State Street Corp Sells 518,079 Shares of Range Resources Co. (NYSE:RRC)

State Street Corp trimmed its holdings in Range Resources Co. (NYSE:RRC) by 5.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,377,949 shares of the oil and gas exploration company’s stock after selling 518,079 shares during the quarter. State Street Corp owned about 3.89% of Range Resources worth $288,466,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of the business. Quantinno Capital Management LP purchased a new position in shares of Range Resources during the third quarter valued at approximately $234,000. Royal London Asset Management Ltd. raised its stake in Range Resources by 1.6% during the third quarter. Royal London Asset Management Ltd. now owns 671,954 shares of the oil and gas exploration company’s stock valued at $20,669,000 after buying an additional 10,385 shares during the last quarter. HITE Hedge Asset Management LLC bought a new stake in Range Resources in the third quarter worth $11,508,000. HighTower Advisors LLC grew its stake in shares of Range Resources by 59.9% in the third quarter. HighTower Advisors LLC now owns 131,571 shares of the oil and gas exploration company’s stock worth $4,045,000 after acquiring an additional 49,276 shares during the last quarter. Finally, Verition Fund Management LLC increased its holdings in shares of Range Resources by 379.3% during the third quarter. Verition Fund Management LLC now owns 409,427 shares of the oil and gas exploration company’s stock valued at $12,594,000 after acquiring an additional 324,011 shares in the last quarter. 98.93% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP Ashley Kavanaugh sold 12,700 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $31.45, for a total transaction of $399,415.00. Following the completion of the sale, the vice president now owns 9,670 shares in the company, valued at approximately $304,121.50. This trade represents a 56.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Charles G. Griffie purchased 1,275 shares of the stock in a transaction that occurred on Thursday, October 24th. The stock was acquired at an average cost of $31.46 per share, for a total transaction of $40,111.50. Following the completion of the acquisition, the director now owns 5,921 shares in the company, valued at $186,274.66. This represents a 27.44 % increase in their position. The disclosure for this purchase can be found here. Insiders own 2.50% of the company’s stock.

Range Resources Price Performance

NYSE RRC opened at $33.99 on Wednesday. The business’s fifty day moving average is $32.70 and its 200 day moving average is $32.39. Range Resources Co. has a fifty-two week low of $27.29 and a fifty-two week high of $39.33. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.54 and a current ratio of 0.54. The company has a market capitalization of $8.20 billion, a PE ratio of 17.17 and a beta of 1.85.

Range Resources (NYSE:RRC) last posted its quarterly earnings data on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.16. The firm had revenue of $615.03 million for the quarter, compared to analysts’ expectations of $617.90 million. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The business’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.43 EPS. Sell-side analysts predict that Range Resources Co. will post 1.9 earnings per share for the current year.

Range Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.94%. Range Resources’s dividend payout ratio (DPR) is presently 16.16%.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Stephens increased their price objective on shares of Range Resources from $36.00 to $37.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Barclays raised shares of Range Resources from an “underweight” rating to an “equal weight” rating and reduced their price target for the company from $35.00 to $34.00 in a research report on Wednesday, October 2nd. Mizuho decreased their price objective on shares of Range Resources from $45.00 to $40.00 and set an “outperform” rating for the company in a report on Wednesday, October 9th. Wells Fargo & Company cut their target price on Range Resources from $39.00 to $38.00 and set an “equal weight” rating on the stock in a research note on Friday, October 25th. Finally, UBS Group upgraded Range Resources from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $28.00 to $35.00 in a research note on Monday. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $35.50.

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.