Principal Financial Group Inc. Lowers Position in Range Resources Co. (NYSE:RRC)

Principal Financial Group Inc. cut its stake in Range Resources Co. (NYSE:RRC) by 30.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 560,093 shares of the oil and gas exploration company’s stock after selling 247,455 shares during the quarter. Principal Financial Group Inc.’s holdings in Range Resources were worth $17,228,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in RRC. M&T Bank Corp boosted its position in shares of Range Resources by 3.1% in the 3rd quarter. M&T Bank Corp now owns 10,790 shares of the oil and gas exploration company’s stock worth $332,000 after purchasing an additional 327 shares in the last quarter. CIBC Asset Management Inc grew its holdings in shares of Range Resources by 5.4% during the second quarter. CIBC Asset Management Inc now owns 6,801 shares of the oil and gas exploration company’s stock valued at $228,000 after buying an additional 350 shares during the last quarter. Commerce Bank lifted its position in Range Resources by 5.7% during the 3rd quarter. Commerce Bank now owns 6,848 shares of the oil and gas exploration company’s stock worth $211,000 after acquiring an additional 369 shares during the period. Inscription Capital LLC boosted its position in Range Resources by 3.6% in the third quarter. Inscription Capital LLC now owns 12,536 shares of the oil and gas exploration company’s stock valued at $386,000 after buying an additional 433 shares during the last quarter. Finally, Orser Capital Management LLC raised its holdings in shares of Range Resources by 1.0% during the third quarter. Orser Capital Management LLC now owns 53,993 shares of the oil and gas exploration company’s stock worth $1,661,000 after purchasing an additional 550 shares during the last quarter. 98.93% of the stock is currently owned by institutional investors.

Range Resources Stock Up 0.6 %

Shares of NYSE RRC opened at $34.79 on Friday. The company has a market capitalization of $8.40 billion, a P/E ratio of 17.57 and a beta of 1.85. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.54 and a quick ratio of 0.54. The company has a 50 day simple moving average of $33.60 and a 200-day simple moving average of $32.26. Range Resources Co. has a 1 year low of $27.29 and a 1 year high of $39.33.

Range Resources (NYSE:RRC) last issued its quarterly earnings data on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.16. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The company had revenue of $615.03 million during the quarter, compared to analyst estimates of $617.90 million. During the same period in the prior year, the business posted $0.43 earnings per share. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. On average, equities research analysts predict that Range Resources Co. will post 1.91 earnings per share for the current year.

Range Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.92%. The ex-dividend date was Friday, December 13th. Range Resources’s dividend payout ratio (DPR) is 16.16%.

Insider Transactions at Range Resources

In other Range Resources news, Director Charles G. Griffie purchased 1,275 shares of Range Resources stock in a transaction dated Thursday, October 24th. The shares were acquired at an average price of $31.46 per share, with a total value of $40,111.50. Following the completion of the transaction, the director now owns 5,921 shares of the company’s stock, valued at $186,274.66. This trade represents a 27.44 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.57% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on RRC shares. Barclays raised shares of Range Resources from an “underweight” rating to an “equal weight” rating and dropped their price objective for the stock from $35.00 to $34.00 in a research note on Wednesday, October 2nd. Mizuho upped their target price on Range Resources from $40.00 to $47.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. Bank of America started coverage on shares of Range Resources in a research note on Monday, October 28th. They issued a “neutral” rating and a $34.00 price target on the stock. Morgan Stanley reduced their target price on Range Resources from $33.00 to $31.00 and set an “underweight” rating for the company in a report on Monday, September 16th. Finally, StockNews.com raised shares of Range Resources to a “sell” rating in a report on Wednesday, November 27th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Range Resources currently has an average rating of “Hold” and a consensus target price of $36.00.

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.