The Manufacturers Life Insurance Company Invests $53.26 Million in Range Resources Corporation $RRC

The Manufacturers Life Insurance Company bought a new stake in Range Resources Corporation (NYSE:RRC) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 1,432,218 shares of the oil and gas exploration company’s stock, valued at approximately $53,264,000.

Other large investors also recently made changes to their positions in the company. King Luther Capital Management Corp boosted its position in Range Resources by 49.8% in the fourth quarter. King Luther Capital Management Corp now owns 1,281,975 shares of the oil and gas exploration company’s stock worth $45,202,000 after purchasing an additional 426,300 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Range Resources by 2.8% during the 4th quarter. Vanguard Group Inc. now owns 25,553,637 shares of the oil and gas exploration company’s stock valued at $901,021,000 after purchasing an additional 701,751 shares during the last quarter. Life Cycle Investment Partners Ltd bought a new stake in shares of Range Resources during the 4th quarter worth $21,129,000. Entropy Technologies LP raised its stake in shares of Range Resources by 321.3% during the 1st 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 period. Finally, First Trust Advisors LP boosted its holdings in shares of Range Resources by 126.2% in the 1st quarter. First Trust Advisors LP now owns 1,614,502 shares of the oil and gas exploration company’s stock worth $72,943,000 after buying an additional 900,869 shares during the last quarter. 98.93% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on RRC shares. Citigroup restated a “neutral” rating on shares of Range Resources in a research report on Thursday, July 23rd. Barclays dropped their target price on shares of Range Resources from $43.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Monday, August 17th. UBS Group restated a “neutral” rating on shares of Range Resources in a research note on Thursday, August 13th. Stephens lifted their price target on shares of Range Resources from $52.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, July 22nd. Finally, Wells Fargo & Company decreased their target price on Range Resources from $46.00 to $45.00 and set an “equal weight” rating for the company in a research report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $43.75.

Range Resources Stock Up 1.6%

RRC opened at $41.64 on Thursday. Range Resources Corporation has a 12 month low of $32.68 and a 12 month high of $48.31. The company has a market cap of $9.73 billion, a PE ratio of 11.50 and a beta of 0.42. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.18. The company has a 50 day moving average of $38.35 and a 200 day moving average of $40.21.

Range Resources (NYSE:RRC) last issued its earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.13. Range Resources had a net margin of 25.04% and a return on equity of 18.63%. The business had revenue of $759.58 million for the quarter, compared to analysts’ expectations of $744.78 million. During the same quarter in the previous year, the firm posted $0.66 EPS. The business’s revenue for the quarter was down 2.7% compared to the same quarter last year. On average, sell-side analysts expect that Range Resources Corporation will post 3.62 EPS for the current year.

Range Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 12th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Friday, June 12th. Range Resources’s payout ratio is presently 11.05%.

Insider Transactions at Range Resources

In other Range Resources news, Director Reginal Spiller sold 3,500 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $40.00, for a total value of $140,000.00. Following the completion of the transaction, the director owned 13,421 shares in the company, valued at $536,840. This trade represents a 20.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.10% of the company’s stock.

About Range Resources

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.