Range Resources (NYSE:RRC) Reaches New 52-Week High – Here’s What Happened

Range Resources Corporation (NYSE:RRC) shares reached a new 52-week high during trading on Monday . The company traded as high as $42.50 and last traded at $41.89, with a volume of 448458 shares changing hands. The stock had previously closed at $41.39.

Analyst Ratings Changes

RRC has been the topic of a number of recent analyst reports. Bank of America increased their price objective on Range Resources from $45.00 to $47.00 and gave the stock a “buy” rating in a research report on Friday, May 23rd. Piper Sandler upped their price objective on shares of Range Resources from $32.00 to $40.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 13th. Roth Mkm raised shares of Range Resources from a “neutral” rating to a “buy” rating and raised their target price for the company from $41.00 to $42.00 in a research note on Tuesday, April 8th. Wall Street Zen cut shares of Range Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, May 21st. Finally, Mizuho raised their price objective on shares of Range Resources from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Tuesday, May 13th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $41.95.

Range Resources Trading Up 1.3%

The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.56 and a current ratio of 0.56. The firm has a 50-day moving average of $37.18 and a 200-day moving average of $37.27. The firm has a market capitalization of $10.11 billion, a P/E ratio of 37.76, a price-to-earnings-growth ratio of 0.32 and a beta of 0.63.

Range Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 13th will be paid a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 0.85%. The ex-dividend date is Friday, June 13th. Range Resources’s payout ratio is 32.14%.

Insider Buying and Selling at Range Resources

In related news, CEO Dennis Degner sold 35,850 shares of the firm’s stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $40.42, for a total value of $1,449,057.00. Following the sale, the chief executive officer now directly owns 58,431 shares of the company’s stock, valued at $2,361,781.02. This trade represents a 38.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Ashley Kavanaugh sold 12,880 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $39.00, for a total value of $502,320.00. Following the transaction, the vice president now directly owns 1,723 shares of the company’s stock, valued at $67,197. The trade was a 88.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold 76,080 shares of company stock valued at $2,984,479 in the last quarter. Company insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Range Resources

Several hedge funds have recently made changes to their positions in the business. Hollencrest Capital Management purchased a new position in Range Resources during the 1st quarter valued at $33,000. Smartleaf Asset Management LLC boosted its stake in shares of Range Resources by 87.1% during 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 in the last quarter. Bessemer Group Inc. increased its position in shares of Range Resources by 48.0% during the first quarter. Bessemer Group Inc. now owns 971 shares of the oil and gas exploration company’s stock valued at $39,000 after buying an additional 315 shares during the period. Cullen Frost Bankers Inc. bought a new position in Range Resources in the first quarter worth about $39,000. Finally, Headlands Technologies LLC bought a new stake in Range Resources during the 4th quarter valued at approximately $42,000. 98.93% of the stock is owned by hedge funds and other 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.