Glenorchy Capital Ltd Takes Position in Range Resources Co. (NYSE:RRC)

Glenorchy Capital Ltd bought a new stake in Range Resources Co. (NYSE:RRC) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 59,106 shares of the oil and gas exploration company’s stock, valued at approximately $1,799,000. Range Resources comprises about 0.7% of Glenorchy Capital Ltd’s investment portfolio, making the stock its 25th biggest position.

Several other hedge funds also recently modified their holdings of the business. Invesco Ltd. boosted its stake in shares of Range Resources by 22.4% in the 3rd quarter. Invesco Ltd. now owns 3,796,629 shares of the oil and gas exploration company’s stock valued at $123,049,000 after purchasing an additional 693,970 shares during the last quarter. Lord Abbett & CO. LLC boosted its stake in shares of Range Resources by 66.6% in the 3rd quarter. Lord Abbett & CO. LLC now owns 1,463,000 shares of the oil and gas exploration company’s stock valued at $47,416,000 after purchasing an additional 585,000 shares during the last quarter. Canoe Financial LP raised its position in shares of Range Resources by 86.5% in the 3rd quarter. Canoe Financial LP now owns 1,195,400 shares of the oil and gas exploration company’s stock valued at $38,743,000 after acquiring an additional 554,400 shares during the period. Vaughan Nelson Investment Management L.P. raised its position in shares of Range Resources by 56.5% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 951,501 shares of the oil and gas exploration company’s stock valued at $28,964,000 after acquiring an additional 343,541 shares during the period. Finally, Bank Pictet & Cie Europe AG raised its position in shares of Range Resources by 61.6% in the 3rd quarter. Bank Pictet & Cie Europe AG now owns 838,600 shares of the oil and gas exploration company’s stock valued at $27,179,000 after acquiring an additional 319,800 shares during the period. Institutional investors own 98.93% of the company’s stock.

Range Resources Stock Up 1.3 %

Shares of NYSE:RRC traded up $0.48 during midday trading on Tuesday, hitting $36.59. The stock had a trading volume of 2,935,549 shares, compared to its average volume of 2,544,233. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.47. The business’s 50-day simple moving average is $33.34 and its 200-day simple moving average is $32.33. Range Resources Co. has a 12 month low of $23.92 and a 12 month high of $37.88. The company has a market cap of $8.86 billion, a P/E ratio of 10.33 and a beta of 1.83.

Range Resources (NYSE:RRC) last released its quarterly earnings data on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.21. Range Resources had a net margin of 25.82% and a return on equity of 15.87%. The firm had revenue of $718.20 million during the quarter, compared to analysts’ expectations of $680.72 million. During the same period in the previous year, the business posted $0.96 earnings per share. The company’s revenue for the quarter was down 15.7% compared to the same quarter last year. On average, sell-side analysts forecast that Range Resources Co. will post 1.94 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a dividend of $0.08 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.32 dividend on an annualized basis and a yield of 0.87%. Range Resources’s dividend payout ratio (DPR) is 9.04%.

Analyst Ratings Changes

A number of analysts recently weighed in on RRC shares. Morgan Stanley increased their price target on shares of Range Resources from $23.00 to $33.00 and gave the company an “underweight” rating in a research report on Wednesday, April 17th. Raymond James cut their price target on shares of Range Resources from $37.00 to $36.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 24th. Citigroup increased their price target on shares of Range Resources from $33.00 to $37.00 and gave the company a “neutral” rating in a research report on Wednesday, April 3rd. Piper Sandler increased their price target on shares of Range Resources from $40.00 to $41.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Mizuho restated a “buy” rating and set a $39.00 target price on shares of Range Resources in a report on Thursday, April 11th. Five investment analysts have rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $36.00.

Range Resources Company Profile

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.