Bank of New York Mellon Corp Has $88.67 Million Position in Range Resources Corporation $RRC

Bank of New York Mellon Corp boosted its holdings in shares of Range Resources Corporation (NYSE:RRC) by 1.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,962,499 shares of the oil and gas exploration company’s stock after acquiring an additional 22,278 shares during the quarter. Bank of New York Mellon Corp’s holdings in Range Resources were worth $88,666,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in RRC. Empowered Funds LLC grew its position in Range Resources by 2.1% in the first quarter. Empowered Funds LLC now owns 75,851 shares of the oil and gas exploration company’s stock worth $3,029,000 after acquiring an additional 1,563 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Range Resources by 1.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 466,796 shares of the oil and gas exploration company’s stock valued at $18,639,000 after purchasing an additional 8,816 shares in the last quarter. Focus Partners Wealth bought a new position in shares of Range Resources during the 1st quarter valued at $285,000. EverSource Wealth Advisors LLC lifted its stake in shares of Range Resources by 63.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,932 shares of the oil and gas exploration company’s stock valued at $119,000 after purchasing an additional 1,139 shares during the last quarter. Finally, California Public Employees Retirement System lifted its stake in shares of Range Resources by 8.0% in the 2nd quarter. California Public Employees Retirement System now owns 410,651 shares of the oil and gas exploration company’s stock valued at $16,701,000 after purchasing an additional 30,481 shares during the last quarter. 98.93% of the stock is currently owned by institutional investors and hedge funds.

Range Resources Stock Performance

RRC opened at $37.70 on Wednesday. Range Resources Corporation has a 12-month low of $32.60 and a 12-month high of $48.31. The stock’s 50 day moving average price is $38.40 and its two-hundred day moving average price is $39.38. The firm has a market capitalization of $8.88 billion, a P/E ratio of 9.97 and a beta of 0.41. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.18.

Range Resources (NYSE:RRC) last released its earnings results on Tuesday, April 21st. The oil and gas exploration company reported $1.52 EPS for the quarter, beating 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 firm had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $898.20 million. During the same period in the prior year, the company earned $0.96 EPS. The business’s quarterly revenue was up 49.8% compared to the same quarter last year. On average, equities analysts forecast that Range Resources Corporation will post 3.46 earnings per share for the current year.

Range Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 12th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Friday, June 12th. Range Resources’s dividend payout ratio is presently 10.58%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. The Goldman Sachs Group lowered their target price on shares of Range Resources from $44.00 to $39.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 30th. Weiss Ratings cut Range Resources from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, June 2nd. Freedom Capital upgraded Range Resources from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 24th. Morgan Stanley lowered their price objective on Range Resources from $50.00 to $44.00 and set an “equal weight” rating on the stock in a report on Monday, June 29th. Finally, Susquehanna cut their price objective on Range Resources from $45.00 to $41.00 and set a “neutral” rating on the stock in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $43.12.

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.