Raymond James Financial Inc. Purchases Shares of 363,767 Range Resources Co. (NYSE:RRC)

Raymond James Financial Inc. purchased a new position in shares of Range Resources Co. (NYSE:RRC) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 363,767 shares of the oil and gas exploration company’s stock, valued at approximately $13,088,000.

Other hedge funds have also recently modified their holdings of the company. Brooklyn Investment Group acquired a new stake in Range Resources in the 3rd quarter worth approximately $25,000. Smartleaf Asset Management LLC raised its holdings in shares of Range Resources by 87.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,012 shares of the oil and gas exploration company’s stock worth $37,000 after buying an additional 471 shares during the last quarter. UMB Bank n.a. raised its holdings in shares of Range Resources by 59.0% in the fourth quarter. UMB Bank n.a. now owns 1,148 shares of the oil and gas exploration company’s stock worth $41,000 after buying an additional 426 shares during the last quarter. Geneos Wealth Management Inc. acquired a new stake in shares of Range Resources during the fourth quarter worth $46,000. Finally, Versant Capital Management Inc grew its holdings in shares of Range Resources by 42.8% during the fourth quarter. Versant Capital Management Inc now owns 1,544 shares of the oil and gas exploration company’s stock valued at $56,000 after buying an additional 463 shares during the last quarter. Institutional investors and hedge funds own 98.93% of the company’s stock.

Analyst Upgrades and Downgrades

RRC has been the subject of a number of research analyst reports. Benchmark restated a “hold” rating on shares of Range Resources in a research note on Friday, January 17th. UBS Group raised their price objective on Range Resources from $39.00 to $41.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Piper Sandler upped their target price on Range Resources from $32.00 to $33.00 and gave the company a “neutral” rating in a research report on Thursday, March 6th. StockNews.com cut shares of Range Resources from a “hold” rating to a “sell” rating in a research note on Wednesday. Finally, Scotiabank lowered shares of Range Resources from a “sector outperform” rating to a “sector perform” rating and set a $45.00 price objective on the stock. in a research note on Friday, January 17th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $39.95.

Range Resources Stock Performance

Shares of RRC stock opened at $40.48 on Thursday. The company has a market capitalization of $9.77 billion, a P/E ratio of 20.44, a P/E/G ratio of 5.11 and a beta of 1.80. Range Resources Co. has a 12-month low of $27.29 and a 12-month high of $41.95. The business’s 50 day moving average is $38.47 and its two-hundred day moving average is $34.62. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.28.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, February 25th. The oil and gas exploration company reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.13. The firm had revenue of $626.42 million for the quarter, compared to analysts’ expectations of $676.53 million. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. During the same quarter last year, the company earned $0.63 EPS. Analysts expect that Range Resources Co. will post 2.02 EPS for the current fiscal year.

Range Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be paid a dividend of $0.09 per share. The ex-dividend date is Friday, March 14th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.89%. This is a boost from Range Resources’s previous quarterly dividend of $0.08. Range Resources’s payout ratio is currently 32.73%.

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.