Range Resources Corporation (NYSE:RRC) saw a large growth in short interest in August. As of August 31st, there was short interest totalling 33,810,932 shares, a growth of 21.4% from the August 15th total of 27,856,093 shares. Based on an average trading volume of 6,342,658 shares, the short-interest ratio is presently 5.3 days. Currently, 13.8% of the company’s stock are sold short.
Several equities research analysts recently issued reports on RRC shares. Citigroup Inc. cut their target price on shares of Range Resources Corporation from $42.00 to $34.00 and set a “buy” rating for the company in a research note on Friday, July 21st. Goldman Sachs Group, Inc. (The) downgraded shares of Range Resources Corporation from a “conviction-buy” rating to a “buy” rating and set a $42.50 target price for the company. in a research note on Friday, June 2nd. Jefferies Group LLC set a $36.00 target price on shares of Range Resources Corporation and gave the company a “buy” rating in a research note on Tuesday, August 29th. Zacks Investment Research upgraded shares of Range Resources Corporation from a “hold” rating to a “buy” rating and set a $25.00 target price for the company in a research note on Monday, July 17th. Finally, BMO Capital Markets cut their target price on shares of Range Resources Corporation from $35.00 to $30.00 and set a “market perform” rating for the company in a research note on Friday, July 14th. Three analysts have rated the stock with a sell rating, five have given a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $38.33.
Range Resources Corporation (RRC) opened at 18.54 on Friday. Range Resources Corporation has a 52 week low of $16.00 and a 52 week high of $40.20. The company has a market capitalization of $4.52 billion, a PE ratio of 125.27 and a beta of 0.94. The company has a 50-day moving average of $17.96 and a 200-day moving average of $23.43.
Range Resources Corporation (NYSE:RRC) last announced its quarterly earnings results on Tuesday, August 1st. The oil and gas exploration company reported $0.28 EPS for the quarter, beating the Zacks’ consensus estimate of $0.08 by $0.20. Range Resources Corporation had a net margin of 1.75% and a return on equity of 0.67%. The company had revenue of $565.00 million for the quarter, compared to analysts’ expectations of $544.08 million. During the same period in the prior year, the company posted ($1.35) EPS. Range Resources Corporation’s revenue was up 55.8% compared to the same quarter last year. On average, equities research analysts anticipate that Range Resources Corporation will post $0.51 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.43%. The ex-dividend date is Thursday, September 14th. Range Resources Corporation’s dividend payout ratio is presently 100.01%.
In related news, Director Steffen E. Palko acquired 15,000 shares of the firm’s stock in a transaction dated Thursday, August 10th. The stock was bought at an average price of $16.81 per share, for a total transaction of $252,150.00. Following the acquisition, the director now directly owns 27,267 shares of the company’s stock, valued at $458,358.27. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mary Ralph Lowe acquired 10,000 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was bought at an average price of $17.99 per share, with a total value of $179,900.00. Following the acquisition, the director now directly owns 25,413 shares in the company, valued at $457,179.87. The disclosure for this purchase can be found here. Insiders bought a total of 26,000 shares of company stock valued at $449,800 in the last 90 days. 2.40% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Bronfman E.L. Rothschild L.P. lifted its stake in Range Resources Corporation by 7.3% in the 1st quarter. Bronfman E.L. Rothschild L.P. now owns 3,756 shares of the oil and gas exploration company’s stock worth $109,000 after purchasing an additional 257 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in Range Resources Corporation by 0.8% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 4,109 shares of the oil and gas exploration company’s stock worth $119,000 after purchasing an additional 31 shares in the last quarter. Smithfield Trust Co. lifted its stake in Range Resources Corporation by 480.0% in the 2nd quarter. Smithfield Trust Co. now owns 4,640 shares of the oil and gas exploration company’s stock worth $107,000 after purchasing an additional 3,840 shares in the last quarter. Ameritas Investment Partners Inc. lifted its stake in Range Resources Corporation by 886.4% in the 1st quarter. Ameritas Investment Partners Inc. now owns 5,001 shares of the oil and gas exploration company’s stock worth $145,000 after purchasing an additional 4,494 shares in the last quarter. Finally, Daiwa Securities Group Inc. lifted its stake in Range Resources Corporation by 15.2% in the 1st quarter. Daiwa Securities Group Inc. now owns 5,300 shares of the oil and gas exploration company’s stock worth $154,000 after purchasing an additional 700 shares in the last quarter. Institutional investors and hedge funds own 95.34% of the company’s stock.
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About Range Resources Corporation
Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil company. The Company is engaged in the exploration and production of natural gas, NGLs and oil in the United States. It is engaged in the exploration, development and acquisition of natural gas and crude oil properties located primarily in the Appalachian and North Louisiana regions of the United States.
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