Castleark Management LLC Makes New $7.63 Million Investment in Range Resources Corporation $RRC

Castleark Management LLC bought a new stake in shares of Range Resources Corporation (NYSE:RRC) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 205,260 shares of the oil and gas exploration company’s stock, valued at approximately $7,634,000. Castleark Management LLC owned 0.09% of Range Resources as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. King Luther Capital Management Corp boosted its holdings in Range Resources by 49.8% in the fourth quarter. King Luther Capital Management Corp now owns 1,281,975 shares of the oil and gas exploration company’s stock worth $45,202,000 after purchasing an additional 426,300 shares during the last quarter. Vanguard Group Inc. grew its position in Range Resources by 2.8% in the 4th quarter. Vanguard Group Inc. now owns 25,553,637 shares of the oil and gas exploration company’s stock worth $901,021,000 after purchasing an additional 701,751 shares during the period. Life Cycle Investment Partners Ltd bought a new position in shares of Range Resources during the 4th quarter valued at $21,129,000. Entropy Technologies LP boosted its stake in shares of Range Resources by 321.3% in the 1st quarter. Entropy Technologies LP now owns 52,114 shares of the oil and gas exploration company’s stock worth $2,355,000 after buying an additional 39,745 shares during the last quarter. Finally, First Trust Advisors LP boosted its stake in shares of Range Resources by 126.2% in the 1st quarter. First Trust Advisors LP now owns 1,614,502 shares of the oil and gas exploration company’s stock worth $72,943,000 after buying an additional 900,869 shares during the last quarter. Hedge funds and other institutional investors own 98.93% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. Zacks Research upgraded Range Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 19th. Truist Financial dropped their target price on Range Resources from $46.00 to $43.00 and set a “hold” rating on the stock in a research report on Friday, July 10th. Raymond James Financial set a $45.00 price target on Range Resources in a research note on Monday, July 27th. UBS Group reaffirmed a “neutral” rating on shares of Range Resources in a research report on Thursday, August 13th. Finally, Morgan Stanley lowered their price objective on shares of Range Resources from $44.00 to $43.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 19th. One 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 given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $43.75.

Range Resources Stock Performance

Shares of RRC opened at $40.97 on Wednesday. The business has a 50-day simple moving average of $38.25 and a two-hundred day simple moving average of $40.17. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.18. Range Resources Corporation has a 52 week low of $32.68 and a 52 week high of $48.31. The stock has a market cap of $9.57 billion, a price-to-earnings ratio of 11.32 and a beta of 0.42.

Range Resources (NYSE:RRC) last posted its quarterly earnings data on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.13. Range Resources had a return on equity of 18.63% and a net margin of 25.04%.The firm had revenue of $759.58 million for the quarter, compared to analysts’ expectations of $744.78 million. During the same period in the previous year, the firm earned $0.66 EPS. The business’s quarterly revenue was down 2.7% on a year-over-year basis. On average, analysts expect that Range Resources Corporation will post 3.62 EPS for the current year.

Range Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Friday, June 12th. Range Resources’s dividend payout ratio is presently 11.05%.

Insider Activity

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