Aventail Capital Group LP Acquires Shares of 106,043 Range Resources Co. (NYSE:RRC)

Posted by Defense World Staff on Jun 14th, 2023

Aventail Capital Group LP bought a new position in shares of Range Resources Co. (NYSE:RRC – Get Rating) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 106,043 shares of the oil and gas exploration company’s stock, valued at approximately $2,653,000.

Other institutional investors have also made changes to their positions in the company. PDT Partners LLC lifted its holdings in Range Resources by 45.8% during the 4th quarter. PDT Partners LLC now owns 69,824 shares of the oil and gas exploration company’s stock valued at $1,747,000 after purchasing an additional 21,949 shares during the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of Range Resources during the 4th quarter worth about $11,471,000. Price T Rowe Associates Inc. MD grew its stake in Range Resources by 100.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,601,439 shares of the oil and gas exploration company’s stock valued at $40,068,000 after buying an additional 802,239 shares during the last quarter. Putnam Investments LLC acquired a new stake in Range Resources during the fourth quarter worth approximately $2,924,000. Finally, CSS LLC IL boosted its holdings in shares of Range Resources by 9.9% during the fourth quarter. CSS LLC IL now owns 139,564 shares of the oil and gas exploration company’s stock worth $3,492,000 after acquiring an additional 12,580 shares during the period. 87.32% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Range Resources

In related news, CFO Mark Scucchi sold 153,000 shares of the firm’s stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $27.39, for a total value 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 approximately $7,205,487.30. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CFO Mark Scucchi sold 153,000 shares of the business’s stock in a transaction on Monday, May 15th. The shares were sold at an average price of $27.39, for a total value of $4,190,670.00. Following the sale, the chief financial officer now owns 263,070 shares of the company’s stock, valued at $7,205,487.30. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Greg G. Maxwell sold 24,675 shares of the firm’s stock in a transaction on Monday, May 15th. The stock was sold at an average price of $27.39, for a total value of $675,848.25. Following the transaction, the director now directly owns 57,192 shares of the company’s stock, valued at $1,566,488.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 385,094 shares of company stock worth $10,622,125. Insiders own 1.57% of the company’s stock.

Analysts Set New Price Targets

RRC has been the subject of several research reports. Tudor Pickering raised Range Resources from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a report on Tuesday, March 21st. Morgan Stanley decreased their price target on shares of Range Resources from $21.00 to $20.00 and set an “underweight” rating on the stock in a research note on Wednesday, April 19th. StockNews.com began coverage on shares of Range Resources in a research note on Thursday, May 18th. They issued a “hold” rating for the company. Royal Bank of Canada restated an “outperform” rating and set a $40.00 target price on shares of Range Resources in a research report on Wednesday, March 15th. Finally, UBS Group started coverage on shares of Range Resources in a research report on Wednesday, April 19th. They issued a “sell” rating and a $24.00 price target for the company. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $32.48.

Range Resources Trading Down 0.8 %

Shares of Range Resources stock opened at $27.14 on Wednesday. The firm has a market capitalization of $6.55 billion, a PE ratio of 3.18, a price-to-earnings-growth ratio of 0.46 and a beta of 2.12. 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 firm’s 50 day moving average is $26.97 and its 200 day moving average is $26.01. Range Resources Co. has a 1 year low of $22.61 and a 1 year high of $36.38.

Range Resources (NYSE:RRC – Get Rating) last announced its quarterly earnings results on Monday, April 24th. The oil and gas exploration company reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.28. The company had revenue of $1.19 billion during 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 company’s revenue for the quarter was up 556.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.18 earnings per share. Equities research analysts forecast that Range Resources Co. will post 2.17 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

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

About Range Resources

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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.