 1,500 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were bought at an average price of $34.65 per share, for a total transaction of $51,975.00. Following the acquisition, the director now directly owns 4,646 shares of the company’s stock, valued at $160,983.90. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Charles G. Griffie purchased 1,500 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was acquired at an average price of $34.65 per share, with a total value of $51,975.00. Following the purchase, the director now owns 4,646 shares in the company, valued at approximately $160,983.90. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Ashley Kavanaugh sold 15,978 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $37.75, for a total value of $603,169.50. Following the completion of the sale, the vice president now directly owns 22,370 shares of the company’s stock, valued at approximately $844,467.50. The disclosure for this sale can be found here. 2.50% of the stock is owned by corporate insiders.

Range Resources Price Performance

Shares of RRC opened at $36.77 on Thursday. The company has a market capitalization of $8.92 billion, a price-to-earnings ratio of 18.66 and a beta of 1.85. Range Resources Co. has a fifty-two week low of $25.89 and a fifty-two week high of $38.25. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.35 and a quick ratio of 1.35. The business’s 50-day moving average is $34.97 and its 200-day moving average is $32.55.

Range Resources (NYSE:RRC) last issued its earnings results on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.21. The company had revenue of $718.20 million for the quarter, compared to the consensus estimate of $680.72 million. Range Resources had a return on equity of 13.30% and a net margin of 17.00%. The firm’s quarterly revenue was down 15.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.96 EPS. Equities research analysts expect that Range Resources Co. will post 2 EPS for the current fiscal year.

Range Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.87%. Range Resources’s dividend payout ratio is 16.24%.

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.