Range Resources (RRC) Bonds Trading 1.3% Lower

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An issue of Range Resources Corp. (NYSE:RRC) bonds fell 1.3% as a percentage of their face value during trading on Wednesday. The high-yield debt issue has a 5% coupon and will mature on August 15, 2022. The bonds in the issue are now trading at $96.75 and were trading at $97.94 last week. Price moves in a company’s bonds in credit markets sometimes anticipate parallel moves in its share price.

Several analysts have recently weighed in on RRC shares. Zacks Investment Research cut Range Resources from a “hold” rating to a “sell” rating in a report on Friday, February 1st. TD Securities upgraded Range Resources from a “hold” rating to a “buy” rating and reduced their price target for the stock from $19.00 to $15.00 in a report on Monday, January 7th. Bank of America cut Range Resources from a “neutral” rating to an “underperform” rating in a report on Friday, January 4th. Capital One Financial cut Range Resources from an “overweight” rating to an “equal weight” rating in a report on Thursday, December 20th. Finally, Stephens started coverage on Range Resources in a report on Thursday, December 6th. They set an “equal weight” rating and a $21.00 price target on the stock. Four analysts have rated the stock with a sell rating, fourteen have issued a hold rating and nine have issued a buy rating to the company. Range Resources currently has a consensus rating of “Hold” and a consensus price target of $18.37.

Shares of Range Resources stock traded down $0.34 during midday trading on Friday, reaching $10.56. The company had a trading volume of 2,113,861 shares, compared to its average volume of 7,744,523. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.80 and a quick ratio of 0.77. The firm has a market cap of $2.72 billion, a P/E ratio of 9.34, a P/E/G ratio of 1.19 and a beta of 1.15. Range Resources Corp. has a fifty-two week low of $9.22 and a fifty-two week high of $18.59.

Range Resources (NYSE:RRC) last posted its quarterly earnings data on Monday, February 25th. The oil and gas exploration company reported $0.21 EPS for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.05. Range Resources had a positive return on equity of 5.20% and a negative net margin of 53.20%. The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $736.35 million. During the same period in the previous year, the firm earned $0.22 earnings per share. The firm’s quarterly revenue was up 58.0% on a year-over-year basis. Equities analysts anticipate that Range Resources Corp. will post 0.45 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be paid a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.76%. The ex-dividend date is Thursday, March 14th. Range Resources’s dividend payout ratio (DPR) is presently 7.08%.

In other Range Resources news, Director Steven D. Gray purchased 20,000 shares of the company’s stock in a transaction on Friday, March 1st. The shares were purchased at an average cost of $10.95 per share, with a total value of $219,000.00. Following the completion of the purchase, the director now owns 7,804 shares in the company, valued at $85,453.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director James M. Funk purchased 10,000 shares of the company’s stock in a transaction on Monday, March 11th. The stock was acquired at an average cost of $9.80 per share, for a total transaction of $98,000.00. Following the completion of the purchase, the director now owns 22,706 shares of the company’s stock, valued at approximately $222,518.80. The disclosure for this purchase can be found here. 1.30% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of RRC. Investec Asset Management LTD acquired a new position in Range Resources in the fourth quarter valued at approximately $90,825,000. FMR LLC lifted its stake in Range Resources by 9,258.5% in the fourth quarter. FMR LLC now owns 7,341,074 shares of the oil and gas exploration company’s stock valued at $70,254,000 after buying an additional 7,262,631 shares during the period. Kopernik Global Investors LLC lifted its stake in Range Resources by 51.6% in the fourth quarter. Kopernik Global Investors LLC now owns 6,929,952 shares of the oil and gas exploration company’s stock valued at $66,320,000 after buying an additional 2,359,051 shares during the period. Norges Bank acquired a new position in Range Resources in the fourth quarter valued at approximately $19,595,000. Finally, Mackenzie Financial Corp lifted its stake in Range Resources by 52.8% in the fourth quarter. Mackenzie Financial Corp now owns 5,355,090 shares of the oil and gas exploration company’s stock valued at $51,248,000 after buying an additional 1,850,126 shares during the period.

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Range Resources Company Profile (NYSE:RRC)

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), and oil company. It engages in the exploration, development, and acquisition of natural gas and oil properties. It holds interests in developed and undeveloped natural gas and oil leases in the Appalachian and North Louisiana regions of the United States.

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