William Blair Investment Management LLC Sells 700,349 Shares of Range Resources Co. (NYSE:RRC)

William Blair Investment Management LLC trimmed its position in Range Resources Co. (NYSE:RRC) by 30.5% during the fourth quarter, Holdings Channel reports. The firm owned 1,594,616 shares of the oil and gas exploration company’s stock after selling 700,349 shares during the quarter. William Blair Investment Management LLC’s holdings in Range Resources were worth $57,374,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Brooklyn Investment Group bought a new stake in shares of Range Resources in the 3rd quarter valued at about $25,000. Smartleaf Asset Management LLC raised its holdings in Range Resources by 87.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,012 shares of the oil and gas exploration company’s stock valued at $37,000 after acquiring an additional 471 shares during the period. UMB Bank n.a. raised its holdings in Range Resources by 59.0% in the 4th quarter. UMB Bank n.a. now owns 1,148 shares of the oil and gas exploration company’s stock valued at $41,000 after acquiring an additional 426 shares during the period. Geneos Wealth Management Inc. bought a new position in Range Resources in the 4th quarter valued at about $46,000. Finally, Versant Capital Management Inc raised its holdings in Range Resources by 42.8% in the 4th quarter. Versant Capital Management Inc now owns 1,544 shares of the oil and gas exploration company’s stock valued at $56,000 after acquiring an additional 463 shares during the period. 98.93% of the stock is owned by institutional investors.

Range Resources Stock Performance

NYSE RRC opened at $38.88 on Tuesday. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $9.38 billion, a price-to-earnings ratio of 19.63, a P/E/G ratio of 5.11 and a beta of 1.80. The firm’s 50 day simple moving average is $38.35 and its 200 day simple moving average is $34.51. Range Resources Co. has a 1 year low of $27.29 and a 1 year high of $41.95.

Range Resources (NYSE:RRC) last posted its quarterly earnings results on Tuesday, February 25th. The oil and gas exploration company reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.13. The business had revenue of $626.42 million for the quarter, compared to analyst estimates of $676.53 million. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. During the same quarter last year, the business posted $0.63 EPS. As a group, research analysts expect that Range Resources Co. will post 2.02 earnings per share for the current fiscal year.

Range Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be given a $0.09 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.36 dividend on an annualized basis and a yield of 0.93%. This is a positive change from Range Resources’s previous quarterly dividend of $0.08. Range Resources’s dividend payout ratio (DPR) is currently 32.73%.

Analyst Upgrades and Downgrades

RRC has been the topic of several research analyst reports. The Goldman Sachs Group increased their price target on shares of Range Resources from $39.00 to $43.00 and gave the company a “neutral” rating in a report on Wednesday, February 12th. Williams Trading set a $40.00 price target on shares of Range Resources in a report on Wednesday, March 5th. JPMorgan Chase & Co. raised shares of Range Resources from an “underweight” rating to a “neutral” rating and increased their price target for the company from $43.00 to $45.00 in a report on Thursday, March 13th. Truist Financial increased their price target on shares of Range Resources from $35.00 to $37.00 and gave the company a “hold” rating in a report on Monday. Finally, Barclays set a $43.00 price target on shares of Range Resources and gave the company an “equal weight” rating in a report on Thursday, February 27th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $39.95.

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.