Alaska Permanent Fund Corp Grows Stock Holdings in Range Resources Co. (NYSE:RRC)

Alaska Permanent Fund Corp increased its stake in Range Resources Co. (NYSE:RRC) by 0.9% in the 4th quarter, Holdings Channel reports. The fund owned 82,621 shares of the oil and gas exploration company’s stock after buying an additional 721 shares during the quarter. Alaska Permanent Fund Corp’s holdings in Range Resources were worth $2,515,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Raleigh Capital Management Inc. purchased a new stake in Range Resources in the third quarter worth about $26,000. Cary Street Partners Investment Advisory LLC bought a new stake in Range Resources in the 3rd quarter worth approximately $27,000. Proffitt & Goodson Inc. purchased a new position in shares of Range Resources during the 3rd quarter worth $32,000. Larson Financial Group LLC boosted its stake in shares of Range Resources by 267.9% during the 3rd quarter. Larson Financial Group LLC now owns 1,236 shares of the oil and gas exploration company’s stock worth $40,000 after acquiring an additional 900 shares during the last quarter. Finally, Fifth Third Bancorp lifted its stake in shares of Range Resources by 57.7% during the 3rd quarter. Fifth Third Bancorp now owns 1,339 shares of the oil and gas exploration company’s stock valued at $43,000 after buying an additional 490 shares in the last quarter. 98.93% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on RRC. Piper Sandler boosted their target price on shares of Range Resources from $40.00 to $41.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Raymond James cut their price objective on shares of Range Resources from $37.00 to $36.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 24th. Barclays initiated coverage on shares of Range Resources in a report on Wednesday, April 10th. They set an “underweight” rating and a $35.00 price objective on the stock. Benchmark reiterated a “hold” rating on shares of Range Resources in a research report on Wednesday. Finally, Morgan Stanley boosted their price objective on shares of Range Resources from $23.00 to $33.00 and gave the stock an “underweight” rating in a research report on Wednesday, April 17th. Five analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $36.40.

Range Resources Stock Performance

RRC stock traded up $0.26 on Thursday, reaching $38.03. 354,266 shares of the company were exchanged, compared to its average volume of 2,542,163. Range Resources Co. has a 12 month low of $23.92 and a 12 month high of $38.25. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.49 and a quick ratio of 1.49. The stock’s fifty day moving average price is $33.52 and its 200 day moving average price is $32.37. The firm has a market capitalization of $9.21 billion, a PE ratio of 19.17 and a beta of 1.83.

Range Resources (NYSE:RRC) last issued its quarterly earnings results on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.48 by $0.21. The firm had revenue of $718.20 million for the quarter, compared to analysts’ expectations of $680.72 million. Range Resources had a net margin of 17.00% and a return on equity of 13.58%. The company’s revenue for the quarter was down 15.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.96 EPS. On average, research analysts anticipate that Range Resources Co. will post 1.99 EPS for the current fiscal year.

Range Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were paid a $0.08 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.32 dividend on an annualized basis and a yield of 0.84%. Range Resources’s dividend payout ratio is presently 16.24%.

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.