Moran Wealth Management LLC Cuts Stake in Range Resources Co. (NYSE:RRC)

Moran Wealth Management LLC reduced its position in Range Resources Co. (NYSE:RRC) by 5.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 25,647 shares of the oil and gas exploration company’s stock after selling 1,540 shares during the period. Moran Wealth Management LLC’s holdings in Range Resources were worth $789,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Price T Rowe Associates Inc. MD boosted its stake in shares of Range Resources by 25.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 28,633,567 shares of the oil and gas exploration company’s stock worth $985,855,000 after buying an additional 5,759,883 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Range Resources by 4.1% during the 1st quarter. Vanguard Group Inc. now owns 24,490,639 shares of the oil and gas exploration company’s stock valued at $843,213,000 after purchasing an additional 959,011 shares during the period. Boston Partners lifted its position in shares of Range Resources by 2.1% in the first quarter. Boston Partners now owns 6,531,086 shares of the oil and gas exploration company’s stock valued at $224,912,000 after acquiring an additional 133,565 shares in the last quarter. Lingotto Investment Management LLP boosted its stake in Range Resources by 1.5% in the 2nd quarter. Lingotto Investment Management LLP now owns 6,451,726 shares of the oil and gas exploration company’s stock worth $216,326,000 after purchasing an additional 93,782 shares during the period. Finally, KGH Ltd grew its holdings in Range Resources by 3.2% during the 2nd quarter. KGH Ltd now owns 6,080,000 shares of the oil and gas exploration company’s stock valued at $203,862,000 after buying an additional 190,000 shares in the last quarter. 98.93% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Range Resources

In related news, VP Ashley Kavanaugh sold 12,700 shares of Range Resources stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $31.45, for a total value of $399,415.00. Following the sale, the vice president now directly owns 9,670 shares in the company, valued at approximately $304,121.50. The trade was a 56.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Charles G. Griffie acquired 1,275 shares of the business’s stock in a transaction on Thursday, October 24th. The shares were purchased at an average price of $31.46 per share, with a total value of $40,111.50. Following the completion of the purchase, the director now owns 5,921 shares in the company, valued at $186,274.66. This represents a 27.44 % increase in their position. The disclosure for this purchase can be found here. 1.57% of the stock is owned by corporate insiders.

Range Resources Stock Performance

Shares of NYSE RRC opened at $35.44 on Friday. Range Resources Co. has a 1 year low of $27.29 and a 1 year high of $39.33. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.54 and a current ratio of 0.54. The company’s fifty day moving average price is $31.48 and its 200 day moving average price is $32.61. The company has a market capitalization of $8.55 billion, a PE ratio of 17.90 and a beta of 1.80.

Range Resources (NYSE:RRC) last announced its quarterly earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.16. The firm had revenue of $615.03 million during the quarter, compared to analyst estimates of $617.90 million. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. Range Resources’s revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.43 EPS. On average, research analysts predict that Range Resources Co. will post 1.88 earnings per share for the current year.

Range Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.90%. The ex-dividend date was Friday, September 13th. Range Resources’s payout ratio is 16.16%.

Analyst Ratings Changes

Several equities analysts recently weighed in on RRC shares. Wells Fargo & Company cut their target price on shares of Range Resources from $39.00 to $38.00 and set an “equal weight” rating for the company in a research note on Friday, October 25th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $39.00 target price on shares of Range Resources in a report on Thursday, July 25th. Susquehanna reduced their price objective on Range Resources from $36.00 to $31.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Piper Sandler lowered their price target on shares of Range Resources from $31.00 to $30.00 and set a “neutral” rating for the company in a report on Monday. Finally, Bank of America began coverage on Range Resources in a research report on Monday, October 28th. They issued a “neutral” rating and a $34.00 price target for the company. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $34.94.

Range Resources Profile

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), crude oil, and condensate company in the United States. The company engages in the exploration, development, and acquisition of natural gas and crude oil properties located in the Appalachian region. It sells natural gas to utilities, marketing and midstream companies, and industrial users; NGLs to petrochemical end users, marketers/traders, and natural gas processors; and oil and condensate to crude oil processors, transporters, and refining and marketing companies.