State of New Jersey Common Pension Fund D Decreases Stock Holdings in Range Resources Corporation $RRC

State of New Jersey Common Pension Fund D lessened its holdings in shares of Range Resources Corporation (NYSE:RRC) by 14.3% during the first quarter, Holdings Channel reports. The firm owned 74,906 shares of the oil and gas exploration company’s stock after selling 12,452 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Range Resources were worth $2,991,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in RRC. Fuller & Thaler Asset Management Inc. raised its stake in Range Resources by 71.3% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 5,057,280 shares of the oil and gas exploration company’s stock worth $181,961,000 after buying an additional 2,104,304 shares in the last quarter. Wellington Management Group LLP bought a new stake in shares of Range Resources during the fourth quarter valued at approximately $33,684,000. King Luther Capital Management Corp grew its stake in Range Resources by 2,522.3% in the first quarter. King Luther Capital Management Corp now owns 823,650 shares of the oil and gas exploration company’s stock worth $32,888,000 after purchasing an additional 792,240 shares during the period. Northern Trust Corp raised its holdings in Range Resources by 37.1% in the fourth quarter. Northern Trust Corp now owns 2,238,863 shares of the oil and gas exploration company’s stock worth $80,554,000 after purchasing an additional 605,315 shares in the last quarter. Finally, Royal Bank of Canada raised its holdings in Range Resources by 367.6% in the fourth quarter. Royal Bank of Canada now owns 685,721 shares of the oil and gas exploration company’s stock worth $24,673,000 after purchasing an additional 539,083 shares in the last quarter. 98.93% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Range Resources

In other news, Director Reginal Spiller sold 4,200 shares of the firm’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 transaction, the director directly owned 13,663 shares in the company, valued at $548,706.08. This trade represents a 23.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 1.00% of the stock is owned by insiders.

Range Resources Price Performance

Shares of NYSE:RRC opened at $33.0180 on Thursday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.55 and a current ratio of 0.55. The firm has a market cap of $7.86 billion, a price-to-earnings ratio of 16.59, a price-to-earnings-growth ratio of 0.26 and a beta of 0.60. The business has a 50-day simple moving average of $37.65 and a two-hundred day simple moving average of $37.49. Range Resources Corporation has a fifty-two week low of $27.55 and a fifty-two week high of $43.50.

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

Range Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 13th were paid 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 yield of 1.1%. Range Resources’s payout ratio is currently 18.09%.

Analysts Set New Price Targets

RRC has been the subject of several recent research reports. Piper Sandler lowered 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. Stephens reiterated an “overweight” rating and set a $49.00 price objective on shares of Range Resources in a research note on Wednesday, April 23rd. Wall Street Zen cut Range Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, May 21st. Bank of America raised their price target on Range Resources from $45.00 to $47.00 and gave the company a “buy” rating in a report on Friday, May 23rd. Finally, Mizuho upped their price target on shares of Range Resources from $46.00 to $48.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 23rd. Seven analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Range Resources presently has a consensus rating of “Hold” and an average price target of $42.75.

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.