Fifth Third Bancorp Grows Stock Position in Range Resources Corporation $RRC

Fifth Third Bancorp grew its holdings in Range Resources Corporation (NYSE:RRC) by 4,600.5% during the 1st quarter, Holdings Channel reports. The fund owned 95,092 shares of the oil and gas exploration company’s stock after buying an additional 93,069 shares during the period. Fifth Third Bancorp’s holdings in Range Resources were worth $4,296,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in the company. American Trust bought a new position in Range Resources in the 1st quarter worth $203,000. Sequoia Financial Advisors LLC bought a new stake in shares of Range Resources in the 1st quarter valued at approximately $258,000. Kestra Advisory Services LLC lifted its stake in shares of Range Resources by 13.5% in the 1st quarter. Kestra Advisory Services LLC now owns 6,330 shares of the oil and gas exploration company’s stock valued at $286,000 after purchasing an additional 752 shares during the last quarter. Seelaus Asset Management LLC boosted its holdings in shares of Range Resources by 2.6% in the 1st quarter. Seelaus Asset Management LLC now owns 9,745 shares of the oil and gas exploration company’s stock worth $440,000 after purchasing an additional 250 shares during the period. Finally, Oregon Public Employees Retirement Fund increased its position in shares of Range Resources by 3.5% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 48,656 shares of the oil and gas exploration company’s stock valued at $2,198,000 after purchasing an additional 1,631 shares during the last quarter. Hedge funds and other institutional investors own 98.93% of the company’s stock.

Range Resources Price Performance

Shares of RRC stock opened at $36.74 on Friday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.55 and a current ratio of 0.55. Range Resources Corporation has a fifty-two week low of $32.60 and a fifty-two week high of $48.31. The firm has a market capitalization of $8.66 billion, a price-to-earnings ratio of 9.72 and a beta of 0.41. The stock’s 50-day simple moving average is $38.56 and its 200-day simple moving average is $39.33.

Range Resources (NYSE:RRC) last posted its quarterly earnings data on Tuesday, April 21st. The oil and gas exploration company reported $1.52 EPS for the quarter, topping the consensus estimate of $1.25 by $0.27. Range Resources had a net margin of 26.09% and a return on equity of 18.64%. The business had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $898.20 million. During the same period in the previous year, the firm posted $0.96 earnings per share. The business’s revenue for the quarter was up 49.8% compared to the same quarter last year. As a group, equities analysts forecast that Range Resources Corporation will post 3.46 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 12th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Friday, June 12th. Range Resources’s dividend payout ratio is 10.58%.

Wall Street Analyst Weigh In

RRC has been the topic of a number of analyst reports. Morgan Stanley cut their target price on Range Resources from $50.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Monday, June 29th. Truist Financial cut their price objective on shares of Range Resources from $46.00 to $43.00 and set a “hold” rating on the stock in a report on Friday, July 10th. Citigroup reduced their price objective on shares of Range Resources from $50.00 to $45.00 and set a “neutral” rating for the company in a research note on Tuesday, April 14th. Zacks Research lowered Range Resources from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Finally, Freedom Capital raised Range Resources from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Range Resources has an average rating of “Hold” and a consensus price target of $43.00.

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.