Empowered Funds LLC Buys Shares of 413,474 Range Resources Corporation $RRC

Empowered Funds LLC acquired a new position in shares of Range Resources Corporation (NYSE:RRC) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 413,474 shares of the oil and gas exploration company’s stock, valued at approximately $15,377,000.

A number of other hedge funds have also bought and sold shares of RRC. King Luther Capital Management Corp grew its position in Range Resources by 49.8% during the 4th quarter. King Luther Capital Management Corp now owns 1,281,975 shares of the oil and gas exploration company’s stock worth $45,202,000 after purchasing an additional 426,300 shares during the period. Vanguard Group Inc. lifted its holdings in Range Resources by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 25,553,637 shares of the oil and gas exploration company’s stock valued at $901,021,000 after acquiring an additional 701,751 shares during the period. Life Cycle Investment Partners Ltd acquired a new stake in Range Resources during the fourth quarter worth approximately $21,129,000. Bank of Nova Scotia purchased a new stake in Range Resources during the 2nd quarter worth $2,220,000. Finally, Entropy Technologies LP raised its position in Range Resources by 321.3% in the first quarter. Entropy Technologies LP now owns 52,114 shares of the oil and gas exploration company’s stock valued at $2,355,000 after purchasing an additional 39,745 shares during the period. Institutional investors own 98.93% of the company’s stock.

Insider Buying and Selling

In other news, Director Reginal Spiller sold 3,500 shares of the company’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $40.00, for a total value of $140,000.00. Following the completion of the sale, the director directly owned 13,421 shares of the company’s stock, valued at $536,840. This represents a 20.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 1.10% of the company’s stock.

Analysts Set New Price Targets

RRC has been the topic of several analyst reports. Barclays dropped their target price on Range Resources from $43.00 to $40.00 and set an “equal weight” rating on the stock in a report on Monday, August 17th. Wells Fargo & Company cut their price target on shares of Range Resources from $46.00 to $45.00 and set an “equal weight” rating on the stock in a report on Thursday, July 23rd. Morgan Stanley decreased their target price on Range Resources from $44.00 to $43.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 19th. Weiss Ratings lowered shares of Range Resources from a “buy (b-)” rating to a “hold (c)” rating in a report on Thursday, July 23rd. Finally, Truist Financial dropped their target price on Range Resources from $46.00 to $43.00 and set a “hold” rating on the stock in a research report on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $43.75.

Range Resources Stock Performance

Shares of RRC opened at $41.52 on Friday. The company has a 50-day moving average of $38.55 and a two-hundred day moving average of $40.25. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.65 and a quick ratio of 0.65. Range Resources Corporation has a one year low of $32.68 and a one year high of $48.31. The stock has a market cap of $9.70 billion, a price-to-earnings ratio of 11.47 and a beta of 0.42.

Range Resources (NYSE:RRC) last posted its quarterly earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.13. The business had revenue of $759.58 million during 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 firm’s revenue was down 2.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.66 earnings per share. On average, equities research analysts expect that Range Resources Corporation will post 3.62 earnings per share for the current year.

Range Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 11th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Friday, September 11th. Range Resources’s dividend payout ratio is 11.05%.

Range Resources Company 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.