Range Resources Corporation (RRC) Bond Prices Fall 1.5%
An issue of Range Resources Corporation (NYSE:RRC) bonds fell 1.5% against their face value during trading on Friday. The debt issue has a 4.875% coupon and is set to mature on May 15, 2025. The bonds in the issue are now trading at $95.78 and were trading at $98.75 one week ago. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its share price.
Several research firms have recently issued reports on RRC. Stifel Nicolaus set a $21.00 target price on shares of Range Resources Corporation and gave the stock a “buy” rating in a research note on Thursday. Vetr raised shares of Range Resources Corporation from a “buy” rating to a “strong-buy” rating and set a $22.02 target price on the stock in a research note on Monday, October 2nd. Wolfe Research lowered shares of Range Resources Corporation from a “market perform” rating to an “underperform” rating and lowered their target price for the stock from $23.00 to $19.00 in a research note on Wednesday, September 20th. Zacks Investment Research lowered shares of Range Resources Corporation from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 19th. Finally, Piper Jaffray Companies reduced their price target on shares of Range Resources Corporation from $40.00 to $35.00 and set an “overweight” rating for the company in a research report on Monday, September 18th. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. Range Resources Corporation currently has a consensus rating of “Buy” and an average target price of $34.34.
Range Resources Corporation (RRC) opened at 19.99 on Friday. The firm has a 50-day moving average of $18.64 and a 200 day moving average of $22.56. The stock has a market cap of $4.88 billion, a PE ratio of 135.07 and a beta of 0.95. Range Resources Corporation has a 12 month low of $16.00 and a 12 month high of $40.20.
Range Resources Corporation (NYSE:RRC) last announced its earnings results on Tuesday, August 1st. The oil and gas exploration company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.20. The business had revenue of $565.00 million during the quarter, compared to the consensus estimate of $544.08 million. Range Resources Corporation had a net margin of 1.75% and a return on equity of 0.67%. The business’s quarterly revenue was up 55.8% compared to the same quarter last year. During the same period in the prior year, the firm earned ($1.35) earnings per share. Analysts anticipate that Range Resources Corporation will post $0.49 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 15th were paid a $0.02 dividend. The ex-dividend date was Thursday, September 14th. This represents a $0.08 annualized dividend and a dividend yield of 0.40%. Range Resources Corporation’s dividend payout ratio (DPR) is presently 100.01%.
In other news, Director Steffen E. Palko bought 15,000 shares of the firm’s stock in a transaction dated Thursday, August 10th. The stock was acquired at an average cost of $16.81 per share, for a total transaction of $252,150.00. Following the completion of the purchase, the director now owns 27,267 shares of the company’s stock, valued at $458,358.27. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Mary Ralph Lowe bought 10,000 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was purchased at an average price of $17.99 per share, with a total value of $179,900.00. Following the completion of the purchase, the director now directly owns 25,413 shares of the company’s stock, valued at approximately $457,179.87. The disclosure for this purchase can be found here. Insiders bought 26,000 shares of company stock valued at $449,800 over the last 90 days. Insiders own 2.40% of the company’s stock.
Several hedge funds have recently made changes to their positions in RRC. BlackRock Inc. boosted its stake in shares of Range Resources Corporation by 2,153.9% in the first quarter. BlackRock Inc. now owns 13,133,750 shares of the oil and gas exploration company’s stock valued at $382,193,000 after purchasing an additional 12,551,039 shares during the period. State Street Corp boosted its stake in Range Resources Corporation by 15.0% during the 2nd quarter. State Street Corp now owns 13,856,976 shares of the oil and gas exploration company’s stock valued at $321,059,000 after acquiring an additional 1,805,404 shares during the last quarter. UBS Oconnor LLC boosted its stake in Range Resources Corporation by 246.9% during the 2nd quarter. UBS Oconnor LLC now owns 2,273,650 shares of the oil and gas exploration company’s stock valued at $52,680,000 after acquiring an additional 1,618,250 shares during the last quarter. Canada Pension Plan Investment Board boosted its stake in Range Resources Corporation by 1,318.0% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,501,921 shares of the oil and gas exploration company’s stock valued at $34,800,000 after acquiring an additional 1,395,999 shares during the last quarter. Finally, Stelliam Investment Management LP boosted its stake in Range Resources Corporation by 21.9% during the 1st quarter. Stelliam Investment Management LP now owns 5,722,500 shares of the oil and gas exploration company’s stock valued at $166,525,000 after acquiring an additional 1,027,500 shares during the last quarter. Institutional investors and hedge funds own 95.61% of the company’s stock.
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Range Resources Corporation Company Profile
Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil company. The Company is engaged in the exploration and production of natural gas, NGLs and oil in the United States. It is engaged in the exploration, development and acquisition of natural gas and crude oil properties located primarily in the Appalachian and North Louisiana regions of the United States.
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