VELA Investment Management LLC Sells 7,238 Shares of Range Resources Co. (NYSE:RRC)

VELA Investment Management LLC cut its stake in shares of Range Resources Co. (NYSE:RRC) by 8.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 81,824 shares of the oil and gas exploration company’s stock after selling 7,238 shares during the period. VELA Investment Management LLC’s holdings in Range Resources were worth $2,744,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of RRC. Fifth Third Bancorp boosted its holdings in Range Resources by 21.2% during the second quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock worth $57,000 after purchasing an additional 299 shares during the last quarter. SYSTM Wealth Solutions LLC boosted its stake in shares of Range Resources by 17.9% in the 1st quarter. SYSTM Wealth Solutions LLC now owns 2,141 shares of the oil and gas exploration company’s stock worth $74,000 after buying an additional 325 shares during the last quarter. CIBC Asset Management Inc grew its holdings in shares of Range Resources by 5.4% in the second quarter. CIBC Asset Management Inc now owns 6,801 shares of the oil and gas exploration company’s stock valued at $228,000 after acquiring an additional 350 shares in the last quarter. Orser Capital Management LLC increased its position in shares of Range Resources by 0.8% during the first quarter. Orser Capital Management LLC now owns 54,223 shares of the oil and gas exploration company’s stock valued at $1,867,000 after acquiring an additional 427 shares during the last quarter. Finally, Lmcg Investments LLC lifted its holdings in Range Resources by 0.4% during the fourth quarter. Lmcg Investments LLC now owns 154,245 shares of the oil and gas exploration company’s stock worth $4,695,000 after acquiring an additional 546 shares during the period. 98.93% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Mizuho boosted their price target on shares of Range Resources from $41.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Jefferies Financial Group boosted their target price on shares of Range Resources from $34.00 to $35.00 and gave the company a “hold” rating in a research note on Monday, July 8th. Susquehanna decreased their price target on shares of Range Resources from $36.00 to $31.00 and set a “neutral” rating for the company in a research note on Wednesday. Royal Bank of Canada reiterated a “sector perform” rating and issued a $39.00 price objective on shares of Range Resources in a research note on Thursday, July 25th. Finally, Piper Sandler lowered Range Resources from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $43.00 to $31.00 in a report on Thursday, August 15th. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Range Resources currently has a consensus rating of “Hold” and a consensus price target of $36.83.

Range Resources Price Performance

RRC stock opened at $28.36 on Friday. The firm has a 50 day moving average of $31.44 and a 200-day moving average of $33.67. The firm has a market capitalization of $6.88 billion, a P/E ratio of 14.40 and a beta of 1.88. Range Resources Co. has a 12 month low of $27.29 and a 12 month high of $39.33. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.28.

Range Resources (NYSE:RRC) last announced its quarterly earnings results on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.41 by $0.05. The firm had revenue of $641.30 million during the quarter, compared to the consensus estimate of $610.24 million. Range Resources had a net margin of 17.62% and a return on equity of 13.93%. The business’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period last year, the firm earned $0.27 EPS. As a group, sell-side analysts predict that Range Resources Co. will post 2.08 earnings per share for the current fiscal year.

Range Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.13%. The ex-dividend date of this dividend is Friday, September 13th. Range Resources’s payout ratio is 16.24%.

About Range Resources

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.