Baker Avenue Asset Management LP Cuts Stake in Range Resources Corp. (RRC)

Baker Avenue Asset Management LP decreased its stake in shares of Range Resources Corp. (NYSE:RRC) by 15.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 63,379 shares of the oil and gas exploration company’s stock after selling 11,866 shares during the period. Baker Avenue Asset Management LP’s holdings in Range Resources were worth $607,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Ingalls & Snyder LLC boosted its stake in Range Resources by 8.5% during the fourth quarter. Ingalls & Snyder LLC now owns 1,045,053 shares of the oil and gas exploration company’s stock worth $10,001,000 after acquiring an additional 81,479 shares in the last quarter. Palo Capital Inc. bought a new position in shares of Range Resources in the third quarter worth approximately $198,000. PNC Financial Services Group Inc. lifted its stake in shares of Range Resources by 39.8% in the third quarter. PNC Financial Services Group Inc. now owns 107,175 shares of the oil and gas exploration company’s stock worth $1,821,000 after buying an additional 30,504 shares in the last quarter. Rockshelter Capital Management LLC lifted its stake in shares of Range Resources by 134.6% in the third quarter. Rockshelter Capital Management LLC now owns 330,477 shares of the oil and gas exploration company’s stock worth $5,615,000 after buying an additional 189,622 shares in the last quarter. Finally, Glenmede Trust Co. NA lifted its stake in shares of Range Resources by 3,486.5% in the third quarter. Glenmede Trust Co. NA now owns 136,287 shares of the oil and gas exploration company’s stock worth $2,315,000 after buying an additional 132,487 shares in the last quarter.

Shares of NYSE RRC opened at $11.47 on Friday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.80 and a quick ratio of 0.77. The firm has a market capitalization of $2.84 billion, a PE ratio of 10.15, a PEG ratio of 1.23 and a beta of 1.15. Range Resources Corp. has a 1 year low of $9.22 and a 1 year high of $18.59.

Range Resources (NYSE:RRC) last announced its quarterly earnings data on Monday, February 25th. The oil and gas exploration company reported $0.21 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.05. The firm had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $736.35 million. Range Resources had a negative net margin of 53.20% and a positive return on equity of 5.20%. The company’s revenue for the quarter was up 58.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.22 earnings per share. As a group, research analysts predict that Range Resources Corp. will post 0.45 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 15th will be paid a $0.02 dividend. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.70%. Range Resources’s dividend payout ratio (DPR) is presently 7.08%.

In other news, Director Steven D. Gray acquired 20,000 shares of Range Resources stock in a transaction dated Friday, March 1st. The stock was purchased at an average cost of $10.95 per share, with a total value of $219,000.00. Following the completion of the purchase, the director now directly owns 7,804 shares in the company, valued at approximately $85,453.80. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director James M. Funk bought 10,000 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The shares were bought at an average price of $9.80 per share, with a total value of $98,000.00. Following the transaction, the director now owns 22,706 shares of the company’s stock, valued at approximately $222,518.80. The disclosure for this purchase can be found here. Corporate insiders own 1.30% of the company’s stock.

Several research analysts have recently issued reports on the stock. B. Riley set a $21.00 target price on shares of Range Resources and gave the stock a “buy” rating in a research note on Friday, December 21st. Jefferies Financial Group reiterated a “buy” rating and issued a $19.00 target price on shares of Range Resources in a research note on Wednesday, January 30th. MKM Partners initiated coverage on shares of Range Resources in a research note on Wednesday, December 5th. They issued a “neutral” rating and a $17.00 target price on the stock. BMO Capital Markets cut shares of Range Resources from an “outperform” rating to a “market perform” rating in a report on Monday, January 7th. Finally, Zacks Investment Research cut shares of Range Resources from a “hold” rating to a “sell” rating in a report on Friday, February 1st. Four equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and nine have issued a buy rating to the stock. Range Resources presently has a consensus rating of “Hold” and a consensus target price of $18.37.

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About Range Resources

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), and oil company. It engages in the exploration, development, and acquisition of natural gas and oil properties. It holds interests in developed and undeveloped natural gas and oil leases in the Appalachian and North Louisiana regions of the United States.

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Institutional Ownership by Quarter for Range Resources (NYSE:RRC)

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