Whittier Trust Co. of Nevada Inc. Lowers Position in Range Resources Corp. (RRC)
Whittier Trust Co. of Nevada Inc. cut its stake in shares of Range Resources Corp. (NYSE:RRC) by 17.3% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 4,517 shares of the oil and gas exploration company’s stock after selling 943 shares during the period. Whittier Trust Co. of Nevada Inc.’s holdings in Range Resources Corp. were worth $195,000 as of its most recent filing with the SEC.
Other institutional investors also recently made changes to their positions in the company. British Airways Pensions Investment Management Ltd bought a new position in shares of Range Resources Corp. during the second quarter valued at $23,916,000. Bank of Montreal Can bought a new position in shares of Range Resources Corp. during the second quarter valued at $23,563,000. Phocas Financial Corp. bought a new position in shares of Range Resources Corp. during the first quarter valued at $7,610,000. TIAA CREF Investment Management LLC boosted its position in shares of Range Resources Corp. by 21.7% in the first quarter. TIAA CREF Investment Management LLC now owns 800,365 shares of the oil and gas exploration company’s stock valued at $25,916,000 after buying an additional 142,956 shares in the last quarter. Finally, Essex Investment Management Co. LLC bought a new position in shares of Range Resources Corp. during the second quarter valued at $5,574,000.
Shares of Range Resources Corp. (NYSE:RRC) traded down 1.68% during mid-day trading on Wednesday, reaching $38.13. The company’s stock had a trading volume of 2,377,331 shares. The company has a 50-day moving average of $39.43 and a 200-day moving average of $40.37. The company’s market cap is $6.36 billion. Range Resources Corp. has a 12 month low of $19.21 and a 12 month high of $46.96.
Range Resources Corp. (NYSE:RRC) last announced its quarterly earnings data on Tuesday, July 26th. The oil and gas exploration company reported ($0.14) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.21) by $0.07. Range Resources Corp. had a negative return on equity of 14.57% and a negative net margin of 71.00%. The firm had revenue of $362.67 million for the quarter, compared to analysts’ expectations of $327.40 million. During the same period last year, the firm earned $0.01 earnings per share. The company’s revenue for the quarter was down 10.4% compared to the same quarter last year. Equities research analysts forecast that Range Resources Corp. will post ($0.20) earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Friday, September 16th were paid a dividend of $0.02 per share. The ex-dividend date of this dividend was Wednesday, September 14th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.21%. Range Resources Corp.’s dividend payout ratio (DPR) is currently -1.42%.
RRC has been the subject of several analyst reports. JPMorgan Chase & Co. raised Range Resources Corp. from a “neutral” rating to an “overweight” rating and set a $46.00 price objective for the company in a report on Friday, October 7th. Jefferies Group reiterated a “buy” rating and issued a $50.00 price target (up previously from $45.00) on shares of Range Resources Corp. in a research note on Sunday, July 10th. Vetr upgraded Range Resources Corp. from a “hold” rating to a “buy” rating and set a $45.28 price target on the stock in a research note on Monday, July 4th. Zacks Investment Research lowered Range Resources Corp. from a “buy” rating to a “hold” rating in a research note on Monday, August 1st. Finally, Piper Jaffray Cos. reiterated an “overweight” rating and issued a $52.00 price target on shares of Range Resources Corp. in a research note on Friday, July 15th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and eighteen have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $44.31.
In related news, Director Gregory Gene Maxwell acquired 1,000 shares of Range Resources Corp. stock in a transaction dated Tuesday, September 27th. The shares were purchased at an average cost of $37.00 per share, with a total value of $37,000.00. Following the completion of the purchase, the director now owns 12,211 shares of the company’s stock, valued at $451,807. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, COO Ray N. Walker, Jr. sold 13,350 shares of the firm’s stock in a transaction dated Monday, September 19th. The shares were sold at an average price of $37.53, for a total value of $501,025.50. Following the transaction, the chief operating officer now directly owns 42,598 shares in the company, valued at $1,598,702.94. The disclosure for this sale can be found here. Insiders own 2.40% of the company’s stock.
Range Resources Corp. Company Profile
Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil company. The Company operates through the exploration and production of natural gas, NGLs and oil in the United States segment. The Company is engaged in the exploration, development and acquisition of natural gas and oil properties, focused in the Appalachian region of the United States.
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