Wellington Management Group LLP Boosts Stake in Range Resources Corporation $RRC

Wellington Management Group LLP lifted its position in shares of Range Resources Corporation (NYSE:RRC) by 50.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,405,033 shares of the oil and gas exploration company’s stock after acquiring an additional 468,841 shares during the quarter. Wellington Management Group LLP’s holdings in Range Resources were worth $56,103,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of RRC. Hollencrest Capital Management purchased a new stake in shares of Range Resources during the 1st quarter worth about $33,000. Bessemer Group Inc. boosted its stake in shares of Range Resources by 48.0% during the 1st quarter. Bessemer Group Inc. now owns 971 shares of the oil and gas exploration company’s stock worth $39,000 after acquiring an additional 315 shares in the last quarter. Cullen Frost Bankers Inc. purchased a new stake in shares of Range Resources during the 1st quarter worth about $39,000. Fifth Third Bancorp lifted its stake in Range Resources by 20.6% in the 1st quarter. Fifth Third Bancorp now owns 2,078 shares of the oil and gas exploration company’s stock valued at $83,000 after buying an additional 355 shares in the last quarter. Finally, UMB Bank n.a. lifted its stake in Range Resources by 124.9% in the 1st quarter. UMB Bank n.a. now owns 2,582 shares of the oil and gas exploration company’s stock valued at $103,000 after buying an additional 1,434 shares in the last quarter. 98.93% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on RRC. Scotiabank set a $46.00 price target on shares of Range Resources and gave the company a “sector perform” rating in a research note on Friday, July 11th. UBS Group decreased their price target on shares of Range Resources from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Wednesday. Susquehanna raised their price target on shares of Range Resources from $36.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, July 23rd. Wall Street Zen lowered shares of Range Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, May 21st. Finally, Roth Capital lowered shares of Range Resources from a “buy” rating to a “neutral” rating and decreased their price target for the company from $44.00 to $35.00 in a research note on Monday. Seven analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Range Resources currently has a consensus rating of “Hold” and an average target price of $42.75.

Range Resources Stock Up 0.4%

RRC stock opened at $33.3270 on Friday. The company has a market cap of $7.94 billion, a price-to-earnings ratio of 16.75, a PEG ratio of 0.27 and a beta of 0.60. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.29. Range Resources Corporation has a 12 month low of $27.55 and a 12 month high of $43.50. The firm has a 50-day moving average of $37.35 and a two-hundred day moving average of $37.43.

Range Resources (NYSE:RRC) last released its quarterly earnings data on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.01. The company had revenue of $856.28 million during the quarter, compared to the consensus estimate of $708.38 million. Range Resources had a net margin of 17.22% and a return on equity of 15.95%. During the same quarter in the prior year, the firm earned $0.46 EPS. As a group, analysts forecast that Range Resources Corporation will post 2.02 earnings per share for the current fiscal year.

Range Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 13th were issued a dividend of $0.09 per share. The ex-dividend date was Friday, June 13th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.1%. Range Resources’s dividend payout ratio (DPR) is currently 18.09%.

Insider Activity

In other news, Director Reginal Spiller sold 4,200 shares of the firm’s stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $40.16, for a total transaction of $168,672.00. Following the completion of the sale, the director owned 13,663 shares in the company, valued at $548,706.08. This trade represents a 23.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.00% of the stock is owned by corporate insiders.

Range Resources Profile

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.