Kingsview Wealth Management LLC Acquires New Position in Range Resources Corporation $RRC

Kingsview Wealth Management LLC acquired a new stake in Range Resources Corporation (NYSE:RRC) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 86,962 shares of the oil and gas exploration company’s stock, valued at approximately $3,234,000.

Other hedge funds have also added to or reduced their stakes in the company. King Luther Capital Management Corp increased its holdings in Range Resources by 49.8% during the 4th 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 period. Vanguard Group Inc. raised its position in Range Resources by 2.8% during the 4th quarter. Vanguard Group Inc. now owns 25,553,637 shares of the oil and gas exploration company’s stock valued at $901,021,000 after purchasing an additional 701,751 shares in the last quarter. Life Cycle Investment Partners Ltd purchased a new stake in shares of Range Resources in the 4th quarter worth $21,129,000. Bank of Nova Scotia purchased a new stake in shares of Range Resources in the 2nd quarter worth $2,220,000. Finally, Entropy Technologies LP grew its position in shares of Range Resources by 321.3% during 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 in the last quarter. 98.93% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on RRC. Truist Financial cut their price target on Range Resources from $46.00 to $43.00 and set a “hold” rating on the stock in a research note on Friday, July 10th. Weiss Ratings lowered shares of Range Resources from a “buy (b-)” rating to a “hold (c)” rating in a research note on Thursday, July 23rd. Barclays dropped their target price on shares of Range Resources from $43.00 to $40.00 and set an “equal weight” rating on the stock in a report on Monday, August 17th. The Goldman Sachs Group cut their target price on shares of Range Resources from $44.00 to $39.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 30th. Finally, Morgan Stanley reduced their price target on shares of Range Resources from $44.00 to $43.00 and set an “equal weight” rating for the company in a report on Wednesday, August 19th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Range Resources currently has an average rating of “Hold” and an average price target of $43.75.

Insider Activity at Range Resources

In related news, Director Reginal Spiller sold 3,500 shares of Range Resources stock in a transaction that occurred 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 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 Securities & Exchange Commission, which is available at this link. 1.10% of the stock is owned by insiders.

Range Resources Stock Down 0.3%

Shares of RRC stock opened at $41.52 on Friday. Range Resources Corporation has a 1-year low of $32.68 and a 1-year high of $48.31. The stock’s fifty day moving average price is $38.55 and its 200 day moving average price is $40.25. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.65 and a quick ratio of 0.65. The company has a market cap of $9.70 billion, a price-to-earnings ratio of 11.47 and a beta of 0.42.

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

Range Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 11th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, September 11th. Range Resources’s dividend payout ratio (DPR) is presently 11.05%.

Range Resources Company 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.