Bank of New York Mellon Corp Lowers Position in Range Resources Corporation $RRC

Bank of New York Mellon Corp trimmed its stake in Range Resources Corporation (NYSE:RRC) by 3.2% in the fourth quarter, Holdings Channel.com reports. The firm owned 1,940,221 shares of the oil and gas exploration company’s stock after selling 65,111 shares during the quarter. Bank of New York Mellon Corp’s holdings in Range Resources were worth $68,412,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of RRC. Profund Advisors LLC boosted its stake in shares of Range Resources by 5.5% in the third quarter. Profund Advisors LLC now owns 5,427 shares of the oil and gas exploration company’s stock valued at $204,000 after purchasing an additional 282 shares during the period. Pinnacle Associates Ltd. increased its position in shares of Range Resources by 2.5% during the third quarter. Pinnacle Associates Ltd. now owns 12,503 shares of the oil and gas exploration company’s stock worth $471,000 after acquiring an additional 302 shares during the last quarter. Confluence Wealth Services Inc. increased its position in shares of Range Resources by 3.2% during the fourth quarter. Confluence Wealth Services Inc. now owns 10,199 shares of the oil and gas exploration company’s stock worth $360,000 after acquiring an additional 312 shares during the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of Range Resources by 49.6% in the third quarter. Smartleaf Asset Management LLC now owns 1,013 shares of the oil and gas exploration company’s stock worth $38,000 after acquiring an additional 336 shares in the last quarter. Finally, AMG National Trust Bank lifted its stake in shares of Range Resources by 0.9% in the third quarter. AMG National Trust Bank now owns 41,986 shares of the oil and gas exploration company’s stock worth $1,580,000 after acquiring an additional 386 shares in the last quarter. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Range Resources

In related news, Director Brenda A. Cline sold 7,000 shares of the stock in a transaction dated Tuesday, April 7th. The shares were sold at an average price of $44.40, for a total value of $310,800.00. Following the completion of the transaction, the director owned 28,668 shares in the company, valued at $1,272,859.20. This represents a 19.63% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 1.10% of the stock is owned by corporate insiders.

Range Resources Stock Down 1.7%

RRC stock opened at $38.44 on Wednesday. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.55 and a quick ratio of 0.55. Range Resources Corporation has a 1-year low of $32.60 and a 1-year high of $48.31. The firm has a fifty day moving average price of $41.74 and a two-hundred day moving average price of $39.37. The firm has a market cap of $9.06 billion, a price-to-earnings ratio of 10.17 and a beta of 0.42.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, April 21st. The oil and gas exploration company reported $1.52 EPS for the quarter, topping the consensus estimate of $1.25 by $0.27. The business had revenue of $1.07 billion during the quarter, compared to analyst estimates of $898.20 million. Range Resources had a net margin of 26.09% and a return on equity of 18.64%. The company’s quarterly revenue was up 49.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.96 earnings per share. Research analysts predict that Range Resources Corporation will post 3.7 EPS for the current year.

Range Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 12th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Friday, June 12th. Range Resources’s dividend payout ratio is currently 10.58%.

Analyst Ratings Changes

Several research analysts recently commented on RRC shares. Morgan Stanley boosted their price target on Range Resources from $49.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Friday, May 22nd. Piper Sandler boosted their price target on Range Resources from $41.00 to $42.00 and gave the stock a “neutral” rating in a research note on Thursday, March 12th. Freedom Capital upgraded Range Resources from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 24th. Barclays boosted their price target on Range Resources from $39.00 to $41.00 and gave the stock an “equal weight” rating in a research note on Monday, March 16th. Finally, Stephens cut their price target on shares of Range Resources from $55.00 to $54.00 and set an “overweight” rating on the stock in a report on Tuesday, April 21st. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $44.00.

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.