Assenagon Asset Management S.A. Buys New Position in Range Resources Corporation $RRC

Assenagon Asset Management S.A. purchased a new position in shares of Range Resources Corporation (NYSE:RRC) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,072,593 shares of the oil and gas exploration company’s stock, valued at approximately $37,820,000.

Several other institutional investors also recently added to or reduced their stakes in the company. Profund Advisors LLC lifted its stake in Range Resources by 5.5% in the third quarter. Profund Advisors LLC now owns 5,427 shares of the oil and gas exploration company’s stock valued at $204,000 after buying an additional 282 shares during the last quarter. Pinnacle Associates Ltd. grew its position in shares of Range Resources by 2.5% during the third quarter. Pinnacle Associates Ltd. now owns 12,503 shares of the oil and gas exploration company’s stock worth $471,000 after acquiring an additional 302 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of Range Resources by 49.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 1,013 shares of the oil and gas exploration company’s stock valued at $38,000 after acquiring an additional 336 shares during the period. Seelaus Asset Management LLC increased its holdings in shares of Range Resources by 4.0% in the 3rd quarter. Seelaus Asset Management LLC now owns 9,455 shares of the oil and gas exploration company’s stock valued at $356,000 after acquiring an additional 365 shares during the period. Finally, AMG National Trust Bank raised its position in Range Resources by 0.9% in the 3rd quarter. AMG National Trust Bank now owns 41,986 shares of the oil and gas exploration company’s stock valued at $1,580,000 after purchasing an additional 386 shares during the last quarter. Institutional investors and hedge funds own 98.93% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Royal Bank Of Canada decreased their price target on shares of Range Resources from $46.00 to $44.00 and set a “sector perform” rating for the company in a research note on Wednesday, January 14th. TD Cowen upped their target price on shares of Range Resources from $40.00 to $45.00 and gave the company a “hold” rating in a report on Tuesday, March 17th. Morgan Stanley decreased their target price on shares of Range Resources from $42.00 to $40.00 and set an “equal weight” rating for the company in a research note on Friday, January 23rd. Piper Sandler raised their price target on Range Resources from $41.00 to $42.00 and gave the stock a “neutral” rating in a report on Thursday, March 12th. Finally, Zacks Research upgraded Range Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 18th. Four equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $42.76.

Range Resources Stock Performance

NYSE:RRC opened at $46.56 on Thursday. The firm’s fifty day moving average price is $39.15 and its 200 day moving average price is $37.52. Range Resources Corporation has a 1-year low of $30.32 and a 1-year high of $46.69. 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 firm has a market cap of $10.96 billion, a price-to-earnings ratio of 16.99, a price-to-earnings-growth ratio of 0.42 and a beta of 0.57.

Range Resources (NYSE:RRC) last issued its earnings results on Tuesday, February 24th. The oil and gas exploration company reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.13. Range Resources had a net margin of 21.12% and a return on equity of 16.31%. The business had revenue of $786.89 million for the quarter, compared to the consensus estimate of $770.92 million. During the same quarter in the previous year, the firm earned $0.68 earnings per share. The business’s quarterly revenue was up 30.9% compared to the same quarter last year. On average, sell-side analysts expect that Range Resources Corporation will post 2.02 EPS for the current year.

Range Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.40 dividend on an annualized basis and a yield of 0.9%. This is a boost from Range Resources’s previous quarterly dividend of $0.09. Range Resources’s dividend payout ratio is presently 14.60%.

About Range Resources

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.