Castleark Management LLC Invests $7.63 Million in Range Resources Corporation $RRC

Castleark Management LLC bought a new position in shares of Range Resources Corporation (NYSE:RRC) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 205,260 shares of the oil and gas exploration company’s stock, valued at approximately $7,634,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RRC. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Range Resources in the 2nd quarter worth approximately $26,000. Northwestern Mutual Wealth Management Co. purchased a new stake in Range Resources during the 2nd quarter valued at approximately $31,000. Los Angeles Capital Management LLC purchased a new stake in Range Resources during the 4th quarter valued at approximately $34,000. Root Financial Partners LLC raised its position in shares of Range Resources by 37.8% during the first quarter. Root Financial Partners LLC now owns 1,006 shares of the oil and gas exploration company’s stock valued at $45,000 after buying an additional 276 shares during the last quarter. Finally, Trust Co. of Vermont purchased a new position in shares of Range Resources in the second quarter worth $45,000. Institutional investors own 98.93% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Susquehanna dropped their target price on shares of Range Resources from $45.00 to $41.00 and set a “neutral” rating for the company in a research report on Tuesday, July 21st. Raymond James Financial set a $45.00 price target on shares of Range Resources in a report on Monday, July 27th. UBS Group reiterated a “neutral” rating on shares of Range Resources in a research note on Thursday, August 13th. The Goldman Sachs Group dropped their price objective on shares of Range Resources from $44.00 to $39.00 and set a “neutral” rating for the company in a report on Tuesday, June 30th. Finally, Morgan Stanley cut their price objective on Range Resources from $44.00 to $43.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $43.75.

Insider Buying and Selling at Range Resources

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

Range Resources Stock Down 0.7%

NYSE RRC opened at $40.97 on Wednesday. The stock has a 50 day moving average price of $38.25 and a 200-day moving average price of $40.17. Range Resources Corporation has a one year low of $32.68 and a one year high of $48.31. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.65 and a current ratio of 0.65. The company has a market capitalization of $9.57 billion, a P/E ratio of 11.32 and a beta of 0.42.

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

Range Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were paid 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 of this dividend was Friday, June 12th. Range Resources’s dividend payout ratio (DPR) is presently 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.