The Manufacturers Life Insurance Company Buys New Position in Range Resources Corporation $RRC

The Manufacturers Life Insurance Company bought a new position in shares of Range Resources Corporation (NYSE:RRC) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 1,432,218 shares of the oil and gas exploration company’s stock, valued at approximately $53,264,000. The Manufacturers Life Insurance Company owned 0.61% of Range Resources at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Empowered Funds LLC increased its stake in shares of Range Resources by 2.1% in the 1st quarter. Empowered Funds LLC now owns 75,851 shares of the oil and gas exploration company’s stock valued at $3,029,000 after acquiring an additional 1,563 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Range Resources by 1.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 466,796 shares of the oil and gas exploration company’s stock valued at $18,639,000 after acquiring an additional 8,816 shares during the period. Focus Partners Wealth bought a new position in Range Resources during the first quarter worth $285,000. EverSource Wealth Advisors LLC boosted its stake in Range Resources by 63.5% during the second quarter. EverSource Wealth Advisors LLC now owns 2,932 shares of the oil and gas exploration company’s stock worth $119,000 after acquiring an additional 1,139 shares in the last quarter. Finally, California Public Employees Retirement System grew its holdings in Range Resources by 8.0% in the second quarter. California Public Employees Retirement System now owns 410,651 shares of the oil and gas exploration company’s stock worth $16,701,000 after purchasing an additional 30,481 shares during the period. 98.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on RRC shares. UBS Group reaffirmed a “neutral” rating on shares of Range Resources in a research note on Thursday, August 13th. Raymond James Financial set a $45.00 price objective on shares of Range Resources in a research report on Monday, July 27th. The Goldman Sachs Group reduced their target price on Range Resources from $44.00 to $39.00 and set a “neutral” rating for the company in a research note on Tuesday, June 30th. Citigroup reaffirmed a “neutral” rating on shares of Range Resources in a research report on Thursday, July 23rd. Finally, Wells Fargo & Company dropped their price target on Range Resources from $46.00 to $45.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Range Resources presently has an average rating of “Hold” and an average price target of $43.75.

Range Resources Stock Performance

Shares of RRC stock opened at $41.64 on Thursday. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.18. The firm has a fifty day simple moving average of $38.35 and a two-hundred day simple moving average of $40.21. Range Resources Corporation has a 12 month low of $32.68 and a 12 month high of $48.31. The firm has a market capitalization of $9.73 billion, a PE ratio of 11.50 and a beta of 0.42.

Range Resources (NYSE:RRC) last released its quarterly earnings data on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.13. The firm had revenue of $759.58 million for the quarter, compared to analyst estimates of $744.78 million. Range Resources had a net margin of 25.04% and a return on equity of 18.63%. The business’s quarterly revenue was down 2.7% compared to the same quarter last year. During the same period last year, the firm earned $0.66 earnings per share. Analysts forecast that Range Resources Corporation will post 3.62 EPS for the current fiscal year.

Range Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were paid a dividend of $0.10 per share. The ex-dividend date was Friday, June 12th. This represents a $0.40 dividend on an annualized basis and a yield of 1.0%. Range Resources’s payout ratio is 11.05%.

Insider Transactions at Range Resources

In other Range Resources news, Director Reginal Spiller sold 3,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $40.00, for a total transaction of $140,000.00. Following the completion of the sale, the director directly owned 13,421 shares of the company’s stock, valued at approximately $536,840. The trade was a 20.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.10% of the company’s stock.

Range Resources Profile

Range Resources Corporation, headquartered in Fort Worth, Texas, is an independent energy company engaged in the exploration, development and production of natural gas, oil and natural gas liquids. The company focuses its core operations on the Appalachian Basin, with a significant presence in Pennsylvania’s Marcellus Shale. Through its drilling and completion activities, Range Resources seeks to optimize production efficiency while maintaining a disciplined approach to capital allocation and cost management.

The company’s technical expertise centers on advanced horizontal drilling and hydraulic fracturing techniques, which it applies to unlock unconventional resources.