Bayforest Capital Ltd Purchases 1,816 Shares of Range Resources Corporation $RRC

Bayforest Capital Ltd lifted its holdings in Range Resources Corporation (NYSE:RRC) by 203.6% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,708 shares of the oil and gas exploration company’s stock after buying an additional 1,816 shares during the period. Bayforest Capital Ltd’s holdings in Range Resources were worth $110,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. GAMMA Investing LLC boosted its position in Range Resources by 4.7% in the second quarter. GAMMA Investing LLC now owns 6,013 shares of the oil and gas exploration company’s stock worth $245,000 after purchasing an additional 270 shares during the last quarter. Public Employees Retirement System of Ohio raised its stake in shares of Range Resources by 0.4% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 73,294 shares of the oil and gas exploration company’s stock worth $2,981,000 after purchasing an additional 299 shares during the period. Bessemer Group Inc. boosted its holdings in shares of Range Resources by 48.0% in the 1st quarter. Bessemer Group Inc. now owns 971 shares of the oil and gas exploration company’s stock worth $39,000 after buying an additional 315 shares during the last quarter. Xponance Inc. grew its position in Range Resources by 1.2% during the first quarter. Xponance Inc. now owns 27,512 shares of the oil and gas exploration company’s stock valued at $1,099,000 after buying an additional 326 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Range Resources by 0.5% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 66,014 shares of the oil and gas exploration company’s stock worth $2,636,000 after buying an additional 328 shares during the last quarter. 98.93% of the stock is owned by hedge funds and other institutional investors.

Range Resources Stock Performance

Shares of RRC opened at $35.96 on Friday. Range Resources Corporation has a 52-week low of $28.99 and a 52-week high of $43.50. The stock’s 50-day simple moving average is $35.56 and its 200 day simple moving average is $36.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.55 and a current ratio of 0.55. The stock has a market capitalization of $8.57 billion, a price-to-earnings ratio of 18.07, a price-to-earnings-growth ratio of 0.32 and a beta of 0.51.

Range Resources (NYSE:RRC) last announced its quarterly earnings results on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.01. Range Resources had a return on equity of 15.95% and a net margin of 17.22%.The firm had revenue of $856.28 million for the quarter, compared to analysts’ expectations of $708.38 million. During the same period in the prior year, the business posted $0.46 earnings per share. Research analysts forecast that Range Resources Corporation will post 2.02 EPS for the current fiscal year.

Range Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 12th were given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Friday, September 12th. Range Resources’s payout ratio is 18.09%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on RRC. Piper Sandler dropped their target price on shares of Range Resources from $41.00 to $39.00 and set a “neutral” rating on the stock in a research note on Thursday, August 14th. Royal Bank Of Canada upped their price objective on Range Resources from $45.00 to $46.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 8th. Raymond James Financial reduced their price objective on Range Resources from $45.00 to $41.00 and set an “outperform” rating for the company in a report on Friday, September 19th. Susquehanna boosted their target price on Range Resources from $36.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, July 23rd. Finally, Scotiabank set a $46.00 price target on Range Resources and gave the stock a “sector perform” rating in a research note on Friday, July 11th. Eight analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $42.05.

About Range Resources

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.