Range Resources Corporation $RRC Stock Sold by Retirement Systems of Alabama

Retirement Systems of Alabama decreased its stake in shares of Range Resources Corporation (NYSE:RRC) by 13.1% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 666,627 shares of the oil and gas exploration company’s stock after selling 100,874 shares during the quarter. Retirement Systems of Alabama’s holdings in Range Resources were worth $24,692,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in Range Resources in the 2nd quarter valued at $868,085,000. Dimensional Fund Advisors LP raised its holdings in shares of Range Resources by 2.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,192,740 shares of the oil and gas exploration company’s stock worth $415,354,000 after acquiring an additional 227,711 shares during the period. Canoe Financial LP raised its holdings in shares of Range Resources by 19.3% during the 3rd quarter. Canoe Financial LP now owns 3,953,091 shares of the oil and gas exploration company’s stock worth $148,403,000 after acquiring an additional 639,200 shares during the period. Goehring & Rozencwajg Associates LLC raised its holdings in shares of Range Resources by 35.9% during the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 2,721,749 shares of the oil and gas exploration company’s stock worth $122,969,000 after acquiring an additional 718,648 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of Range Resources by 1.1% during the 1st quarter. Bank of New York Mellon Corp now owns 1,962,499 shares of the oil and gas exploration company’s stock valued at $88,666,000 after acquiring an additional 22,278 shares during the last quarter. Institutional investors and hedge funds own 98.93% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Mizuho upped their price objective on shares of Range Resources from $52.00 to $67.00 and gave the company an “outperform” rating in a report on Monday, October 26th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $37.00 target price on shares of Range Resources in a research note on Tuesday, October 20th. Stifel Nicolaus assumed coverage on shares of Range Resources in a report on Thursday, September 10th. They issued a “hold” rating and a $46.00 target price on the stock. Morgan Stanley set a $54.00 price target on shares of Range Resources in a research note on Tuesday, October 27th. Finally, Susquehanna raised their price target on shares of Range Resources from $41.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday, October 20th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, nineteen have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Range Resources presently has a consensus rating of “Hold” and a consensus price target of $46.22.

Range Resources Price Performance

NYSE:RRC opened at $51.97 on Thursday. Range Resources Corporation has a 52 week low of $32.68 and a 52 week high of $56.90. The stock’s fifty day moving average is $43.77 and its two-hundred day moving average is $40.98. The company has a market capitalization of $12.14 billion, a P/E ratio of 13.78 and a beta of 0.64. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.16.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, October 27th. The oil and gas exploration company reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.06. The business had revenue of $842.83 million during the quarter, compared to analysts’ expectations of $795.19 million. Range Resources had a return on equity of 19.15% and a net margin of 25.25%. The company’s revenue was up 12.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.57 EPS. Equities analysts expect that Range Resources Corporation will post 3.85 EPS for the current year.

Range Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 11th were given a $0.10 dividend. The ex-dividend date of this dividend was Friday, September 11th. This represents a $0.40 dividend on an annualized basis and a yield of 0.8%. Range Resources’s dividend payout ratio is presently 10.61%.

Range Resources Company Profile

Range Resources Corporation is an independent energy company focused on exploring for, developing and producing natural gas, natural gas liquids and crude oil. Its operations are concentrated in the Appalachian Basin, particularly the Marcellus Shale in southwestern Pennsylvania. The company also markets and sells its production to customers in the energy and industrial sectors. Range Resources has played a significant role in developing the Marcellus Shale, a major natural gas-producing formation in the United States.