Fmr LLC Cuts Position in Range Resources Co. (NYSE:RRC)

Fmr LLC lessened its position in shares of Range Resources Co. (NYSE:RRC) by 2.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 26,865,371 shares of the oil and gas exploration company’s stock after selling 612,836 shares during the period. Fmr LLC owned about 11.13% of Range Resources worth $966,616,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of RRC. Envestnet Asset Management Inc. increased its holdings in Range Resources by 11.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 106,034 shares of the oil and gas exploration company’s stock valued at $3,815,000 after buying an additional 11,254 shares during the last quarter. Wells Fargo & Company MN increased its holdings in shares of Range Resources by 17.1% in the 4th quarter. Wells Fargo & Company MN now owns 151,050 shares of the oil and gas exploration company’s stock valued at $5,435,000 after acquiring an additional 22,013 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Range Resources during the 4th quarter worth about $42,000. Franklin Resources Inc. lifted its stake in Range Resources by 141.7% during the fourth quarter. Franklin Resources Inc. now owns 29,661 shares of the oil and gas exploration company’s stock worth $1,067,000 after purchasing an additional 17,388 shares during the last quarter. Finally, Wellington Management Group LLP acquired a new position in Range Resources in the fourth quarter valued at approximately $33,684,000. 98.93% of the stock is owned by hedge funds and other institutional investors.

Range Resources Price Performance

RRC stock opened at $33.47 on Tuesday. The firm has a 50 day moving average of $38.22 and a 200-day moving average of $35.56. The company has a market cap of $8.08 billion, a price-to-earnings ratio of 16.90, a PEG ratio of 5.11 and a beta of 1.73. 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 Co. has a 12-month low of $27.29 and a 12-month high of $41.95.

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

Range Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were given a $0.09 dividend. The ex-dividend date of this dividend was Friday, March 14th. This is a positive change from Range Resources’s previous quarterly dividend of $0.08. This represents a $0.36 annualized dividend and a dividend yield of 1.08%. Range Resources’s payout ratio is currently 32.73%.

Analyst Upgrades and Downgrades

RRC has been the subject of several recent analyst reports. Bank of America upgraded shares of Range Resources from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $34.00 to $45.00 in a research report on Monday, January 13th. StockNews.com upgraded shares of Range Resources from a “sell” rating to a “hold” rating in a research note on Saturday. Raymond James lifted their target price on Range Resources from $46.00 to $55.00 and gave the stock an “outperform” rating in a research report on Monday, March 31st. 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. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $40.00 price target on shares of Range Resources in a research report on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Range Resources has a consensus rating of “Hold” and a consensus price target of $41.70.

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.