Man Group plc bought a new stake in shares of Range Resources Corporation (NYSE:RRC – Free Report) in the second quarter, Holdings Channel reports. The fund bought 903,795 shares of the oil and gas exploration company’s stock, valued at approximately $33,612,000.
Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Range Resources during the second quarter valued at about $868,085,000. Boston Partners boosted its position in shares of Range Resources by 59.3% in the third quarter. Boston Partners now owns 11,817,550 shares of the oil and gas exploration company’s stock valued at $445,196,000 after acquiring an additional 4,398,042 shares during the period. AQR Capital Management LLC boosted its position in shares of Range Resources by 517.6% in the third quarter. AQR Capital Management LLC now owns 2,440,277 shares of the oil and gas exploration company’s stock valued at $91,852,000 after acquiring an additional 2,045,165 shares during the period. Bank of New York Mellon Corp purchased a new position in Range Resources during the second quarter valued at approximately $67,470,000. Finally, The Manufacturers Life Insurance Company purchased a new position in Range Resources during the second quarter valued at approximately $53,264,000. Hedge funds and other institutional investors own 98.93% of the company’s stock.
Insider Buying and Selling at Range Resources
In other news, Director Reginal Spiller sold 3,500 shares of the firm’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $40.00, for a total transaction of $140,000.00. Following the sale, the director owned 13,421 shares in the company, valued at approximately $536,840. This trade represents a 20.68% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 1.10% of the company’s stock.
Range Resources Stock Up 1.6%
Range Resources (NYSE:RRC – Get Free Report) last announced its earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.13. Range Resources had a net margin of 25.04% and a return on equity of 18.63%. The business had revenue of $759.58 million for the quarter, compared to the consensus estimate of $744.78 million. During the same period last year, the firm posted $0.66 earnings per share. Range Resources’s quarterly revenue was down 2.7% on a year-over-year basis. Sell-side analysts expect that Range Resources Corporation will post 3.62 earnings per share for the current fiscal year.
Range Resources Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 12th were given a dividend of $0.10 per share. The ex-dividend date was Friday, June 12th. This represents a $0.40 annualized dividend and a dividend yield of 1.0%. Range Resources’s dividend payout ratio (DPR) is 11.05%.
Wall Street Analysts Forecast Growth
A number of analysts recently weighed in on the stock. Raymond James Financial set a $45.00 target price on shares of Range Resources in a report on Monday, July 27th. Citigroup reissued a “neutral” rating on shares of Range Resources in a report on Thursday, July 23rd. Wells Fargo & Company reduced their price target on shares of Range Resources from $46.00 to $45.00 and set an “equal weight” rating for the company in a research report on Thursday, July 23rd. Stephens upped their price target on shares of Range Resources from $52.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, July 22nd. Finally, Barclays lowered their price objective on Range Resources from $43.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $43.75.
Get Our Latest Research Report on RRC
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.
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