JPMorgan Chase & Co. Increases Holdings in Range Resources Co. (NYSE:RRC)

JPMorgan Chase & Co. increased its position in Range Resources Co. (NYSE:RRC) by 61.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,579,579 shares of the oil and gas exploration company’s stock after acquiring an additional 604,199 shares during the period. JPMorgan Chase & Co.’s holdings in Range Resources were worth $48,588,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Lingotto Investment Management LLP grew its holdings 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 valued at $216,326,000 after purchasing an additional 93,782 shares during the last quarter. KGH Ltd increased its holdings in Range Resources by 3.2% during the 2nd quarter. KGH Ltd now owns 6,080,000 shares of the oil and gas exploration company’s stock valued at $203,862,000 after acquiring an additional 190,000 shares in the last quarter. Geode Capital Management LLC raised its position in Range Resources by 0.9% during the third quarter. Geode Capital Management LLC now owns 4,003,299 shares of the oil and gas exploration company’s stock worth $123,174,000 after acquiring an additional 35,344 shares during the last quarter. Canoe Financial LP lifted its holdings in shares of Range Resources by 114.9% in the third quarter. Canoe Financial LP now owns 2,660,309 shares of the oil and gas exploration company’s stock valued at $81,299,000 after purchasing an additional 1,422,200 shares in the last quarter. Finally, William Blair Investment Management LLC acquired a new stake in shares of Range Resources in the second quarter valued at approximately $78,223,000. 98.93% of the stock is owned by hedge funds and other institutional investors.

Range Resources Price Performance

RRC opened at $35.91 on Friday. Range Resources Co. has a 52-week low of $27.29 and a 52-week high of $39.33. The company has a 50 day moving average of $34.13 and a two-hundred day moving average of $32.24. The company has a market cap of $8.67 billion, a P/E ratio of 18.14 and a beta of 1.81. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.28.

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

Range Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 13th were issued a dividend of $0.08 per share. The ex-dividend date was Friday, December 13th. This represents a $0.32 annualized dividend and a dividend yield of 0.89%. Range Resources’s payout ratio is currently 16.16%.

Insider Buying and Selling

In other news, Director Charles G. Griffie acquired 1,275 shares of the business’s stock in a transaction on Thursday, October 24th. The shares were purchased at an average price of $31.46 per share, for a total transaction of $40,111.50. Following the acquisition, the director now directly owns 5,921 shares of the company’s stock, valued at $186,274.66. This represents a 27.44 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.57% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

RRC has been the topic of a number of recent research reports. Stephens upped their target price on Range Resources from $36.00 to $37.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Piper Sandler decreased their price objective on Range Resources from $31.00 to $30.00 and set a “neutral” rating on the stock in a research note on Monday, November 18th. JPMorgan Chase & Co. cut their target price on shares of Range Resources from $37.00 to $31.00 and set an “underweight” rating for the company in a research note on Thursday, September 12th. Citigroup lifted their price target on shares of Range Resources from $33.00 to $38.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Finally, Royal Bank of Canada upped their price objective on shares of Range Resources from $35.00 to $40.00 and gave the company a “sector perform” rating in a research note on Monday, November 25th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $36.32.

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.