Range Resources (NYSE:RRC) Shares Down 3.8%

Range Resources Co. (NYSE:RRCGet Rating) dropped 3.8% on Thursday . The stock traded as low as $25.12 and last traded at $25.22. Approximately 130,928 shares traded hands during trading, a decline of 97% from the average daily volume of 4,855,463 shares. The stock had previously closed at $26.21.

Several equities research analysts have issued reports on the company. Credit Suisse Group increased their target price on Range Resources from $31.00 to $34.00 and gave the stock a “neutral” rating in a research report on Monday, June 13th. Benchmark increased their target price on Range Resources from $33.00 to $43.00 in a research report on Monday, April 11th. TD Securities dropped their target price on Range Resources from $31.00 to $30.00 and set a “hold” rating on the stock in a research report on Wednesday, April 27th. Mizuho increased their target price on Range Resources from $24.00 to $42.00 and gave the stock a “neutral” rating in a research report on Friday, April 8th. Finally, JPMorgan Chase & Co. increased their target price on Range Resources from $23.00 to $25.00 and gave the stock a “neutral” rating in a research report on Thursday, February 24th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $32.18.

The stock has a 50-day simple moving average of $31.03 and a two-hundred day simple moving average of $25.63. The company has a quick ratio of 0.25, a current ratio of 0.25 and a debt-to-equity ratio of 1.14. The firm has a market cap of $6.45 billion, a PE ratio of -50.14, a P/E/G ratio of 0.22 and a beta of 1.98.

Range Resources (NYSE:RRCGet Rating) last released its quarterly earnings results on Tuesday, April 26th. The oil and gas exploration company reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.03. Range Resources had a positive return on equity of 45.50% and a negative net margin of 2.90%. The business had revenue of $986.66 million for the quarter, compared to the consensus estimate of $955.47 million. During the same quarter last year, the business posted $0.30 earnings per share. Research analysts expect that Range Resources Co. will post 4.4 earnings per share for the current year.

In related news, Director Greg G. Maxwell sold 12,500 shares of the firm’s stock in a transaction dated Wednesday, May 25th. The stock was sold at an average price of $32.67, for a total value of $408,375.00. Following the sale, the director now directly owns 100,419 shares of the company’s stock, valued at $3,280,688.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark Scucchi sold 55,000 shares of the firm’s stock in a transaction dated Wednesday, May 25th. The stock was sold at an average price of $32.67, for a total value of $1,796,850.00. Following the completion of the sale, the chief financial officer now directly owns 446,341 shares in the company, valued at $14,581,960.47. The disclosure for this sale can be found here. Insiders have sold 172,500 shares of company stock worth $5,669,875 over the last ninety days. Insiders own 1.10% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Offit Capital Advisors LLC purchased a new stake in Range Resources in the first quarter worth about $269,000. Neuberger Berman Group LLC purchased a new stake in Range Resources in the first quarter worth about $276,000. The Manufacturers Life Insurance Company lifted its holdings in Range Resources by 150.2% in the first quarter. The Manufacturers Life Insurance Company now owns 303,002 shares of the oil and gas exploration company’s stock worth $9,205,000 after buying an additional 181,905 shares during the period. Weiss Multi Strategy Advisers LLC lifted its holdings in Range Resources by 155.9% in the first quarter. Weiss Multi Strategy Advisers LLC now owns 653,010 shares of the oil and gas exploration company’s stock worth $19,838,000 after buying an additional 397,850 shares during the period. Finally, Virtu Financial LLC purchased a new position in shares of Range Resources during the first quarter valued at approximately $1,875,000. Institutional investors and hedge funds own 90.05% of the company’s stock.

About Range Resources (NYSE:RRC)

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), and oil company in the United States. The company engages in the exploration, development, and acquisition of natural gas and oil properties. As of December 31, 2021, the company owned and operated 1,350 net producing wells and approximately 794,000 net acres under lease located in the Appalachian region of the northeastern United States.

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