Retirement Systems of Alabama Lowers Position in Range Resources Co. (NYSE:RRC)

Retirement Systems of Alabama trimmed its stake in shares of Range Resources Co. (NYSE:RRC) by 0.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 621,060 shares of the oil and gas exploration company’s stock after selling 3,558 shares during the period. Retirement Systems of Alabama’s holdings in Range Resources were worth $20,824,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its position in shares of Range Resources by 25.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 28,633,567 shares of the oil and gas exploration company’s stock valued at $985,855,000 after purchasing an additional 5,759,883 shares in the last quarter. Vanguard Group Inc. boosted its stake in Range Resources by 4.1% during the first 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 buying an additional 959,011 shares during the last quarter. Boston Partners grew its holdings in Range Resources by 2.1% during the 1st quarter. Boston Partners now owns 6,531,086 shares of the oil and gas exploration company’s stock valued at $224,912,000 after buying an additional 133,565 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Range Resources by 1.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,931,670 shares of the oil and gas exploration company’s stock worth $180,568,000 after acquiring an additional 90,028 shares during the last quarter. Finally, Kopernik Global Investors LLC increased its stake in Range Resources by 2.7% in the 4th quarter. Kopernik Global Investors LLC now owns 3,106,518 shares of the oil and gas exploration company’s stock worth $94,562,000 after acquiring an additional 82,095 shares during the last quarter. 98.93% of the stock is currently owned by institutional investors.

Range Resources Stock Performance

Shares of NYSE:RRC opened at $30.56 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.58 and a current ratio of 0.58. The firm has a market cap of $7.41 billion, a PE ratio of 15.51 and a beta of 1.88. The firm’s 50 day simple moving average is $32.28 and its 200-day simple moving average is $33.67. Range Resources Co. has a one year low of $27.29 and a one year high of $39.33.

Range Resources (NYSE:RRC) last issued its earnings results on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.05. The company had revenue of $641.30 million for the quarter, compared to analysts’ expectations of $610.24 million. Range Resources had a net margin of 17.62% and a return on equity of 13.93%. The firm’s quarterly revenue was up 8.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.27 EPS. As a group, equities analysts predict that Range Resources Co. will post 2.08 EPS for the current year.

Range Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a $0.08 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.05%. Range Resources’s dividend payout ratio is presently 16.24%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Mizuho raised their target price on shares of Range Resources from $41.00 to $45.00 and gave the company a “buy” rating in a report on Monday, May 13th. Piper Sandler downgraded shares of Range Resources from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $43.00 to $31.00 in a report on Thursday, August 15th. Benchmark reiterated a “hold” rating on shares of Range Resources in a research report on Wednesday, July 24th. Scotiabank upgraded Range Resources from a “sector perform” rating to a “sector outperform” rating and set a $45.00 price objective on the stock in a research report on Tuesday, August 20th. Finally, Jefferies Financial Group lifted their target price on Range Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a report on Monday, July 8th. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Range Resources has an average rating of “Hold” and an average price target of $37.11.

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.