Bank of Nova Scotia Makes New $2.22 Million Investment in Range Resources Corporation $RRC

Bank of Nova Scotia purchased a new position in shares of Range Resources Corporation (NYSE:RRC) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 59,701 shares of the oil and gas exploration company’s stock, valued at approximately $2,220,000.

A number of other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new stake in Range Resources during the second quarter worth approximately $868,085,000. Boston Partners grew its stake in Range Resources by 59.3% in the 3rd quarter. Boston Partners now owns 11,817,550 shares of the oil and gas exploration company’s stock worth $445,196,000 after acquiring an additional 4,398,042 shares during the period. AQR Capital Management LLC raised its holdings in Range Resources by 517.6% in the 3rd quarter. AQR Capital Management LLC now owns 2,440,277 shares of the oil and gas exploration company’s stock valued at $91,852,000 after acquiring an additional 2,045,165 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in Range Resources in the 2nd quarter valued at $67,470,000. Finally, UBS Group AG raised its holdings in Range Resources by 66.3% in the 4th quarter. UBS Group AG now owns 3,588,540 shares of the oil and gas exploration company’s stock valued at $126,532,000 after acquiring an additional 1,430,477 shares during the last quarter. Institutional investors and hedge funds own 98.93% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Raymond James Financial set a $45.00 price objective on Range Resources in a report on Monday, July 27th. Barclays dropped their target price on Range Resources from $43.00 to $40.00 and set an “equal weight” rating for the company in a research note on Monday, August 17th. Truist Financial reduced 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. Morgan Stanley decreased their price target on 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. Finally, Wells Fargo & Company lowered their price target on Range Resources from $46.00 to $45.00 and set an “equal weight” rating for the company in a report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $43.75.

Insider Buying and Selling

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

Range Resources Stock Up 1.6%

Shares of NYSE RRC opened at $41.64 on Thursday. Range Resources Corporation has a 52-week low of $32.68 and a 52-week high of $48.31. The firm has a fifty day moving average of $38.35 and a 200-day moving average of $40.21. The stock has a market capitalization of $9.73 billion, a PE ratio of 11.50 and a beta of 0.42. 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 (NYSE:RRC) last released its quarterly earnings data on Tuesday, July 21st. The oil and gas exploration company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.13. The business had revenue of $759.58 million during the quarter, compared to the consensus estimate of $744.78 million. Range Resources had a return on equity of 18.63% and a net margin of 25.04%.The business’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.66 EPS. On average, analysts anticipate 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 paid a dividend of $0.10 per share. The ex-dividend date was Friday, June 12th. This represents a $0.40 annualized dividend and a yield of 1.0%. Range Resources’s dividend payout ratio is currently 11.05%.

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.