Canada Pension Plan Investment Board Has $1.15 Million Stock Holdings in Range Resources Co. (NYSE:RRC)

Posted by on Mar 1st, 2023

Canada Pension Plan Investment Board trimmed its stake in shares of Range Resources Co. (NYSE:RRC – Get Rating) by 81.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,400 shares of the oil and gas exploration company’s stock after selling 198,010 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Range Resources were worth $1,147,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. PDT Partners LLC acquired a new stake in shares of Range Resources during the second quarter worth $901,000. Quantbot Technologies LP bought a new position in shares of Range Resources in the second quarter valued at $371,000. AlphaCrest Capital Management LLC bought a new position in shares of Range Resources in the second quarter valued at $740,000. State of Michigan Retirement System lifted its stake in shares of Range Resources by 3.9% in the second quarter. State of Michigan Retirement System now owns 65,886 shares of the oil and gas exploration company’s stock valued at $1,631,000 after buying an additional 2,500 shares in the last quarter. Finally, Profund Advisors LLC lifted its stake in shares of Range Resources by 126.7% in the third quarter. Profund Advisors LLC now owns 21,054 shares of the oil and gas exploration company’s stock valued at $532,000 after buying an additional 11,766 shares in the last quarter. 87.32% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Mizuho reiterated a “neutral” rating and issued a $32.00 target price (down previously from $38.00) on shares of Range Resources in a report on Tuesday, January 10th. Morgan Stanley lowered their target price on shares of Range Resources from $26.00 to $24.00 and set an “underweight” rating for the company in a report on Tuesday, January 24th. Royal Bank of Canada restated an “outperform” rating and set a $40.00 price objective on shares of Range Resources in a report on Thursday, February 9th. Roth Capital reiterated a “neutral” rating on shares of Range Resources in a research note on Wednesday, February 8th. Finally, Wells Fargo & Company started coverage on shares of Range Resources in a research report on Tuesday, January 24th. They issued an “equal weight” rating and a $28.00 price objective for the company. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $34.29.

Range Resources Stock Up 4.4 %

Shares of Range Resources stock opened at $26.94 on Wednesday. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 0.85. The company’s fifty day simple moving average is $25.11 and its two-hundred day simple moving average is $27.53. The company has a market cap of $6.51 billion, a P/E ratio of 5.72, a PEG ratio of 0.29 and a beta of 2.15. Range Resources Co. has a 12-month low of $22.61 and a 12-month high of $37.44.

Range Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 30th. Stockholders of record on Thursday, December 15th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date of this dividend was Wednesday, December 14th. Range Resources’s dividend payout ratio (DPR) is presently 6.79%.

Range Resources Company Profile

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Range Resources Corp. engages in the exploration, development and acquisition of natural gas and oil properties in the Appalachian and Midcontinent regions. The company was founded in 1976 and is headquartered in Fort Worth, TX.

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Institutional Ownership by Quarter for Range Resources (NYSE:RRC)

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