Bank of Montreal Can Sells 97,273 Shares of Range Resources Corporation $RRC

Bank of Montreal Can reduced its stake in shares of Range Resources Corporation (NYSE:RRC) by 78.4% in the second quarter, HoldingsChannel reports. The institutional investor owned 26,817 shares of the oil and gas exploration company’s stock after selling 97,273 shares during the period. Bank of Montreal Can’s holdings in Range Resources were worth $1,091,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of RRC. Hantz Financial Services Inc. boosted its position in shares of Range Resources by 1,464.6% during the second quarter. Hantz Financial Services Inc. now owns 751 shares of the oil and gas exploration company’s stock worth $31,000 after acquiring an additional 703 shares during the last quarter. Hollencrest Capital Management bought a new stake in Range Resources in the 1st quarter valued at $33,000. Cullen Frost Bankers Inc. purchased a new stake in Range Resources in the 1st quarter worth $39,000. Barrett & Company Inc. bought a new position in shares of Range Resources during the 2nd quarter valued at about $41,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in shares of Range Resources during the 2nd quarter valued at about $45,000. Hedge funds and other institutional investors own 98.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Zacks Research cut Range Resources from a “hold” rating to a “strong sell” rating in a report on Thursday, October 16th. Morgan Stanley reduced their price objective on Range Resources from $44.00 to $42.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 14th. Susquehanna decreased their price objective on Range Resources to $39.00 and set a “neutral” rating on the stock in a report on Monday, October 20th. Piper Sandler cut their target price on shares of Range Resources from $41.00 to $39.00 and set a “neutral” rating for the company in a report on Thursday, August 14th. Finally, Royal Bank Of Canada boosted their price target on shares of Range Resources from $45.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $41.95.

Range Resources Price Performance

Shares of Range Resources stock opened at $38.25 on Friday. The stock has a market cap of $9.06 billion, a price-to-earnings ratio of 16.07, a price-to-earnings-growth ratio of 0.39 and a beta of 0.49. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.55 and a current ratio of 0.56. The stock has a 50 day moving average price of $36.80 and a 200-day moving average price of $37.17. Range Resources Corporation has a one year low of $30.32 and a one year high of $43.50.

Range Resources (NYSE:RRC) last issued its quarterly earnings results on Tuesday, October 28th. The oil and gas exploration company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.03. The company had revenue of $655.30 million during the quarter, compared to the consensus estimate of $721.22 million. Range Resources had a return on equity of 15.99% and a net margin of 19.64%.Range Resources’s revenue was up 21.7% on a year-over-year basis. During the same period last year, the company earned $0.48 earnings per share. Equities analysts expect that Range Resources Corporation will post 2.02 EPS for the current year.

Range Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 12th were paid a dividend of $0.09 per share. The ex-dividend date of this dividend was Friday, September 12th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.9%. Range Resources’s payout ratio is currently 15.13%.

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.