Norden Group LLC Makes New $268,000 Investment in Range Resources Co. (NYSE:RRC)

Norden Group LLC purchased a new stake in shares of Range Resources Co. (NYSE:RRC) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 8,806 shares of the oil and gas exploration company’s stock, valued at approximately $268,000.

Several other institutional investors also recently modified their holdings of RRC. Raleigh Capital Management Inc. purchased a new stake in shares of Range Resources during the 3rd quarter valued at about $26,000. Cary Street Partners Investment Advisory LLC purchased a new stake in Range Resources during the 3rd quarter valued at $27,000. Larson Financial Group LLC lifted its holdings in shares of Range Resources by 267.9% during the 3rd quarter. Larson Financial Group LLC now owns 1,236 shares of the oil and gas exploration company’s stock valued at $40,000 after buying an additional 900 shares during the period. Fifth Third Bancorp grew its holdings in shares of Range Resources by 57.7% in the third quarter. Fifth Third Bancorp now owns 1,339 shares of the oil and gas exploration company’s stock worth $43,000 after acquiring an additional 490 shares during the period. Finally, Headlands Technologies LLC purchased a new stake in Range Resources during the third quarter valued at $49,000. 98.93% of the stock is owned by hedge funds and other institutional investors.

Range Resources Stock Down 3.8 %

Shares of NYSE:RRC opened at $34.55 on Thursday. The company has a 50-day moving average price of $34.04 and a 200 day moving average price of $32.42. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.46. Range Resources Co. has a 12 month low of $23.92 and a 12 month high of $38.25. The company has a market cap of $8.38 billion, a price-to-earnings ratio of 17.54 and a beta of 1.85.

Range Resources (NYSE:RRC) last posted its quarterly earnings data on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.21. Range Resources had a return on equity of 13.30% and a net margin of 17.00%. The business had revenue of $718.20 million during the quarter, compared to analyst estimates of $680.72 million. During the same period last year, the company earned $0.96 EPS. The company’s revenue for the quarter was down 15.7% on a year-over-year basis. As a group, equities research analysts predict that Range Resources Co. will post 2 earnings per share for the current year.

Range Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a $0.08 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.32 annualized dividend and a dividend yield of 0.93%. Range Resources’s dividend payout ratio (DPR) is presently 16.24%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on RRC. StockNews.com upgraded shares of Range Resources to a “sell” rating in a research note on Wednesday, March 13th. Susquehanna raised their price objective on Range Resources from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Monday, April 22nd. Barclays started coverage on Range Resources in a research note on Wednesday, April 10th. They set an “underweight” rating and a $35.00 price objective for the company. Stephens raised their target price on shares of Range Resources from $41.00 to $42.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 24th. Finally, Piper Sandler upped their price target on shares of Range Resources from $41.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday. Five investment analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $36.75.

Insider Buying and Selling

In other news, VP Ashley Kavanaugh sold 15,978 shares of the stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $37.75, for a total value of $603,169.50. Following the sale, the vice president now directly owns 22,370 shares in the company, valued at $844,467.50. The sale was disclosed in a document filed with the SEC, which is available at this link. 1.57% of the stock is owned by corporate insiders.

Range Resources Company 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.