Range Resources Co. (NYSE:RRC) Stock Holdings Lessened by State of Michigan Retirement System

State of Michigan Retirement System cut its holdings in Range Resources Co. (NYSE:RRC) by 1.3% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 58,486 shares of the oil and gas exploration company’s stock after selling 800 shares during the period. State of Michigan Retirement System’s holdings in Range Resources were worth $1,961,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. AMG National Trust Bank grew its holdings in shares of Range Resources by 5.2% during the second quarter. AMG National Trust Bank now owns 44,925 shares of the oil and gas exploration company’s stock valued at $1,506,000 after purchasing an additional 2,239 shares during the last quarter. Ceredex Value Advisors LLC grew its stake in Range Resources by 12.6% during the 2nd quarter. Ceredex Value Advisors LLC now owns 476,339 shares of the oil and gas exploration company’s stock worth $15,972,000 after buying an additional 53,300 shares during the last quarter. HTLF Bank acquired a new stake in Range Resources in the second quarter worth $201,000. Private Wealth Advisors LLC lifted its stake in Range Resources by 31.3% in the second quarter. Private Wealth Advisors LLC now owns 84,471 shares of the oil and gas exploration company’s stock valued at $2,823,000 after buying an additional 20,152 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC acquired a new position in shares of Range Resources during the second quarter valued at $266,000. Institutional investors own 98.93% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on RRC. Wells Fargo & Company dropped their price objective on shares of Range Resources from $37.00 to $35.00 and set an “equal weight” rating on the stock in a report on Monday, July 29th. Scotiabank raised Range Resources from a “sector perform” rating to a “sector outperform” rating and set a $45.00 price target on the stock in a report on Tuesday, August 20th. Jefferies Financial Group boosted their price objective on Range Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a research report on Monday, July 8th. Mizuho raised their target price on Range Resources from $41.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Finally, Susquehanna reduced their price target on Range Resources from $38.00 to $36.00 and set a “neutral” rating for the company in a research report on Monday, July 22nd. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $37.11.

Range Resources Stock Performance

NYSE:RRC opened at $29.63 on Thursday. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.28. The company has a 50-day moving average of $32.01 and a 200-day moving average of $33.71. Range Resources Co. has a twelve month low of $27.29 and a twelve month high of $39.33. The firm has a market cap of $7.19 billion, a price-to-earnings ratio of 15.04 and a beta of 1.88.

Range Resources (NYSE:RRC) last issued its earnings results on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.05. The firm had revenue of $641.30 million during 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 firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period last year, the firm posted $0.27 earnings per share. Analysts forecast that Range Resources Co. will post 2.08 earnings per share for the current fiscal year.

Range Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date of this dividend was Friday, June 14th. Range Resources’s dividend payout ratio (DPR) is presently 16.24%.

Range Resources 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.