Holocene Advisors LP Sells 273,769 Shares of Range Resources Co. (NYSE:RRC)

Holocene Advisors LP reduced its stake in shares of Range Resources Co. (NYSE:RRC) by 30.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 623,528 shares of the oil and gas exploration company’s stock after selling 273,769 shares during the period. Holocene Advisors LP’s holdings in Range Resources were worth $19,180,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of RRC. William Blair Investment Management LLC bought a new position in Range Resources during the second quarter valued at $78,223,000. Canoe Financial LP lifted its position in shares of Range Resources by 114.9% during the 3rd quarter. Canoe Financial LP now owns 2,660,309 shares of the oil and gas exploration company’s stock valued at $81,299,000 after buying an additional 1,422,200 shares during the last quarter. Verition Fund Management LLC increased its holdings in Range Resources by 379.3% in the 3rd quarter. Verition Fund Management LLC now owns 409,427 shares of the oil and gas exploration company’s stock worth $12,594,000 after acquiring an additional 324,011 shares during the last quarter. Sagefield Capital LP raised its stake in Range Resources by 44.8% in the 2nd quarter. Sagefield Capital LP now owns 906,886 shares of the oil and gas exploration company’s stock valued at $30,408,000 after acquiring an additional 280,452 shares during the period. Finally, Vaughan Nelson Investment Management L.P. raised its stake in Range Resources by 26.2% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,186,310 shares of the oil and gas exploration company’s stock valued at $39,777,000 after acquiring an additional 246,172 shares during the period. Hedge funds and other institutional investors own 98.93% of the company’s stock.

Insider Activity at Range Resources

In related news, VP Ashley Kavanaugh sold 12,700 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $31.45, for a total transaction of $399,415.00. Following the transaction, the vice president now directly owns 9,670 shares in the company, valued at $304,121.50. This trade represents a 56.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles G. Griffie purchased 1,275 shares of the firm’s stock in a transaction on Thursday, October 24th. The stock was bought at an average cost of $31.46 per share, for a total transaction of $40,111.50. Following the completion of the purchase, the director now directly owns 5,921 shares in the company, valued at approximately $186,274.66. This trade represents a 27.44 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.50% of the stock is owned by insiders.

Range Resources Stock Down 2.3 %

RRC opened at $34.91 on Tuesday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.28. The business’s fifty day simple moving average is $32.19 and its 200 day simple moving average is $32.52. Range Resources Co. has a 52 week low of $27.29 and a 52 week high of $39.33. The stock has a market cap of $8.42 billion, a PE ratio of 17.63 and a beta of 1.85.

Range Resources (NYSE:RRC) last announced its quarterly earnings data on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.16. The company had revenue of $615.03 million for the quarter, compared to analysts’ expectations of $617.90 million. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. Range Resources’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period last year, the firm posted $0.43 EPS. As a group, research analysts expect that Range Resources Co. will post 1.9 earnings per share for the current fiscal year.

Range Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be paid a $0.08 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.92%. Range Resources’s dividend payout ratio (DPR) is 16.16%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Scotiabank upgraded shares of Range Resources from a “sector perform” rating to a “sector outperform” rating and set a $45.00 target price for the company in a research note on Tuesday, August 20th. Stephens lifted their price objective on shares of Range Resources from $36.00 to $37.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Bank of America assumed coverage on Range Resources in a research report on Monday, October 28th. They set a “neutral” rating and a $34.00 target price on the stock. Piper Sandler decreased their price objective on Range Resources from $31.00 to $30.00 and set a “neutral” rating on the stock in a research note on Monday, November 18th. Finally, The Goldman Sachs Group cut their target price on Range Resources from $40.00 to $35.00 and set a “neutral” rating for the company in a research note on Friday, September 6th. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, Range Resources presently has an average rating of “Hold” and an average target price of $35.00.

Range Resources Company Profile

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