Range Resources Co. (NYSE:RRC) Sees Large Decline in Short Interest

Range Resources Co. (NYSE:RRC) was the recipient of a large decline in short interest during the month of January. As of January 31st, there was short interest totalling 10,990,000 shares, a decline of 24.9% from the January 15th total of 14,640,000 shares. Based on an average daily volume of 2,320,000 shares, the short-interest ratio is currently 4.7 days. Approximately 4.6% of the company’s shares are short sold.

Range Resources Stock Up 0.8 %

RRC stock opened at $38.80 on Friday. Range Resources has a 1-year low of $27.29 and a 1-year high of $41.95. The business’s 50 day simple moving average is $37.08 and its 200 day simple moving average is $33.28. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $9.36 billion, a PE ratio of 19.60 and a beta of 1.77.

Range Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 13th were given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.82%. The ex-dividend date was Friday, December 13th. Range Resources’s payout ratio is presently 16.16%.

Analysts Set New Price Targets

A number of brokerages have commented on RRC. Royal Bank of Canada reiterated a “sector perform” rating and issued a $40.00 price objective on shares of Range Resources in a research report on Tuesday, January 14th. Barclays raised their price target on Range Resources from $34.00 to $40.00 and gave the company an “equal weight” rating in a report on Thursday, January 30th. Piper Sandler upped their target price on shares of Range Resources from $30.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, January 29th. Benchmark reissued a “hold” rating on shares of Range Resources in a research note on Friday, January 17th. Finally, Wells Fargo & Company lifted their price objective on shares of Range Resources from $38.00 to $40.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $38.78.

Institutional Trading of Range Resources

A number of hedge funds have recently modified their holdings of RRC. CWM LLC raised its holdings in Range Resources by 276.8% in the 3rd quarter. CWM LLC now owns 2,306 shares of the oil and gas exploration company’s stock valued at $71,000 after acquiring an additional 1,694 shares during the period. Creative Planning increased its stake in shares of Range Resources by 2.0% during the third quarter. Creative Planning now owns 56,744 shares of the oil and gas exploration company’s stock worth $1,745,000 after purchasing an additional 1,089 shares during the period. Blue Trust Inc. lifted its holdings in Range Resources by 107.8% during the 3rd quarter. Blue Trust Inc. now owns 1,359 shares of the oil and gas exploration company’s stock worth $46,000 after purchasing an additional 705 shares during the last quarter. Raymond James & Associates boosted its stake in Range Resources by 4.2% in the 3rd quarter. Raymond James & Associates now owns 260,043 shares of the oil and gas exploration company’s stock valued at $7,999,000 after purchasing an additional 10,391 shares during the period. Finally, International Assets Investment Management LLC boosted its stake in Range Resources by 2,976.0% in the 3rd quarter. International Assets Investment Management LLC now owns 61,520 shares of the oil and gas exploration company’s stock valued at $2,000,000 after purchasing an additional 59,520 shares during the period. Institutional investors and hedge funds own 98.93% of the company’s stock.

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.