Weiss Asset Management LP Takes Position in Range Resources Corporation $RRC

Weiss Asset Management LP bought a new position in Range Resources Corporation (NYSE:RRC) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 108,960 shares of the oil and gas exploration company’s stock, valued at approximately $4,923,000.

A number of other large investors have also recently made changes to their positions in the company. Delta Global Management LP bought a new position in Range Resources during the 1st quarter valued at about $2,459,000. Entropy Technologies LP lifted its stake in Range Resources by 321.3% in the first quarter. Entropy Technologies LP now owns 52,114 shares of the oil and gas exploration company’s stock worth $2,355,000 after purchasing an additional 39,745 shares during the last quarter. Brooklands Fund Management Ltd bought a new stake in Range Resources in the first quarter worth about $3,400,000. Compound Planning Inc. purchased a new position in shares of Range Resources during the first quarter valued at approximately $210,000. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of Range Resources during the first quarter valued at approximately $64,481,000. 98.93% of the stock is owned by hedge funds and other institutional investors.

Range Resources Price Performance

Shares of RRC stock opened at $38.97 on Monday. Range Resources Corporation has a twelve month low of $32.60 and a twelve month high of $48.31. The stock has a market capitalization of $9.11 billion, a price-to-earnings ratio of 10.77 and a beta of 0.41. The stock has a fifty day simple moving average of $38.23 and a two-hundred day simple moving average of $39.46. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.18.

Range Resources (NYSE:RRC) last announced its quarterly earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.66 by $0.13. The firm had revenue of $759.58 million for the quarter, compared to analyst estimates of $744.78 million. Range Resources had a return on equity of 18.63% and a net margin of 25.04%.The business’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.66 earnings per share. On average, analysts predict that Range Resources Corporation will post 3.49 EPS for the current fiscal year.

Range Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a $0.40 dividend on an annualized basis and a yield of 1.0%. Range Resources’s dividend payout ratio (DPR) is 11.05%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on RRC shares. Citigroup reiterated a “neutral” rating on shares of Range Resources in a report on Thursday. 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 report on Tuesday, July 21st. Truist Financial reduced their target price on Range Resources from $46.00 to $43.00 and set a “hold” rating on the stock in a research note on Friday, July 10th. Stephens lifted their target price on Range Resources from $52.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Bank of America upped their price target on shares of Range Resources from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Range Resources currently has a consensus rating of “Hold” and a consensus price target of $43.12.

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.