Insider Buying: Range Resources Co. (NYSE:RRC) Director Purchases 1,500 Shares of Stock

Range Resources Co. (NYSE:RRC) Director Charles G. Griffie acquired 1,500 shares of the firm’s stock in a transaction on Thursday, May 2nd. The shares were bought at an average price of $34.65 per share, for a total transaction of $51,975.00. Following the completion of the transaction, the director now owns 4,646 shares of the company’s stock, valued at $160,983.90. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Range Resources Stock Performance

NYSE RRC traded up $1.43 during mid-day trading on Monday, reaching $37.14. 1,139,741 shares of the stock were exchanged, compared to its average volume of 2,542,583. Range Resources Co. has a 1 year low of $24.61 and a 1 year high of $38.25. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.35 and a current ratio of 1.35. The business’s 50 day moving average is $34.23 and its 200-day moving average is $32.42. The company has a market capitalization of $9.01 billion, a P/E ratio of 18.13 and a beta of 1.85.

Range Resources (NYSE:RRC) last issued its quarterly earnings results on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.21. The company had revenue of $718.20 million for the quarter, compared to the consensus estimate of $680.72 million. Range Resources had a return on equity of 13.30% and a net margin of 17.00%. Range Resources’s revenue for the quarter was down 15.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.96 earnings per share. On average, equities research analysts forecast that Range Resources Co. will post 2 EPS for the current fiscal year.

Range Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date was Thursday, March 14th. Range Resources’s dividend payout ratio is presently 16.24%.

Hedge Funds Weigh In On Range Resources

A number of hedge funds have recently made changes to their positions in the company. Raleigh Capital Management Inc. acquired a new stake in shares of Range Resources in the third quarter valued at about $26,000. Benjamin F. Edwards & Company Inc. grew its position in shares of Range Resources by 333.0% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 866 shares of the oil and gas exploration company’s stock valued at $26,000 after purchasing an additional 666 shares in the last quarter. Cary Street Partners Investment Advisory LLC purchased a new position in Range Resources during the third quarter worth approximately $27,000. Larson Financial Group LLC grew its holdings in Range Resources by 267.9% in the 3rd quarter. Larson Financial Group LLC now owns 1,236 shares of the oil and gas exploration company’s stock valued at $40,000 after buying an additional 900 shares in the last quarter. Finally, Fifth Third Bancorp increased its stake in shares of Range Resources by 57.7% in the 3rd quarter. Fifth Third Bancorp now owns 1,339 shares of the oil and gas exploration company’s stock worth $43,000 after acquiring an additional 490 shares during the last quarter. Institutional investors and hedge funds own 98.93% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on RRC. Raymond James dropped their price objective on shares of Range Resources from $37.00 to $36.00 and set an “outperform” rating for the company in a research note on Wednesday, January 24th. Citigroup increased their price target on Range Resources from $33.00 to $37.00 and gave the stock a “neutral” rating in a report on Wednesday, April 3rd. Susquehanna boosted their target price on shares of Range Resources from $34.00 to $36.00 and gave the company a “neutral” rating in a research note on Monday, April 22nd. Piper Sandler lifted their price objective on shares of Range Resources from $41.00 to $43.00 and gave the company an “overweight” rating in a report on Tuesday, April 30th. Finally, Benchmark reaffirmed a “hold” rating on shares of Range Resources in a research report on Wednesday, April 24th. Five research analysts have rated the stock with a sell rating, eleven have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $36.62.

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.