PNC Financial Services Group Inc. Decreases Stock Position in Range Resources Co. (NYSE:RRC)

Posted by Defense World Staff on Jun 2nd, 2023

PNC Financial Services Group Inc. reduced its position in Range Resources Co. (NYSE:RRC – Get Rating) by 27.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 30,252 shares of the oil and gas exploration company’s stock after selling 11,587 shares during the period. PNC Financial Services Group Inc.’s holdings in Range Resources were worth $757,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in RRC. Raymond James & Associates grew its position in Range Resources by 12.4% in the 1st quarter. Raymond James & Associates now owns 45,351 shares of the oil and gas exploration company’s stock worth $1,378,000 after purchasing an additional 4,987 shares during the period. Raymond James Financial Services Advisors Inc. grew its position in Range Resources by 31.8% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 35,865 shares of the oil and gas exploration company’s stock worth $1,090,000 after purchasing an additional 8,648 shares during the period. Vontobel Holding Ltd. bought a new stake in Range Resources in the 1st quarter worth approximately $213,000. Lord Abbett & CO. LLC bought a new stake in Range Resources in the 1st quarter worth approximately $7,059,000. Finally, Canada Pension Plan Investment Board grew its position in Range Resources by 1,102.7% in the 1st quarter. Canada Pension Plan Investment Board now owns 151,710 shares of the oil and gas exploration company’s stock worth $4,609,000 after purchasing an additional 139,096 shares during the period. Institutional investors own 87.32% of the company’s stock.

Range Resources Stock Down 1.0 %

Shares of NYSE RRC opened at $27.09 on Friday. The firm’s 50-day moving average price is $26.60 and its 200-day moving average price is $26.12. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $6.54 billion, a price-to-earnings ratio of 3.18, a P/E/G ratio of 0.44 and a beta of 2.12. Range Resources Co. has a 12-month low of $22.61 and a 12-month high of $37.44.

Range Resources (NYSE:RRC – Get Rating) last issued its quarterly earnings results on Monday, April 24th. The oil and gas exploration company reported $0.99 EPS for the quarter, beating the consensus estimate of $0.71 by $0.28. The company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $772.38 million. Range Resources had a net margin of 41.18% and a return on equity of 45.55%. The firm’s revenue was up 556.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.18 EPS. On average, equities research analysts anticipate that Range Resources Co. will post 2.17 EPS for the current fiscal year.

Range Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Friday, June 16th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, June 15th. This represents a $0.32 annualized dividend and a yield of 1.18%. Range Resources’s payout ratio is 3.76%.

Wall Street Analyst Weigh In

RRC has been the subject of a number of recent research reports. Stifel Nicolaus boosted their price objective on shares of Range Resources from $29.00 to $33.00 in a research report on Monday, May 22nd. Piper Sandler cut their price objective on shares of Range Resources from $40.00 to $37.00 and set an “overweight” rating for the company in a research report on Wednesday, April 19th. Tudor Pickering raised shares of Range Resources from a “hold” rating to a “buy” rating and set a $33.00 price objective for the company in a research report on Tuesday, March 21st. Susquehanna cut their price objective on shares of Range Resources from $34.00 to $33.00 and set a “positive” rating for the company in a research report on Friday, April 21st. Finally, UBS Group initiated coverage on shares of Range Resources in a research report on Wednesday, April 19th. They set a “sell” rating and a $24.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, Range Resources currently has a consensus rating of “Hold” and a consensus price target of $32.52.

Insider Activity at Range Resources

In related news, SVP Erin W. Mcdowell sold 36,419 shares of the company’s stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $27.39, for a total transaction of $997,516.41. Following the transaction, the senior vice president now directly owns 98,899 shares in the company, valued at approximately $2,708,843.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Range Resources news, SVP Erin W. Mcdowell sold 36,419 shares of the company’s stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $27.39, for a total value of $997,516.41. Following the transaction, the senior vice president now directly owns 98,899 shares in the company, valued at approximately $2,708,843.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mark Scucchi sold 153,000 shares of the company’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $27.39, for a total transaction of $4,190,670.00. Following the completion of the transaction, the chief financial officer now owns 263,070 shares in the company, valued at $7,205,487.30. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 353,094 shares of company stock worth $9,755,245. Insiders own 1.57% of the company’s stock.

Range Resources 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.