Holocene Advisors LP Makes New Investment in Range Resources Corporation $RRC

Holocene Advisors LP acquired a new stake in shares of Range Resources Corporation (NYSE:RRC) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 1,768,330 shares of the oil and gas exploration company’s stock, valued at approximately $66,560,000. Holocene Advisors LP owned approximately 0.75% of Range Resources at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Gotham Asset Management LLC raised its holdings in shares of Range Resources by 678.0% during the third quarter. Gotham Asset Management LLC now owns 180,038 shares of the oil and gas exploration company’s stock valued at $6,777,000 after acquiring an additional 156,898 shares during the period. Focus Partners Wealth boosted its stake in Range Resources by 189.9% in the 3rd quarter. Focus Partners Wealth now owns 23,928 shares of the oil and gas exploration company’s stock worth $901,000 after purchasing an additional 15,675 shares during the period. Delta Global Management LP acquired a new position in Range Resources in the 3rd quarter worth approximately $2,360,000. CSM Advisors LLC purchased a new position in Range Resources during the 3rd quarter worth approximately $624,000. Finally, Aventail Capital Group LP grew its position in Range Resources by 130.1% during the 3rd quarter. Aventail Capital Group LP now owns 461,340 shares of the oil and gas exploration company’s stock worth $17,365,000 after purchasing an additional 260,884 shares in the last quarter. 98.93% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Piper Sandler increased their target price on Range Resources from $41.00 to $42.00 and gave the company a “neutral” rating in a report on Thursday, March 12th. Bank of America reiterated a “neutral” rating and set a $38.00 price target (down from $44.00) on shares of Range Resources in a report on Friday, January 16th. TD Cowen raised Range Resources to a “hold” rating in a research report on Monday, February 9th. Weiss Ratings raised Range Resources from a “hold (c)” rating to a “buy (b)” rating in a research note on Friday, February 27th. Finally, JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $39.00 target price (down from $44.00) on shares of Range Resources in a research note on Monday, December 8th. Four analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $42.27.

Range Resources Trading Up 0.2%

NYSE RRC opened at $43.61 on Tuesday. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.28. Range Resources Corporation has a 1-year low of $30.32 and a 1-year high of $44.56. The firm’s fifty day simple moving average is $37.61 and its 200-day simple moving average is $37.03. The company has a market capitalization of $10.26 billion, a PE ratio of 15.92, a price-to-earnings-growth ratio of 0.40 and a beta of 0.57.

Range Resources (NYSE:RRC) last released its quarterly earnings data on Tuesday, February 24th. The oil and gas exploration company reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.13. Range Resources had a return on equity of 16.31% and a net margin of 21.12%.The firm had revenue of $786.89 million during the quarter, compared to analysts’ expectations of $770.92 million. During the same quarter last year, the firm earned $0.68 earnings per share. The business’s revenue for the quarter was up 30.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Range Resources Corporation will post 2.02 earnings per share for the current fiscal year.

Range Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, March 13th. This is a positive change from Range Resources’s previous quarterly dividend of $0.09. Range Resources’s dividend payout ratio (DPR) is presently 14.60%.

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.