Lloyd Harbor Capital Management LLC Buys Shares of 200,000 Range Resources Co. (NYSE:RRC)

Lloyd Harbor Capital Management LLC purchased a new position in shares of Range Resources Co. (NYSE:RRC) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 200,000 shares of the oil and gas exploration company’s stock, valued at approximately $6,706,000. Range Resources comprises about 4.1% of Lloyd Harbor Capital Management LLC’s portfolio, making the stock its 11th largest position.

Other large investors also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its stake in shares of Range Resources by 25.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 28,633,567 shares of the oil and gas exploration company’s stock valued at $985,855,000 after purchasing an additional 5,759,883 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Range Resources by 4.1% during the first quarter. Vanguard Group Inc. now owns 24,490,639 shares of the oil and gas exploration company’s stock valued at $843,213,000 after acquiring an additional 959,011 shares during the period. Boston Partners raised its holdings in Range Resources by 2.1% during the first quarter. Boston Partners now owns 6,531,086 shares of the oil and gas exploration company’s stock worth $224,912,000 after purchasing an additional 133,565 shares in the last quarter. Lingotto Investment Management LLP lifted its position in Range Resources by 1.5% in the second quarter. Lingotto Investment Management LLP now owns 6,451,726 shares of the oil and gas exploration company’s stock worth $216,326,000 after purchasing an additional 93,782 shares during the period. Finally, Kopernik Global Investors LLC boosted its stake in Range Resources by 2.7% during the 4th quarter. Kopernik Global Investors LLC now owns 3,106,518 shares of the oil and gas exploration company’s stock valued at $94,562,000 after purchasing an additional 82,095 shares in the last quarter. Institutional investors and hedge funds own 98.93% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on RRC shares. The Goldman Sachs Group dropped their price objective on Range Resources from $40.00 to $35.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. Wolfe Research began coverage on shares of Range Resources in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Scotiabank upgraded shares of Range Resources from a “sector perform” rating to a “sector outperform” rating and set a $45.00 price objective for the company in a research report on Tuesday, August 20th. Susquehanna dropped their target price on shares of Range Resources from $36.00 to $31.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $39.00 target price on shares of Range Resources in a report on Thursday, July 25th. Five investment analysts have rated the stock with a sell rating, eleven have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $36.10.

Insiders Place Their Bets

In related news, VP Ashley Kavanaugh sold 12,700 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $31.45, for a total value of $399,415.00. Following the completion of the sale, the vice president now owns 9,670 shares in the company, valued at $304,121.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 1.57% of the company’s stock.

Range Resources Price Performance

Shares of RRC opened at $30.17 on Friday. The firm’s 50 day moving average price is $30.16 and its 200 day moving average price is $33.43. Range Resources Co. has a twelve month low of $27.29 and a twelve month high of $39.33. The firm has a market cap of $7.32 billion, a PE ratio of 15.31 and a beta of 1.80. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.58 and a current ratio of 0.58.

Range Resources (NYSE:RRC) last issued its quarterly earnings data on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.05. The business had revenue of $641.30 million for the quarter, compared to analyst estimates of $610.24 million. Range Resources had a return on equity of 13.93% and a net margin of 17.62%. The firm’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.27 EPS. As a group, research analysts expect that Range Resources Co. will post 1.87 EPS for the current fiscal year.

Range Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a $0.08 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.06%. Range Resources’s payout ratio is presently 16.24%.

About Range Resources

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.