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

Bank of Nova Scotia acquired a new stake in Range Resources Corporation (NYSE:RRC) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 59,701 shares of the oil and gas exploration company’s stock, valued at approximately $2,220,000.

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

Insider Transactions at Range Resources

In other Range Resources news, Director Reginal Spiller sold 3,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $40.00, for a total transaction of $140,000.00. Following the sale, the director owned 13,421 shares in the company, valued at $536,840. This represents a 20.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 1.10% of the stock is owned by insiders.

Range Resources Trading Up 1.6%

NYSE RRC opened at $41.64 on Thursday. The company has a market capitalization of $9.73 billion, a price-to-earnings ratio of 11.50 and a beta of 0.42. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.65 and a quick ratio of 0.65. Range Resources Corporation has a 12 month low of $32.68 and a 12 month high of $48.31. The company’s fifty day moving average price is $38.35 and its two-hundred day moving average price is $40.21.

Range Resources (NYSE:RRC) last released its 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 during the quarter, compared to the consensus estimate of $744.78 million. Range Resources had a net margin of 25.04% and a return on equity of 18.63%. The company’s revenue was down 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.66 EPS. As a group, research analysts predict that Range Resources Corporation will post 3.62 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 12th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Friday, June 12th. Range Resources’s dividend payout ratio (DPR) is 11.05%.

Analyst Upgrades and Downgrades

RRC has been the subject of several recent research reports. Raymond James Financial set a $45.00 price objective on shares of Range Resources in a research report on Monday, July 27th. UBS Group reaffirmed a “neutral” rating on shares of Range Resources in a research report on Thursday, August 13th. Weiss Ratings cut Range Resources from a “buy (b-)” rating to a “hold (c)” rating in a research note on Thursday, July 23rd. Citigroup reissued a “neutral” rating on shares of Range Resources in a report on Thursday, July 23rd. Finally, Truist Financial lowered their price objective on Range Resources from $46.00 to $43.00 and set a “hold” rating for the company in a research note on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $43.75.

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.