Congress Asset Management Co. Boosts Stock Position in Range Resources Corporation $RRC

Congress Asset Management Co. grew its position in Range Resources Corporation (NYSE:RRC) by 13.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 614,071 shares of the oil and gas exploration company’s stock after purchasing an additional 74,786 shares during the period. Congress Asset Management Co.’s holdings in Range Resources were worth $21,652,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of RRC. SG Americas Securities LLC boosted its position in Range Resources by 101.2% in the fourth quarter. SG Americas Securities LLC now owns 66,689 shares of the oil and gas exploration company’s stock valued at $2,351,000 after buying an additional 33,544 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in Range Resources during the 4th quarter valued at approximately $37,820,000. 180 Wealth Advisors LLC acquired a new stake in Range Resources during the 4th quarter valued at approximately $208,000. Harbor Investment Advisory LLC boosted its holdings in shares of Range Resources by 101.5% in the 4th quarter. Harbor Investment Advisory LLC now owns 38,288 shares of the oil and gas exploration company’s stock valued at $1,350,000 after acquiring an additional 19,288 shares during the last quarter. Finally, Avior Wealth Management LLC purchased a new stake in shares of Range Resources in the 4th quarter valued at $674,000. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Range Resources Price Performance

NYSE:RRC opened at $45.97 on Wednesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.67 and a quick ratio of 0.67. The company has a 50 day moving average price of $38.89 and a 200-day moving average price of $37.45. Range Resources Corporation has a 1-year low of $30.32 and a 1-year high of $46.19. The firm has a market cap of $10.82 billion, a price-to-earnings ratio of 16.78, a price-to-earnings-growth ratio of 0.41 and a beta of 0.57.

Range Resources (NYSE:RRC) last announced its quarterly earnings results on Tuesday, February 24th. The oil and gas exploration company reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.13. The firm had revenue of $786.89 million for the quarter, compared to the consensus estimate of $770.92 million. Range Resources had a net margin of 21.12% and a return on equity of 16.31%. The firm’s quarterly revenue was up 30.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.68 earnings per share. Equities research analysts forecast that Range Resources Corporation will post 2.02 EPS for the current year.

Range Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, March 13th. This is an increase from Range Resources’s previous quarterly dividend of $0.09. Range Resources’s dividend payout ratio is currently 14.60%.

Analysts Set New Price Targets

RRC has been the subject of several recent research reports. Zacks Research raised shares of Range Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 18th. Piper Sandler upped their price target on shares of Range Resources from $41.00 to $42.00 and gave the company a “neutral” rating in a report on Thursday, March 12th. Morgan Stanley lowered their price target on shares of Range Resources from $42.00 to $40.00 and set an “equal weight” rating on the stock in a report on Friday, January 23rd. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $39.00 price objective (down from $44.00) on shares of Range Resources in a research note on Monday, December 8th. Finally, Mizuho boosted their price objective on Range Resources from $46.00 to $48.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Four analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $42.76.

Range Resources Company Profile

Range Resources Corporation, headquartered in Fort Worth, Texas, is an independent energy company engaged in the exploration, development and production of natural gas, oil and natural gas liquids. The company focuses its core operations on the Appalachian Basin, with a significant presence in Pennsylvania’s Marcellus Shale. Through its drilling and completion activities, Range Resources seeks to optimize production efficiency while maintaining a disciplined approach to capital allocation and cost management.

The company’s technical expertise centers on advanced horizontal drilling and hydraulic fracturing techniques, which it applies to unlock unconventional resources.