Delta Global Management LP Buys Shares of 62,704 Range Resources Corporation $RRC

Delta Global Management LP bought a new position in shares of Range Resources Corporation (NYSE:RRC) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund bought 62,704 shares of the oil and gas exploration company’s stock, valued at approximately $2,360,000.

A number of other institutional investors and hedge funds have also made changes to their positions in RRC. Profund Advisors LLC lifted its stake in shares of Range Resources by 5.5% in the third quarter. Profund Advisors LLC now owns 5,427 shares of the oil and gas exploration company’s stock valued at $204,000 after purchasing an additional 282 shares during the period. Pinnacle Associates Ltd. grew its position in Range Resources by 2.5% during the third quarter. Pinnacle Associates Ltd. now owns 12,503 shares of the oil and gas exploration company’s stock worth $471,000 after buying an additional 302 shares during the period. ProShare Advisors LLC grew its position in Range Resources by 3.1% during the second quarter. ProShare Advisors LLC now owns 10,596 shares of the oil and gas exploration company’s stock worth $431,000 after buying an additional 315 shares during the period. Smartleaf Asset Management LLC increased its holdings in Range Resources by 49.6% in the third quarter. Smartleaf Asset Management LLC now owns 1,013 shares of the oil and gas exploration company’s stock valued at $38,000 after buying an additional 336 shares in the last quarter. Finally, Seelaus Asset Management LLC increased its holdings in Range Resources by 4.0% in the third quarter. Seelaus Asset Management LLC now owns 9,455 shares of the oil and gas exploration company’s stock valued at $356,000 after buying an additional 365 shares in the last quarter. 98.93% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently commented on RRC shares. Royal Bank Of Canada decreased their price target on Range Resources from $46.00 to $44.00 and set a “sector perform” rating on the stock in a research note on Wednesday, January 14th. Piper Sandler raised their price objective on Range Resources from $41.00 to $42.00 and gave the company a “neutral” rating in a research note on Thursday, March 12th. Weiss Ratings raised Range Resources from a “hold (c)” rating to a “buy (b)” rating in a report on Friday, February 27th. Bank of America reissued a “neutral” rating and issued a $38.00 target price (down from $44.00) on shares of Range Resources in a report on Friday, January 16th. Finally, Wells Fargo & Company raised their price target on Range Resources from $43.00 to $46.00 and gave the company an “equal weight” rating in a research report on Thursday, February 26th. Four research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $42.27.

Range Resources Price Performance

Shares of NYSE:RRC opened at $43.61 on Tuesday. The business’s fifty day moving average price is $37.61 and its two-hundred day moving average price is $37.03. The stock has a market cap of $10.26 billion, a PE ratio of 15.92, a price-to-earnings-growth ratio of 0.40 and a beta of 0.57. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.67 and a current ratio of 0.67. Range Resources Corporation has a one year low of $30.32 and a one year high of $44.56.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, February 24th. The oil and gas exploration company reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.13. Range Resources had a return on equity of 16.31% and a net margin of 21.12%.The company had revenue of $786.89 million during the quarter, compared to analysts’ expectations of $770.92 million. During the same period in the previous year, the firm posted $0.68 earnings per share. The business’s revenue for the quarter was up 30.9% compared to the same quarter last year. On average, analysts forecast that Range Resources Corporation will post 2.02 EPS for the current fiscal year.

Range Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Friday, March 13th. This is a positive change from Range Resources’s previous quarterly dividend of $0.09. Range Resources’s dividend payout ratio is presently 14.60%.

About Range Resources

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.