State of Michigan Retirement System reduced its position in Range Resources Co. (NYSE:RRC – Free Report) by 0.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 61,086 shares of the oil and gas exploration company’s stock after selling 400 shares during the period. State of Michigan Retirement System’s holdings in Range Resources were worth $1,617,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in RRC. Raymond James & Associates increased its stake in Range Resources by 12.4% during the first quarter. Raymond James & Associates now owns 45,351 shares of the oil and gas exploration company’s stock worth $1,378,000 after acquiring an additional 4,987 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in Range Resources by 31.8% during the first 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 acquiring an additional 8,648 shares during the last quarter. Vontobel Holding Ltd. bought a new stake in Range Resources during the first quarter worth approximately $213,000. Lord Abbett & CO. LLC bought a new stake in Range Resources during the first quarter worth approximately $7,059,000. Finally, Canada Pension Plan Investment Board increased its stake in Range Resources by 1,102.7% during the first 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 acquiring an additional 139,096 shares during the last quarter. 88.85% of the stock is owned by institutional investors.
Insider Activity
In other news, Director Reginal Spiller sold 1,950 shares of the stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $26.80, for a total transaction of $52,260.00. Following the completion of the sale, the director now owns 16,713 shares in the company, valued at approximately $447,908.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Greg G. Maxwell sold 24,675 shares of the stock in a transaction on Monday, May 15th. The stock was sold at an average price of $27.39, for a total transaction of $675,848.25. Following the completion of the sale, the director now owns 57,192 shares in the company, valued at approximately $1,566,488.88. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Reginal Spiller sold 1,950 shares of the stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $26.80, for a total value of $52,260.00. Following the sale, the director now owns 16,713 shares of the company’s stock, valued at approximately $447,908.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 387,044 shares of company stock worth $10,674,385. Insiders own 1.57% of the company’s stock.
Range Resources Stock Down 0.7 %
Range Resources (NYSE:RRC – Get 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 analysts’ consensus estimates of $0.71 by $0.28. The company had revenue of $1.19 billion during the quarter, compared to analyst estimates of $772.38 million. Range Resources had a return on equity of 45.55% and a net margin of 41.18%. Range Resources’s revenue was up 556.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.18 earnings per share. On average, analysts forecast that Range Resources Co. will post 1.99 earnings per share for the current fiscal year.
Range Resources Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Friday, June 16th were issued 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 1.07%. Range Resources’s dividend payout ratio is currently 3.76%.
Analyst Ratings Changes
A number of research analysts have recently commented on the company. Mizuho raised Range Resources from a “neutral” rating to a “buy” rating and upped their target price for the company from $30.00 to $35.00 in a research note on Friday, May 19th. Truist Financial upped their target price on Range Resources from $26.00 to $30.00 in a research note on Thursday, July 6th. Piper Sandler cut their target price on Range Resources from $37.00 to $36.00 in a research note on Tuesday, June 13th. The Goldman Sachs Group raised Range Resources from a “sell” rating to a “neutral” rating and upped their target price for the company from $30.00 to $31.00 in a research note on Wednesday, May 24th. Finally, Benchmark upped their target price on Range Resources from $32.00 to $39.00 and gave the company a “buy” rating in a research note on Friday, July 14th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, Range Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $33.00.
About Range Resources
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.
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