VELA Investment Management LLC Buys 13,362 Shares of Range Resources Corporation $RRC

VELA Investment Management LLC increased its position in Range Resources Corporation (NYSE:RRC) by 22.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 71,716 shares of the oil and gas exploration company’s stock after buying an additional 13,362 shares during the period. VELA Investment Management LLC’s holdings in Range Resources were worth $2,667,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD grew its stake in shares of Range Resources by 1.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 27,660,494 shares of the oil and gas exploration company’s stock worth $975,311,000 after buying an additional 326,748 shares in the last quarter. BlackRock Inc. purchased a new stake in shares of Range Resources during the 2nd quarter valued at about $868,085,000. Boston Partners lifted its holdings in shares of Range Resources by 14.0% in the 4th quarter. Boston Partners now owns 13,467,808 shares of the oil and gas exploration company’s stock valued at $474,585,000 after acquiring an additional 1,650,258 shares during the last quarter. California State Teachers Retirement System lifted its holdings in shares of Range Resources by 3,604.0% in the 2nd quarter. California State Teachers Retirement System now owns 10,200,324 shares of the oil and gas exploration company’s stock valued at $379,350,000 after acquiring an additional 9,924,937 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Range Resources by 2.5% in the first quarter. Dimensional Fund Advisors LP now owns 9,192,740 shares of the oil and gas exploration company’s stock worth $415,354,000 after acquiring an additional 227,711 shares in the last quarter. 98.93% of the stock is owned by institutional investors.

Range Resources Price Performance

Shares of RRC stock opened at $41.96 on Tuesday. The company’s 50-day simple moving average is $39.21 and its two-hundred day simple moving average is $40.51. The company has a market capitalization of $9.81 billion, a P/E ratio of 11.59 and a beta of 0.43. Range Resources Corporation has a one year low of $32.68 and a one year high of $48.31. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.65 and a quick ratio of 0.65.

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 for the quarter, topping the consensus estimate of $0.66 by $0.13. Range Resources had a return on equity of 18.63% and a net margin of 25.04%.The business had revenue of $759.58 million during the quarter, compared to analysts’ expectations of $744.78 million. During the same period in the prior year, the business earned $0.66 EPS. The business’s revenue for the quarter was down 2.7% compared to the same quarter last year. As a group, equities analysts anticipate that Range Resources Corporation will post 3.62 EPS for the current year.

Range Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 11th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Friday, September 11th. This represents a $0.40 dividend on an annualized basis and a yield of 1.0%. Range Resources’s payout ratio is 11.05%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on RRC. UBS Group reiterated a “neutral” rating on shares of Range Resources in a report on Thursday, August 13th. Truist Financial decreased their price target on Range Resources from $46.00 to $43.00 and set a “hold” rating on the stock in a report on Friday, July 10th. Barclays lowered their price target on Range Resources from $43.00 to $40.00 and set an “equal weight” rating for the company in a research report on Monday, August 17th. Weiss Ratings cut shares of Range Resources from a “buy (b-)” rating to a “hold (c)” rating in a research report on Thursday, July 23rd. Finally, Zacks Research raised shares of Range Resources from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, fourteen have issued 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 an average target price of $43.75.

Insider Buying and Selling at Range Resources

In related news, Director Reginal Spiller sold 3,500 shares of the company’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $40.00, for a total transaction of $140,000.00. Following the completion of the sale, the director directly owned 13,421 shares in the company, valued at $536,840. This represents a 20.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 1.10% of the stock is owned by company insiders.

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.