Maverick Capital Ltd. Takes Position in Range Resources Corporation $RRC

Maverick Capital Ltd. acquired a new stake in Range Resources Corporation (NYSE:RRC) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 24,168 shares of the oil and gas exploration company’s stock, valued at approximately $1,092,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in Range Resources by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 25,553,637 shares of the oil and gas exploration company’s stock worth $901,021,000 after purchasing an additional 701,751 shares in the last quarter. King Luther Capital Management Corp boosted its holdings in shares of Range Resources by 49.8% in the 4th quarter. King Luther Capital Management Corp now owns 1,281,975 shares of the oil and gas exploration company’s stock valued at $45,202,000 after buying an additional 426,300 shares in the last quarter. SG Americas Securities LLC grew its position in shares of Range Resources by 101.2% in the 4th quarter. SG Americas Securities LLC now owns 66,689 shares of the oil and gas exploration company’s stock worth $2,351,000 after buying an additional 33,544 shares during the last quarter. Life Cycle Investment Partners Ltd purchased a new position in shares of Range Resources in the 4th quarter worth approximately $21,129,000. Finally, Stanley Laman Group Ltd. purchased a new position in shares of Range Resources in the 4th quarter worth approximately $2,890,000. 98.93% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on RRC. UBS Group decreased their target price on shares of Range Resources from $49.00 to $44.00 and set a “neutral” rating for the company in a research report on Friday, July 10th. Wells Fargo & Company reduced their price target on Range Resources from $46.00 to $45.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 23rd. Zacks Research lowered Range Resources from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. 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 report on Friday, July 10th. Finally, Bank of America boosted their target price on Range Resources from $38.00 to $44.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $43.35.

Range Resources Stock Performance

NYSE RRC opened at $38.29 on Wednesday. The firm has a market capitalization of $8.95 billion, a P/E ratio of 10.58 and a beta of 0.41. The stock has a 50-day simple moving average of $38.05 and a two-hundred day simple moving average of $39.51. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.65 and a current ratio of 0.65. Range Resources Corporation has a fifty-two week low of $32.60 and a fifty-two week high of $48.31.

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 (EPS) for the quarter, beating analysts’ consensus estimates 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 return on equity of 18.63% and a net margin of 25.04%.Range Resources’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.66 earnings per share. On average, equities analysts forecast that Range Resources Corporation will post 3.49 earnings per share for the current year.

Range Resources Announces Dividend

The business 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. The ex-dividend date of this dividend was Friday, June 12th. This represents a $0.40 dividend on an annualized basis and a yield of 1.0%. Range Resources’s dividend payout ratio (DPR) is currently 11.05%.

About Range Resources

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.