Proficio Capital Partners LLC Makes New Investment in Range Resources Co. (NYSE:RRC)

Proficio Capital Partners LLC bought a new position in shares of Range Resources Co. (NYSE:RRC) during the fourth quarter, Holdings Channel reports. The fund bought 33,123 shares of the oil and gas exploration company’s stock, valued at approximately $1,192,000.

A number of other institutional investors also recently bought and sold shares of the company. Lingotto Investment Management LLP raised its stake in shares of Range Resources by 2.5% in the 4th quarter. Lingotto Investment Management LLP now owns 6,864,038 shares of the oil and gas exploration company’s stock valued at $246,968,000 after acquiring an additional 165,242 shares during the period. Geode Capital Management LLC raised its stake in shares of Range Resources by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 4,003,299 shares of the oil and gas exploration company’s stock valued at $123,174,000 after acquiring an additional 35,344 shares during the period. Canoe Financial LP raised its stake in shares of Range Resources by 9.4% in the 4th quarter. Canoe Financial LP now owns 2,911,509 shares of the oil and gas exploration company’s stock valued at $104,595,000 after acquiring an additional 251,200 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Range Resources by 4.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,112,602 shares of the oil and gas exploration company’s stock valued at $76,011,000 after acquiring an additional 94,898 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of Range Resources by 61.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,579,579 shares of the oil and gas exploration company’s stock valued at $48,588,000 after acquiring an additional 604,199 shares during the period. 98.93% of the stock is owned by hedge funds and other institutional investors.

Range Resources Trading Down 0.6 %

NYSE RRC opened at $40.26 on Friday. 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 Co. has a 52 week low of $27.29 and a 52 week high of $41.95. The stock has a market capitalization of $9.72 billion, a PE ratio of 20.33, a price-to-earnings-growth ratio of 5.11 and a beta of 1.80. The firm has a 50 day moving average of $38.53 and a two-hundred day moving average of $34.66.

Range Resources (NYSE:RRC) last posted its quarterly earnings results on Tuesday, February 25th. The oil and gas exploration company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.55 by $0.13. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. The company had revenue of $626.42 million during the quarter, compared to analysts’ expectations of $676.53 million. During the same quarter in the previous year, the business posted $0.63 EPS. As a group, research analysts expect that Range Resources Co. will post 2.02 EPS for the current fiscal year.

Range Resources Increases Dividend

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

Analysts Set New Price Targets

A number of research firms have recently issued reports on RRC. UBS Group boosted their price target on shares of Range Resources from $39.00 to $41.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. JPMorgan Chase & Co. raised shares of Range Resources from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $43.00 to $45.00 in a research note on Thursday, March 13th. Stephens boosted their price target on shares of Range Resources from $43.00 to $44.00 and gave the company an “overweight” rating in a research note on Wednesday, February 26th. Piper Sandler boosted their price target on shares of Range Resources from $32.00 to $33.00 and gave the company a “neutral” rating in a research note on Thursday, March 6th. Finally, Bank of America raised shares of Range Resources from a “neutral” rating to a “buy” rating and upped their target price for the stock from $34.00 to $45.00 in a research note on Monday, January 13th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Range Resources presently has an average rating of “Hold” and an average target price of $39.95.

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.