Range Resources Co. (NYSE:RRC) Sees Significant Increase in Short Interest

Range Resources Co. (NYSE:RRC) was the recipient of a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 14,830,000 shares, a growth of 26.2% from the October 15th total of 11,750,000 shares. Approximately 6.2% of the company’s shares are short sold. Based on an average daily volume of 2,080,000 shares, the short-interest ratio is currently 7.1 days.

Insider Transactions at Range Resources

In other Range Resources news, VP Ashley Kavanaugh sold 12,700 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $31.45, for a total value of $399,415.00. Following the transaction, the vice president now owns 9,670 shares in the company, valued at approximately $304,121.50. The trade was a 56.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles G. Griffie bought 1,275 shares of the company’s stock in a transaction dated Thursday, October 24th. The shares were purchased at an average price of $31.46 per share, with a total value of $40,111.50. Following the completion of the acquisition, the director now owns 5,921 shares of the company’s stock, valued at $186,274.66. This trade represents a 27.44 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 1.57% of the company’s stock.

Hedge Funds Weigh In On Range Resources

A number of hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC raised its holdings in shares of Range Resources by 191.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 14,081 shares of the oil and gas exploration company’s stock valued at $485,000 after purchasing an additional 9,243 shares during the last quarter. SG Americas Securities LLC raised its stake in Range Resources by 6.8% during the 1st quarter. SG Americas Securities LLC now owns 21,835 shares of the oil and gas exploration company’s stock valued at $752,000 after buying an additional 1,395 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Range Resources by 8.3% during the 1st quarter. Russell Investments Group Ltd. now owns 493,768 shares of the oil and gas exploration company’s stock valued at $17,000,000 after buying an additional 37,753 shares during the period. Entropy Technologies LP purchased a new position in shares of Range Resources in the 1st quarter worth $418,000. Finally, State Board of Administration of Florida Retirement System grew its holdings in shares of Range Resources by 11.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 159,729 shares of the oil and gas exploration company’s stock worth $5,499,000 after acquiring an additional 16,619 shares during the period. Hedge funds and other institutional investors own 98.93% of the company’s stock.

Range Resources Stock Down 0.6 %

NYSE:RRC opened at $33.44 on Friday. The firm has a 50-day simple moving average of $30.97 and a two-hundred day simple moving average of $32.60. The firm has a market cap of $8.07 billion, a P/E ratio of 16.89 and a beta of 1.80. Range Resources 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 0.54 and a current ratio of 0.54.

Range Resources (NYSE:RRC) last announced its quarterly earnings data on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.16. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. The company had revenue of $615.03 million during the quarter, compared to analyst estimates of $617.90 million. During the same period in the previous year, the business earned $0.43 EPS. The firm’s revenue for the quarter was up .9% on a year-over-year basis. Analysts predict that Range Resources will post 1.89 earnings per share for the current fiscal year.

Range Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.32 annualized dividend and a dividend yield of 0.96%. Range Resources’s dividend payout ratio (DPR) is presently 16.16%.

Wall Street Analysts Forecast Growth

RRC has been the subject of a number of recent analyst reports. Royal Bank of Canada restated a “sector perform” rating and set a $39.00 target price on shares of Range Resources in a report on Thursday, July 25th. UBS Group dropped their target price on shares of Range Resources from $30.00 to $27.00 and set a “sell” rating for the company in a research report on Wednesday, September 18th. Susquehanna reduced their price target on shares of Range Resources from $36.00 to $31.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. Wells Fargo & Company lowered their price objective on shares of Range Resources from $39.00 to $38.00 and set an “equal weight” rating for the company in a report on Friday, October 25th. Finally, Bank of America initiated coverage on Range Resources in a research report on Monday, October 28th. They set a “neutral” rating and a $34.00 price objective on the stock. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have given a buy rating to the company. According to MarketBeat, Range Resources currently has an average rating of “Hold” and a consensus target price of $35.00.

Range Resources Company Profile

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.