Range Resources (NYSE:RRC) Shares Down 6.8%

Shares of Range Resources Corp. (NYSE:RRC) traded down 6.8% on Thursday . The company traded as low as $4.61 and last traded at $4.66, 17,995,268 shares traded hands during mid-day trading. An increase of 90% from the average session volume of 9,469,443 shares. The stock had previously closed at $5.00.

A number of equities research analysts have recently weighed in on the company. Citigroup cut their price objective on Range Resources from $7.50 to $6.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. TD Securities dropped their price target on Range Resources from $7.50 to $5.50 and set a “hold” rating on the stock in a research report on Friday, July 26th. Morgan Stanley set a $4.00 price target on Range Resources and gave the company a “sell” rating in a research report on Monday, June 24th. Susquehanna Bancshares dropped their price target on Range Resources from $11.00 to $8.50 and set a “positive” rating on the stock in a research report on Monday, July 29th. Finally, Jefferies Financial Group lowered Range Resources from a “buy” rating to a “hold” rating and dropped their price target for the company from $17.00 to $7.00 in a research report on Monday, July 15th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $13.01.

The company has a quick ratio of 0.70, a current ratio of 0.75 and a debt-to-equity ratio of 0.91. The company has a market capitalization of $1.30 billion, a P/E ratio of 4.12, a price-to-earnings-growth ratio of 4.20 and a beta of 1.03. The company has a 50-day moving average of $4.27 and a two-hundred day moving average of $7.44.

Range Resources (NYSE:RRC) last announced its quarterly earnings data on Thursday, July 25th. The oil and gas exploration company reported $0.02 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.01. The business had revenue of $851.43 million during the quarter, compared to analysts’ expectations of $672.93 million. Range Resources had a positive return on equity of 4.66% and a negative net margin of 45.91%. The firm’s quarterly revenue was up 29.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.20 earnings per share. As a group, equities analysts expect that Range Resources Corp. will post 0.37 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date of this dividend is Thursday, September 12th. Range Resources’s payout ratio is 7.08%.

In related news, Director Margaret K. Dorman acquired 20,500 shares of the stock in a transaction on Tuesday, August 27th. The stock was acquired at an average price of $3.40 per share, for a total transaction of $69,700.00. Following the completion of the purchase, the director now owns 57,233 shares of the company’s stock, valued at $194,592.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mark Scucchi acquired 9,483 shares of the stock in a transaction on Thursday, August 1st. The shares were bought at an average price of $5.27 per share, with a total value of $49,975.41. Following the purchase, the chief financial officer now directly owns 14,149 shares of the company’s stock, valued at approximately $74,565.23. The disclosure for this purchase can be found here. Insiders have acquired 42,938 shares of company stock valued at $176,159 in the last quarter. 0.35% of the stock is owned by company insiders.

A number of large investors have recently made changes to their positions in the business. Water Island Capital LLC raised its stake in Range Resources by 380.0% during the second quarter. Water Island Capital LLC now owns 24,000 shares of the oil and gas exploration company’s stock valued at $168,000 after buying an additional 19,000 shares during the last quarter. River & Mercantile Asset Management LLP purchased a new position in shares of Range Resources in the second quarter worth $152,000. Steadfast Capital Management LP purchased a new position in shares of Range Resources in the second quarter worth $15,804,000. Stelliam Investment Management LP raised its stake in shares of Range Resources by 84.4% in the second quarter. Stelliam Investment Management LP now owns 2,955,000 shares of the oil and gas exploration company’s stock worth $20,626,000 after purchasing an additional 1,352,500 shares during the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Range Resources by 161.1% in the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 12,220 shares of the oil and gas exploration company’s stock worth $85,000 after purchasing an additional 7,540 shares during the last quarter.

About Range Resources (NYSE:RRC)

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), and oil company. It engages in the exploration, development, and acquisition of natural gas and oil properties. It holds interests in developed and undeveloped natural gas and oil leases in the Appalachian and North Louisiana regions of the United States.

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