Acorn Creek Capital LLC Acquires New Position in Range Resources Co. (NYSE:RRC)

Acorn Creek Capital LLC acquired a new stake in shares of Range Resources Co. (NYSE:RRC) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 12,431 shares of the oil and gas exploration company’s stock, valued at approximately $382,000.

Several other institutional investors also recently bought and sold shares of RRC. Fifth Third Bancorp boosted its holdings in shares of Range Resources by 21.2% during the 2nd quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock valued at $57,000 after acquiring an additional 299 shares during the last quarter. Perkins Coie Trust Co purchased a new stake in shares of Range Resources during the 2nd quarter valued at about $67,000. International Assets Investment Management LLC purchased a new stake in shares of Range Resources during the 2nd quarter valued at about $67,000. CWM LLC boosted its holdings in shares of Range Resources by 276.8% during the 3rd quarter. CWM LLC now owns 2,306 shares of the oil and gas exploration company’s stock valued at $71,000 after acquiring an additional 1,694 shares during the last quarter. Finally, nVerses Capital LLC bought a new position in shares of Range Resources in the 2nd quarter worth approximately $107,000. 98.93% of the stock is owned by hedge funds and other institutional investors.

Range Resources Trading Down 2.3 %

RRC stock opened at $29.89 on Wednesday. The firm has a fifty day moving average price of $30.17 and a 200 day moving average price of $33.27. Range Resources Co. has a fifty-two week low of $27.29 and a fifty-two week high of $39.33. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.58 and a current ratio of 0.58. The firm has a market cap of $7.25 billion, a PE ratio of 15.17 and a beta of 1.80.

Range Resources (NYSE:RRC) last posted its earnings results on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.05. Range Resources had a net margin of 17.62% and a return on equity of 13.93%. The firm had revenue of $641.30 million during the quarter, compared to analyst estimates of $610.24 million. During the same period last year, the firm posted $0.27 earnings per share. Range Resources’s revenue for the quarter was up 8.7% compared to the same quarter last year. Sell-side analysts anticipate that Range Resources Co. will post 1.88 earnings per share for the current fiscal year.

Range Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date of this dividend was Friday, September 13th. Range Resources’s dividend payout ratio (DPR) is presently 16.24%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on RRC shares. Benchmark reiterated a “hold” rating on shares of Range Resources in a research note on Wednesday, July 24th. Piper Sandler cut shares of Range Resources from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $43.00 to $31.00 in a research note on Thursday, August 15th. Mizuho lowered their price objective on shares of Range Resources from $45.00 to $40.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 9th. UBS Group lowered their price objective on shares of Range Resources from $30.00 to $27.00 and set a “sell” rating on the stock in a research note on Wednesday, September 18th. Finally, Wolfe Research started coverage on shares of Range Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Range Resources has an average rating of “Hold” and a consensus price target of $35.41.

Insider Activity at Range Resources

In other Range Resources news, VP Ashley Kavanaugh sold 12,700 shares of Range Resources stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $31.45, for a total transaction of $399,415.00. Following the completion of the transaction, the vice president now directly owns 9,670 shares of the company’s stock, valued at $304,121.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.57% of the stock is currently owned by insiders.

About Range Resources

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), crude oil, and condensate company in the United States. The company engages in the exploration, development, and acquisition of natural gas and crude oil properties located in the Appalachian region. It sells natural gas to utilities, marketing and midstream companies, and industrial users; NGLs to petrochemical end users, marketers/traders, and natural gas processors; and oil and condensate to crude oil processors, transporters, and refining and marketing companies.