Bank of New York Mellon Corp Trims Stock Position in Range Resources Corporation $RRC

Bank of New York Mellon Corp trimmed its stake in shares of Range Resources Corporation (NYSE:RRC) by 3.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,940,221 shares of the oil and gas exploration company’s stock after selling 65,111 shares during the period. Bank of New York Mellon Corp owned about 0.82% of Range Resources worth $68,412,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Fielder Capital Group LLC grew its holdings in Range Resources by 8.8% during the fourth quarter. Fielder Capital Group LLC now owns 123,526 shares of the oil and gas exploration company’s stock worth $4,356,000 after acquiring an additional 10,005 shares during the period. Easterly Investment Partners LLC raised its position in shares of Range Resources by 1.6% in the fourth quarter. Easterly Investment Partners LLC now owns 458,964 shares of the oil and gas exploration company’s stock worth $16,183,000 after acquiring an additional 7,297 shares during the period. Eurizon Capital SGR S.p.A. acquired a new position in shares of Range Resources in the fourth quarter worth about $732,000. Basepoint Wealth LLC acquired a new position in shares of Range Resources in the fourth quarter worth about $61,000. Finally, SBI Okasan Asset Management Co.Ltd. acquired a new position in shares of Range Resources in the fourth quarter worth about $57,000. 98.93% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Range Resources

In other news, Director Brenda A. Cline sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 7th. The shares were sold at an average price of $44.40, for a total value of $310,800.00. Following the transaction, the director directly owned 28,668 shares in the company, valued at approximately $1,272,859.20. This represents a 19.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on RRC. Weiss Ratings downgraded shares of Range Resources from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, June 2nd. Piper Sandler upped their price objective on shares of Range Resources from $41.00 to $42.00 and gave the stock a “neutral” rating in a research report on Thursday, March 12th. Morgan Stanley upped their price objective on shares of Range Resources from $49.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Friday, May 22nd. Barclays upped their price objective on shares of Range Resources from $39.00 to $41.00 and gave the stock an “equal weight” rating in a research report on Monday, March 16th. Finally, Zacks Research upgraded shares of Range Resources from a “hold” rating to a “strong-buy” rating in a research report on Monday, May 11th. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $44.00.

Range Resources Stock Down 1.7%

Shares of NYSE RRC opened at $38.44 on Wednesday. Range Resources Corporation has a 12-month low of $32.60 and a 12-month high of $48.31. The stock has a market cap of $9.06 billion, a PE ratio of 10.17 and a beta of 0.42. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.18. The company has a 50-day moving average of $41.74 and a 200 day moving average of $39.37.

Range Resources (NYSE:RRC) last announced its quarterly earnings data on Tuesday, April 21st. The oil and gas exploration company reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.27. The company had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $898.20 million. Range Resources had a net margin of 26.09% and a return on equity of 18.64%. Range Resources’s revenue was up 49.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.96 EPS. As a group, sell-side analysts predict that Range Resources Corporation will post 3.7 EPS for the current fiscal year.

Range Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 12th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Friday, June 12th. Range Resources’s dividend payout ratio is currently 10.58%.

Range Resources 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.