Range Resources Corporation (RRC) Short Interest Update
Range Resources Corporation (NYSE:RRC) was the recipient of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 33,810,932 shares, a growth of 21.4% from the August 15th total of 27,856,093 shares. Approximately 13.8% of the shares of the stock are sold short. Based on an average trading volume of 6,342,658 shares, the days-to-cover ratio is presently 5.3 days.
In related news, Director Mary Ralph Lowe bought 10,000 shares of the company’s stock in a transaction dated Friday, August 4th. The stock was purchased at an average price of $17.99 per share, with a total value of $179,900.00. Following the completion of the acquisition, the director now owns 25,413 shares of the company’s stock, valued at $457,179.87. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Steffen E. Palko bought 15,000 shares of the company’s stock in a transaction dated Thursday, August 10th. The stock was bought at an average cost of $16.81 per share, with a total value of $252,150.00. Following the acquisition, the director now directly owns 27,267 shares of the company’s stock, valued at approximately $458,358.27. The disclosure for this purchase can be found here. Insiders bought 26,000 shares of company stock valued at $449,800 in the last three months. Company insiders own 0.42% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. State of Wisconsin Investment Board grew its stake in Range Resources Corporation by 18.7% in the second quarter. State of Wisconsin Investment Board now owns 210,607 shares of the oil and gas exploration company’s stock worth $4,880,000 after purchasing an additional 33,130 shares during the period. Matthew 25 Management Corp grew its stake in Range Resources Corporation by 166.7% in the second quarter. Matthew 25 Management Corp now owns 80,000 shares of the oil and gas exploration company’s stock worth $1,854,000 after purchasing an additional 50,000 shares during the period. JPMorgan Chase & Co. grew its stake in Range Resources Corporation by 7.7% in the second quarter. JPMorgan Chase & Co. now owns 2,726,118 shares of the oil and gas exploration company’s stock worth $63,163,000 after purchasing an additional 194,141 shares during the period. Rovida Advisors Inc. purchased a new stake in Range Resources Corporation in the second quarter worth $4,634,000. Finally, Oppenheimer Asset Management Inc. purchased a new stake in Range Resources Corporation in the first quarter worth $440,000. 95.51% of the stock is currently owned by institutional investors.
RRC has been the subject of a number of research reports. Goldman Sachs Group, Inc. (The) cut shares of Range Resources Corporation from a “conviction-buy” rating to a “buy” rating and set a $42.50 target price for the company. in a report on Friday, June 2nd. ValuEngine downgraded Range Resources Corporation from a “hold” rating to a “sell” rating in a research note on Friday, June 2nd. Royal Bank of Canada set a $44.00 price objective on Range Resources Corporation and gave the company a “buy” rating in a research note on Saturday, June 3rd. BidaskClub raised Range Resources Corporation from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 14th. Finally, BMO Capital Markets set a $35.00 price objective on Range Resources Corporation and gave the company a “buy” rating in a research note on Monday, June 26th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and twenty-one have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $37.77.
Shares of Range Resources Corporation (NYSE:RRC) opened at 19.04 on Wednesday. The stock’s 50 day moving average is $17.82 and its 200 day moving average is $23.24. Range Resources Corporation has a 12 month low of $16.00 and a 12 month high of $40.20. The firm has a market cap of $4.65 billion, a P/E ratio of 128.65 and a beta of 0.94.
Range Resources Corporation (NYSE:RRC) last posted its earnings results on Tuesday, August 1st. The oil and gas exploration company reported $0.28 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.20. Range Resources Corporation had a return on equity of 0.67% and a net margin of 1.75%. The firm had revenue of $565.00 million for the quarter, compared to analysts’ expectations of $544.08 million. During the same period in the previous year, the firm earned ($1.35) earnings per share. The business’s revenue was up 55.8% compared to the same quarter last year. Equities research analysts expect that Range Resources Corporation will post $0.51 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be paid a dividend of $0.02 per share. The ex-dividend date is Thursday, September 14th. This represents a $0.08 annualized dividend and a dividend yield of 0.42%. Range Resources Corporation’s dividend payout ratio (DPR) is presently 100.01%.
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Range Resources Corporation Company Profile
Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil company. The Company is engaged in the exploration and production of natural gas, NGLs and oil in the United States. It is engaged in the exploration, development and acquisition of natural gas and crude oil properties located primarily in the Appalachian and North Louisiana regions of the United States.
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