MQS Management LLC Takes $378,000 Position in Range Resources Co. (NYSE:RRC)

MQS Management LLC purchased a new position in shares of Range Resources Co. (NYSE:RRC) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 11,272 shares of the oil and gas exploration company’s stock, valued at approximately $378,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fifth Third Bancorp raised its stake in shares of Range Resources by 21.2% during the second quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock valued at $57,000 after purchasing an additional 299 shares during the period. Perkins Coie Trust Co acquired a new stake in Range Resources during the 2nd quarter valued at $67,000. International Assets Investment Management LLC purchased a new stake in Range Resources during the 2nd quarter worth $67,000. SYSTM Wealth Solutions LLC lifted its holdings in Range Resources by 17.9% in the 1st quarter. SYSTM Wealth Solutions LLC now owns 2,141 shares of the oil and gas exploration company’s stock worth $74,000 after buying an additional 325 shares in the last quarter. Finally, nVerses Capital LLC acquired a new position in Range Resources in the 2nd quarter worth $107,000. 98.93% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Piper Sandler lowered Range Resources from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $43.00 to $31.00 in a research report on Thursday, August 15th. Royal Bank of Canada restated a “sector perform” rating and set a $39.00 price objective on shares of Range Resources in a report on Thursday, July 25th. The Goldman Sachs Group cut their target price on Range Resources from $40.00 to $35.00 and set a “neutral” rating on the stock in a research report on Friday, September 6th. UBS Group decreased their price target on shares of Range Resources from $30.00 to $27.00 and set a “sell” rating for the company in a research report on Wednesday. Finally, Mizuho cut their price target on shares of Range Resources from $47.00 to $45.00 and set an “outperform” rating on the stock in a report on Monday. Five investment analysts have rated the stock with a sell rating, eleven have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Range Resources presently has a consensus rating of “Hold” and a consensus target price of $36.10.

Range Resources Trading Up 1.7 %

Shares of NYSE RRC opened at $30.51 on Friday. Range Resources Co. has a 12-month low of $27.29 and a 12-month high of $39.33. The company has a market cap of $7.40 billion, a price-to-earnings ratio of 15.49 and a beta of 1.80. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.28. The stock’s 50 day simple moving average is $30.56 and its 200 day simple moving average is $33.52.

Range Resources (NYSE:RRC) last posted its earnings results on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.05. The company had revenue of $641.30 million for the quarter, compared to analysts’ expectations of $610.24 million. Range Resources had a return on equity of 13.93% and a net margin of 17.62%. The firm’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period last year, the business posted $0.27 earnings per share. Equities research analysts expect that Range Resources Co. will post 2.07 EPS for the current year.

Range Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date is Friday, September 13th. Range Resources’s payout ratio is 16.24%.

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.