Legal & General Group Plc Trims Stock Position in Range Resources Corporation $RRC

Legal & General Group Plc trimmed its stake in shares of Range Resources Corporation (NYSE:RRC) by 11.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 382,746 shares of the oil and gas exploration company’s stock after selling 48,157 shares during the quarter. Legal & General Group Plc’s holdings in Range Resources were worth $13,496,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of RRC. Oppenheimer & Co. Inc. increased its stake in Range Resources by 753.5% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 90,179 shares of the oil and gas exploration company’s stock valued at $3,394,000 after buying an additional 79,613 shares during the period. Vanguard Group Inc. lifted its stake in shares of Range Resources by 3.3% in the 3rd quarter. Vanguard Group Inc. now owns 24,851,886 shares of the oil and gas exploration company’s stock worth $935,425,000 after acquiring an additional 799,574 shares during the period. Citigroup Inc. boosted its holdings in shares of Range Resources by 71.0% in the third quarter. Citigroup Inc. now owns 307,604 shares of the oil and gas exploration company’s stock valued at $11,578,000 after acquiring an additional 127,753 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Range Resources by 48.3% in the third quarter. Envestnet Asset Management Inc. now owns 135,125 shares of the oil and gas exploration company’s stock valued at $5,086,000 after acquiring an additional 44,004 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in shares of Range Resources by 7.1% during the third quarter. American Century Companies Inc. now owns 754,293 shares of the oil and gas exploration company’s stock worth $28,392,000 after acquiring an additional 49,979 shares during the period. Hedge funds and other institutional investors own 98.93% of the company’s stock.

Analyst Upgrades and Downgrades

RRC has been the subject of a number of recent analyst reports. Morgan Stanley raised their price objective on shares of Range Resources from $49.00 to $50.00 and gave the company an “equal weight” rating in a research report on Friday, May 22nd. Barclays boosted their target price on Range Resources from $39.00 to $41.00 and gave the stock an “equal weight” rating in a research report on Monday, March 16th. TD Cowen raised their price target on Range Resources from $40.00 to $45.00 and gave the company a “hold” rating in a report on Tuesday, March 17th. Wells Fargo & Company lifted their price target on Range Resources from $43.00 to $46.00 and gave the company an “equal weight” rating in a research note on Thursday, February 26th. Finally, Freedom Capital raised Range Resources from a “hold” rating to a “strong-buy” rating in a report on Friday, April 24th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $44.00.

Range Resources Stock Down 0.4%

RRC stock opened at $39.62 on Wednesday. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.18. The company’s 50-day moving average price is $42.53 and its 200 day moving average price is $39.33. Range Resources Corporation has a 52 week low of $32.60 and a 52 week high of $48.31. The company has a market cap of $9.34 billion, a P/E ratio of 10.48 and a beta of 0.42.

Range Resources (NYSE:RRC) last issued its earnings results on Tuesday, April 21st. The oil and gas exploration company reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.27. Range Resources had a net margin of 26.09% and a return on equity of 18.64%. The company had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $898.20 million. During the same period last year, the company posted $0.96 earnings per share. The firm’s quarterly revenue was up 49.8% compared to the same quarter last year. On average, research analysts expect that Range Resources Corporation will post 3.7 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 12th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Friday, June 12th. Range Resources’s dividend payout ratio (DPR) is presently 10.58%.

Insider Transactions at Range Resources

In related news, Director Brenda A. Cline sold 7,000 shares of Range Resources stock in a transaction on Tuesday, April 7th. The stock was sold at an average price of $44.40, for a total transaction of $310,800.00. Following the completion of the transaction, the director directly owned 28,668 shares of the company’s stock, valued at approximately $1,272,859.20. The trade was a 19.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 1.10% of the company’s stock.

About Range Resources

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.