State of Michigan Retirement System Lowers Stock Position in Range Resources Co. (NYSE:RRC)

State of Michigan Retirement System cut its holdings in shares of Range Resources Co. (NYSE:RRC) by 0.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 57,186 shares of the oil and gas exploration company’s stock after selling 300 shares during the quarter. State of Michigan Retirement System’s holdings in Range Resources were worth $2,058,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Brooklyn Investment Group purchased a new position in shares of Range Resources during the third quarter worth approximately $25,000. Smartleaf Asset Management LLC grew its position in Range Resources by 87.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,012 shares of the oil and gas exploration company’s stock valued at $37,000 after buying an additional 471 shares during the last quarter. UMB Bank n.a. grew its position in Range Resources by 59.0% in the 4th quarter. UMB Bank n.a. now owns 1,148 shares of the oil and gas exploration company’s stock valued at $41,000 after buying an additional 426 shares during the last quarter. Geneos Wealth Management Inc. purchased a new position in Range Resources in the 4th quarter valued at $46,000. Finally, Versant Capital Management Inc grew its position in Range Resources by 42.8% in the 4th quarter. Versant Capital Management Inc now owns 1,544 shares of the oil and gas exploration company’s stock valued at $56,000 after buying an additional 463 shares during the last quarter. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on RRC. Barclays set a $43.00 price objective on shares of Range Resources and gave the company an “equal weight” rating in a research report on Thursday, February 27th. The Goldman Sachs Group lifted their price objective on shares of Range Resources from $39.00 to $43.00 and gave the company a “neutral” rating in a research report on Wednesday, February 12th. Piper Sandler lifted their price objective on shares of Range Resources from $32.00 to $33.00 and gave the company a “neutral” rating in a research report on Thursday. UBS Group lifted their price objective on shares of Range Resources from $39.00 to $41.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $40.00 price objective on shares of Range Resources in a research report on Tuesday, January 14th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $39.06.

Range Resources Trading Down 0.3 %

NYSE:RRC opened at $35.27 on Friday. The company has a market capitalization of $8.51 billion, a PE ratio of 17.81, a price-to-earnings-growth ratio of 5.11 and a beta of 1.80. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.28. Range Resources Co. has a 52-week low of $27.29 and a 52-week high of $41.95. The stock has a fifty day simple moving average of $38.17 and a 200-day simple moving average of $34.16.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, February 25th. The oil and gas exploration company reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.13. The business had revenue of $626.42 million during the quarter, compared to the consensus estimate of $676.53 million. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. During the same quarter in the previous year, the company posted $0.63 EPS. On average, equities research analysts expect that Range Resources Co. will post 2.02 earnings per share for the current fiscal year.

Range Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date is Friday, March 14th. This is a boost from Range Resources’s previous quarterly dividend of $0.08. Range Resources’s dividend payout ratio (DPR) is currently 32.73%.

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.