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

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

Range Resources Stock Down 0.3 %

NYSE:RRC traded down $0.12 on Friday, hitting $38.68. The stock had a trading volume of 2,199,815 shares, compared to its average volume of 2,545,791. 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 stock has a market cap of $9.33 billion, a P/E ratio of 19.54 and a beta of 1.77. Range Resources has a 1 year low of $27.29 and a 1 year high of $41.95. The firm’s fifty day simple moving average is $37.17 and its two-hundred day simple moving average is $33.34.

Range Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 13th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date of this dividend was Friday, December 13th. Range Resources’s dividend payout ratio is currently 16.16%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RRC. Truist Financial upped their price objective on shares of Range Resources from $31.00 to $35.00 and gave the company a “hold” rating in a report on Monday, January 13th. Wells Fargo & Company upped their target price on shares of Range Resources from $38.00 to $40.00 and gave the stock an “overweight” rating in a report on Tuesday, December 17th. Stephens upped their target price on shares of Range Resources from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. Scotiabank lowered shares of Range Resources from a “sector outperform” rating to a “sector perform” rating and set a $45.00 target price on the stock. in a report on Friday, January 17th. Finally, The Goldman Sachs Group upped their target price on shares of Range Resources from $39.00 to $43.00 and gave the stock a “neutral” rating in a report on Wednesday. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $38.78.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Brooklyn Investment Group bought a new position in Range Resources in the 3rd quarter worth approximately $25,000. Smartleaf Asset Management LLC boosted its holdings in Range Resources by 87.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,012 shares of the oil and gas exploration company’s stock valued at $37,000 after purchasing an additional 471 shares during the period. UMB Bank n.a. boosted its holdings in Range Resources by 59.0% in the 4th quarter. UMB Bank n.a. now owns 1,148 shares of the oil and gas exploration company’s stock valued at $41,000 after purchasing an additional 426 shares during the period. Headlands Technologies LLC bought a new position in Range Resources in the 4th quarter valued at $42,000. Finally, Geneos Wealth Management Inc. bought a new position in Range Resources in the 4th quarter valued at $46,000. 98.93% of the stock is owned by institutional investors.

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.