Range Resources (NYSE:RRC) Reaches New 12-Month High – Here’s What Happened

Range Resources Corporation (NYSE:RRC)’s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $43.50 and last traded at $42.10, with a volume of 605595 shares trading hands. The stock had previously closed at $43.23.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Susquehanna reduced their price target on shares of Range Resources from $40.00 to $36.00 and set a “neutral” rating for the company in a research report on Tuesday, April 22nd. Wall Street Zen lowered Range Resources from a “hold” rating to a “sell” rating in a report on Wednesday, May 21st. 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. Truist Financial upped their target price on shares of Range Resources from $35.00 to $37.00 and gave the company a “hold” rating in a research report on Monday, March 17th. Finally, Williams Trading set a $40.00 target price on shares of Range Resources in a report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $41.95.

Range Resources Price Performance

The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.28. The stock has a fifty day simple moving average of $37.75 and a two-hundred day simple moving average of $37.45. The company has a market cap of $10.01 billion, a PE ratio of 37.51, a price-to-earnings-growth ratio of 0.34 and a beta of 0.63.

Range Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 13th will be paid a dividend of $0.09 per share. The ex-dividend date is Friday, June 13th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.86%. Range Resources’s dividend payout ratio (DPR) is presently 32.14%.

Insider Buying and Selling at Range Resources

In related news, Director Reginal Spiller sold 4,200 shares of the company’s stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $40.16, for a total value of $168,672.00. Following the completion of the transaction, the director now directly owns 13,663 shares in the company, valued at approximately $548,706.08. This represents a 23.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Dennis Degner sold 35,850 shares of the company’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $40.42, for a total transaction of $1,449,057.00. Following the transaction, the chief executive officer now directly owns 58,431 shares of the company’s stock, valued at approximately $2,361,781.02. This represents a 38.02% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 76,080 shares of company stock valued at $2,984,479. Insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. LPL Financial LLC increased its holdings in Range Resources by 23.2% during the 4th quarter. LPL Financial LLC now owns 113,800 shares of the oil and gas exploration company’s stock worth $4,095,000 after purchasing an additional 21,440 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new position in Range Resources during the 4th quarter worth $380,000. Sanctuary Advisors LLC grew its position in shares of Range Resources by 169.1% during the fourth quarter. Sanctuary Advisors LLC now owns 17,944 shares of the oil and gas exploration company’s stock worth $674,000 after acquiring an additional 11,276 shares during the last quarter. Vestmark Advisory Solutions Inc. bought a new stake in shares of Range Resources during the fourth quarter valued at approximately $256,000. Finally, Charles Schwab Investment Management Inc. boosted its position in Range Resources by 4.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,112,602 shares of the oil and gas exploration company’s stock worth $76,011,000 after acquiring an additional 94,898 shares during the period. 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.