Old West Investment Management LLC Purchases New Position in Range Resources Corporation $RRC

Old West Investment Management LLC purchased a new stake in Range Resources Corporation (NYSE:RRC) during the second quarter, Holdings Channel reports. The firm purchased 344,829 shares of the oil and gas exploration company’s stock, valued at approximately $12,824,000. Range Resources comprises 1.4% of Old West Investment Management LLC’s portfolio, making the stock its 29th biggest holding.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RRC. Los Angeles Capital Management LLC acquired a new stake in shares of Range Resources in the 4th quarter valued at $34,000. Root Financial Partners LLC boosted its position in Range Resources by 37.8% in the first quarter. Root Financial Partners LLC now owns 1,006 shares of the oil and gas exploration company’s stock valued at $45,000 after buying an additional 276 shares in the last quarter. SBI Okasan Asset Management Co.Ltd. bought a new stake in Range Resources during the fourth quarter worth about $57,000. Western Wealth Management LLC acquired a new stake in shares of Range Resources during the first quarter worth approximately $59,000. Finally, Basepoint Wealth LLC acquired a new stake in shares of Range Resources during the fourth quarter worth approximately $61,000. 98.93% of the stock is owned by institutional investors.

Range Resources Price Performance

RRC opened at $40.31 on Monday. Range Resources Corporation has a one year low of $32.60 and a one year high of $48.31. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.65 and a quick ratio of 0.65. The company’s 50 day simple moving average is $37.94 and its 200-day simple moving average is $39.97. The stock has a market capitalization of $9.42 billion, a P/E ratio of 11.14 and a beta of 0.42.

Range Resources (NYSE:RRC) last issued its quarterly earnings results 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. Range Resources had a net margin of 25.04% and a return on equity of 18.63%. The business had revenue of $759.58 million during the quarter, compared to analyst estimates of $744.78 million. During the same quarter last year, the business posted $0.66 earnings per share. Range Resources’s revenue for the quarter was down 2.7% compared to the same quarter last year. Sell-side analysts anticipate that Range Resources Corporation will post 3.49 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 12th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Friday, June 12th. Range Resources’s dividend payout ratio (DPR) is 11.05%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on RRC shares. Morgan Stanley reduced their target price on Range Resources from $50.00 to $44.00 and set an “equal weight” rating on the stock in a report on Monday, June 29th. Zacks Research cut Range Resources from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Citigroup reiterated a “neutral” rating on shares of Range Resources in a research report on Thursday, July 23rd. Raymond James Financial set a $45.00 price objective on Range Resources in a research note on Monday, July 27th. Finally, Freedom Capital upgraded Range Resources from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Range Resources presently has an average rating of “Hold” and a consensus target price of $43.35.

Insider Activity at Range Resources

In other news, Director Reginal Spiller sold 3,500 shares of the business’s stock in a transaction 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 owned 13,421 shares in the company, valued at $536,840. The trade was a 20.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.10% of the company’s stock.

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.