Hsbc Holdings PLC Sells 14,581 Shares of Range Resources Co. (NYSE:RRC)

Hsbc Holdings PLC cut its stake in Range Resources Co. (NYSE:RRC) by 49.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,093 shares of the oil and gas exploration company’s stock after selling 14,581 shares during the quarter. Hsbc Holdings PLC’s holdings in Range Resources were worth $501,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Fifth Third Bancorp lifted its holdings in shares of Range Resources by 21.2% during the second quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock worth $57,000 after buying an additional 299 shares in the last quarter. Perkins Coie Trust Co acquired a new stake in Range Resources in the second quarter valued at approximately $67,000. International Assets Investment Management LLC acquired a new position in Range Resources in the 2nd quarter worth about $67,000. SYSTM Wealth Solutions LLC increased its stake in shares of Range Resources by 17.9% in the first quarter. SYSTM Wealth Solutions LLC now owns 2,141 shares of the oil and gas exploration company’s stock valued at $74,000 after buying an additional 325 shares during the period. Finally, nVerses Capital LLC bought a new position in shares of Range Resources during the second quarter valued at $107,000. 98.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Range Resources news, VP Ashley Kavanaugh sold 12,700 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $31.45, for a total transaction of $399,415.00. Following the transaction, the vice president now owns 9,670 shares in the company, valued at approximately $304,121.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.57% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Royal Bank of Canada restated a “sector perform” rating and set a $39.00 price target on shares of Range Resources in a report on Thursday, July 25th. Wells Fargo & Company cut their price target on Range Resources from $37.00 to $35.00 and set an “equal weight” rating on the stock in a report on Monday, July 29th. Mizuho reduced their price objective on shares of Range Resources from $47.00 to $45.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Jefferies Financial Group upped their price target on Range Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a report on Monday, July 8th. Finally, 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 note on Tuesday, August 20th. Five 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. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $35.53.

Range Resources Trading Up 0.1 %

NYSE:RRC opened at $30.76 on Tuesday. Range Resources Co. has a 1 year low of $27.29 and a 1 year high of $39.33. The stock’s fifty day moving average price is $30.06 and its two-hundred day moving average price is $33.42. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.58 and a quick ratio of 0.58. The company has a market cap of $7.46 billion, a P/E ratio of 15.61 and a beta of 1.80.

Range Resources (NYSE:RRC) last posted its earnings results on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.05. The business had revenue of $641.30 million for the quarter, compared to analysts’ expectations of $610.24 million. Range Resources had a net margin of 17.62% and a return on equity of 13.93%. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.27 EPS. As a group, analysts expect that Range Resources Co. will post 1.87 EPS for the current year.

Range Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.04%. The ex-dividend date of this dividend was Friday, September 13th. Range Resources’s dividend payout ratio is currently 16.24%.

Range Resources Company 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.