International Assets Investment Management LLC Makes New Investment in Range Resources Co. (NYSE:RRC)

Posted by Defense World Staff on Jul 7th, 2023

International Assets Investment Management LLC acquired a new position in shares of Range Resources Co. (NYSE:RRC – Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 2,000 shares of the oil and gas exploration company’s stock, valued at approximately $53,000.

A number of other large investors also recently modified their holdings of the business. Ronald Blue Trust Inc. lifted its position in shares of Range Resources by 75.6% in the 4th quarter. Ronald Blue Trust Inc. now owns 1,187 shares of the oil and gas exploration company’s stock worth $30,000 after buying an additional 511 shares during the last quarter. Belpointe Asset Management LLC bought a new position in shares of Range Resources in the 4th quarter worth about $40,000. FourThought Financial LLC bought a new position in shares of Range Resources in the 3rd quarter worth about $69,000. U.S. Capital Wealth Advisors LLC bought a new position in shares of Range Resources in the 4th quarter worth about $76,000. Finally, IFP Advisors Inc lifted its position in shares of Range Resources by 35.6% in the 4th quarter. IFP Advisors Inc now owns 4,670 shares of the oil and gas exploration company’s stock worth $82,000 after buying an additional 1,226 shares during the last quarter. 88.85% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. VNET Group reiterated an “upgrade” rating on shares of Range Resources in a research report on Friday, May 19th. Susquehanna cut their price objective on shares of Range Resources from $34.00 to $33.00 and set a “positive” rating on the stock in a research report on Friday, April 21st. Stephens assumed coverage on shares of Range Resources in a research report on Monday, April 24th. They issued an “overweight” rating and a $34.00 price objective on the stock. Morgan Stanley dropped 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 report on Wednesday, April 19th. Finally, Piper Sandler dropped their price target on shares of Range Resources from $37.00 to $36.00 in a research report on Tuesday, June 13th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, Range Resources presently has a consensus rating of “Hold” and an average target price of $32.29.

Insider Buying and Selling at Range Resources

In other Range Resources news, SVP Dori Ginn sold 40,000 shares of the company’s stock in a transaction dated Thursday, May 18th. The shares were sold at an average price of $29.49, for a total transaction of $1,179,600.00. Following the transaction, the senior vice president now directly owns 282,738 shares in the company, valued at approximately $8,337,943.62. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, SVP Dori Ginn sold 40,000 shares of the company’s stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $29.49, for a total value of $1,179,600.00. Following the completion of the sale, the senior vice president now directly owns 282,738 shares of the company’s stock, valued at approximately $8,337,943.62. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Reginal Spiller sold 1,950 shares of the stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $26.80, for a total value of $52,260.00. Following the sale, the director now directly owns 16,713 shares of the company’s stock, valued at $447,908.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 387,044 shares of company stock worth $10,674,385. Company insiders own 1.57% of the company’s stock.

Range Resources Trading Down 4.3 %

Shares of Range Resources stock opened at $28.06 on Friday. The firm has a market capitalization of $6.77 billion, a PE ratio of 3.29, a price-to-earnings-growth ratio of 0.51 and a beta of 2.10. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.92 and a quick ratio of 0.92. The company’s fifty day moving average price is $27.73 and its two-hundred day moving average price is $26.25. Range Resources Co. has a 52-week low of $22.61 and a 52-week high of $36.38.

Range Resources (NYSE:RRC – Free Report) last posted its earnings results on Monday, April 24th. The oil and gas exploration company reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.28. Range Resources had a net margin of 41.18% and a return on equity of 45.55%. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $772.38 million. During the same quarter in the prior year, the firm earned $1.18 EPS. The firm’s quarterly revenue was up 556.4% compared to the same quarter last year. On average, analysts expect that Range Resources Co. will post 2.04 EPS for the current year.

Range Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Friday, June 16th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Thursday, June 15th. This represents a $0.32 dividend on an annualized basis and a yield of 1.14%. Range Resources’s payout ratio is presently 3.76%.

About Range Resources

(Free Report)

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), and oil company in the United States. The company engages in the exploration, development, and acquisition of natural gas and oil properties. It markets and sells natural gas and NGLs to utilities, marketing and midstream companies, and industrial users; petrochemical end users, marketers/traders, and natural gas processors; and oil and condensate to crude oil processors, transporters, and refining and marketing companies.