Norden Group LLC Grows Stock Holdings in Range Resources Co. (NYSE:RRC)

Norden Group LLC raised its holdings in shares of Range Resources Co. (NYSE:RRC) by 1,599.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 149,697 shares of the oil and gas exploration company’s stock after acquiring an additional 140,891 shares during the quarter. Norden Group LLC owned about 0.06% of Range Resources worth $5,154,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in RRC. Tradewinds Capital Management LLC purchased a new position in shares of Range Resources during the 1st quarter valued at $138,000. State of Michigan Retirement System grew its position in Range Resources by 2.4% during the first quarter. State of Michigan Retirement System now owns 59,286 shares of the oil and gas exploration company’s stock worth $2,041,000 after buying an additional 1,400 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in Range Resources by 191.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 14,081 shares of the oil and gas exploration company’s stock worth $485,000 after buying an additional 9,243 shares in the last quarter. Miller Howard Investments Inc. NY increased its stake in Range Resources by 137.4% in the 1st quarter. Miller Howard Investments Inc. NY now owns 100,907 shares of the oil and gas exploration company’s stock worth $3,474,000 after acquiring an additional 58,406 shares during the last quarter. Finally, Anderson Hoagland & Co. boosted its position in shares of Range Resources by 4.7% during the 1st quarter. Anderson Hoagland & Co. now owns 69,812 shares of the oil and gas exploration company’s stock valued at $2,536,000 after acquiring an additional 3,162 shares during the last quarter. 98.93% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on RRC. Barclays started coverage on shares of Range Resources in a research report on Wednesday, April 10th. They issued an “underweight” rating and a $35.00 price objective on the stock. Royal Bank of Canada cut shares of Range Resources from an “outperform” rating to a “sector perform” rating and raised their price objective for the company from $36.00 to $39.00 in a research report on Friday, April 26th. Benchmark reiterated a “hold” rating on shares of Range Resources in a research report on Wednesday, April 24th. Truist Financial dropped their target price on Range Resources from $32.00 to $30.00 and set a “hold” rating for the company in a research report on Friday, April 5th. Finally, Stephens raised their price objective on Range Resources from $41.00 to $42.00 and gave the company an “overweight” rating in a research note on Wednesday, April 24th. Five analysts have rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $37.10.

Range Resources Price Performance

Shares of NYSE RRC opened at $34.44 on Thursday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.35 and a quick ratio of 1.35. Range Resources Co. has a 1 year low of $27.60 and a 1 year high of $39.33. The company’s 50-day moving average is $35.93 and its 200 day moving average is $33.25. The stock has a market capitalization of $8.36 billion, a P/E ratio of 17.48 and a beta of 1.87.

Range Resources (NYSE:RRC) last announced its earnings results on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.21. Range Resources had a return on equity of 13.30% and a net margin of 17.00%. The firm had revenue of $718.20 million during the quarter, compared to analyst estimates of $680.72 million. During the same quarter in the prior year, the company earned $0.96 EPS. The business’s revenue was down 15.7% compared to the same quarter last year. On average, sell-side analysts expect that Range Resources Co. will post 2.12 earnings per share for the current year.

Range Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.93%. The ex-dividend date was Friday, June 14th. Range Resources’s dividend payout ratio (DPR) is presently 16.24%.

Insider Transactions at Range Resources

In related news, Director Reginal Spiller sold 1,460 shares of Range Resources stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $38.68, for a total transaction of $56,472.80. Following the completion of the transaction, the director now directly owns 15,253 shares of the company’s stock, valued at approximately $589,986.04. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Reginal Spiller sold 1,460 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $38.68, for a total transaction of $56,472.80. Following the completion of the transaction, the director now owns 15,253 shares of the company’s stock, valued at approximately $589,986.04. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Dennis Degner sold 101,000 shares of the business’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $37.78, for a total value of $3,815,780.00. Following the completion of the sale, the chief executive officer now directly owns 198,154 shares in the company, valued at $7,486,258.12. The disclosure for this sale can be found here. Insiders have sold 197,107 shares of company stock valued at $7,379,095 in the last three months. 2.50% of the stock is currently owned by company insiders.

Range Resources Profile

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), crude oil, and condensate company in the United States. The company engages in the exploration, development, and acquisition of natural gas and crude oil properties located in the Appalachian region. It sells natural gas to utilities, marketing and midstream companies, and industrial users; NGLs to petrochemical end users, marketers/traders, and natural gas processors; and oil and condensate to crude oil processors, transporters, and refining and marketing companies.