Seelaus Asset Management LLC Acquires New Holdings in Range Resources Co. (NYSE:RRC)

Seelaus Asset Management LLC bought a new position in shares of Range Resources Co. (NYSE:RRC) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 9,090 shares of the oil and gas exploration company’s stock, valued at approximately $280,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. State Board of Administration of Florida Retirement System boosted its stake in Range Resources by 11.6% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 159,729 shares of the oil and gas exploration company’s stock valued at $5,499,000 after purchasing an additional 16,619 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Range Resources by 25.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 28,633,567 shares of the oil and gas exploration company’s stock valued at $985,855,000 after acquiring an additional 5,759,883 shares during the period. TCW Group Inc. grew its stake in shares of Range Resources by 186.5% in the second quarter. TCW Group Inc. now owns 49,824 shares of the oil and gas exploration company’s stock worth $1,671,000 after acquiring an additional 32,433 shares during the last quarter. Mariner Investment Group LLC bought a new position in Range Resources during the third quarter worth $1,077,000. Finally, Boston Partners raised its stake in Range Resources by 2.1% during the 1st quarter. Boston Partners now owns 6,531,086 shares of the oil and gas exploration company’s stock valued at $224,912,000 after purchasing an additional 133,565 shares during the last quarter. Institutional investors and hedge funds own 98.93% of the company’s stock.

Range Resources Stock Performance

RRC opened at $33.46 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.54 and a quick ratio of 0.54. The business has a fifty day simple moving average of $30.97 and a 200 day simple moving average of $32.62. Range Resources Co. has a 1 year low of $27.29 and a 1 year high of $39.33. The company has a market capitalization of $8.07 billion, a PE ratio of 16.90 and a beta of 1.80.

Range Resources (NYSE:RRC) last announced its earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.16. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. The company had revenue of $615.03 million during the quarter, compared to analysts’ expectations of $617.90 million. During the same quarter in the previous year, the business posted $0.43 earnings per share. Range Resources’s quarterly revenue was up .9% on a year-over-year basis. Research analysts expect that Range Resources Co. will post 1.89 EPS for the current year.

Range Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.96%. Range Resources’s payout ratio is presently 16.16%.

Analyst Upgrades and Downgrades

RRC has been the subject of a number of research analyst reports. Bank of America began coverage on shares of Range Resources in a research report on Monday, October 28th. They set a “neutral” rating and a $34.00 price objective for the company. StockNews.com upgraded Range Resources to a “sell” rating in a research report on Tuesday. Susquehanna lowered their price objective on Range Resources from $36.00 to $31.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. Royal Bank of Canada restated a “sector perform” rating and issued a $39.00 target price on shares of Range Resources in a research note on Thursday, July 25th. Finally, UBS Group decreased their price target on shares of Range Resources from $30.00 to $27.00 and set a “sell” rating on the stock in a research note on Wednesday, September 18th. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $35.00.

Insider Transactions at Range Resources

In other news, VP Ashley Kavanaugh sold 12,700 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $31.45, for a total transaction of $399,415.00. Following the sale, the vice president now directly owns 9,670 shares of the company’s stock, valued at approximately $304,121.50. This represents a 56.77 % decrease in their position. 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 company’s stock in a transaction that occurred on Thursday, October 24th. The stock was bought at an average cost of $31.46 per share, with a total value of $40,111.50. Following the purchase, the director now owns 5,921 shares of the company’s stock, valued at $186,274.66. This represents a 27.44 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.57% 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.