Pekin Hardy Strauss Inc. Buys 12,834 Shares of Range Resources Co. (NYSE:RRC)

Pekin Hardy Strauss Inc. boosted its position in shares of Range Resources Co. (NYSE:RRC) by 120.5% during the third quarter, Holdings Channel.com reports. The fund owned 23,484 shares of the oil and gas exploration company’s stock after acquiring an additional 12,834 shares during the quarter. Pekin Hardy Strauss Inc.’s holdings in Range Resources were worth $722,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. O Shaughnessy Asset Management LLC bought a new stake in shares of Range Resources during the 1st quarter valued at $220,000. CANADA LIFE ASSURANCE Co boosted its stake in shares of Range Resources by 0.9% in the first quarter. CANADA LIFE ASSURANCE Co now owns 138,482 shares of the oil and gas exploration company’s stock worth $4,770,000 after acquiring an additional 1,183 shares during the period. Hancock Whitney Corp bought a new position in shares of Range Resources in the first quarter worth about $232,000. Cetera Investment Advisers grew its position in shares of Range Resources by 906.5% during the first quarter. Cetera Investment Advisers now owns 89,940 shares of the oil and gas exploration company’s stock worth $3,097,000 after purchasing an additional 81,004 shares in the last quarter. Finally, Cetera Advisors LLC raised its stake in Range Resources by 4.4% during the 1st quarter. Cetera Advisors LLC now owns 15,720 shares of the oil and gas exploration company’s stock valued at $541,000 after purchasing an additional 665 shares during the period. Hedge funds and other institutional investors own 98.93% of the company’s stock.

Insider Buying and Selling at Range Resources

In other news, VP Ashley Kavanaugh sold 12,700 shares of Range Resources stock in a transaction that occurred 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 sale, the vice president now owns 9,670 shares of the company’s stock, 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 SEC, which is accessible through this link. Also, Director Charles G. Griffie acquired 1,275 shares of the company’s stock in a transaction that occurred on Thursday, October 24th. The stock was purchased at an average cost of $31.46 per share, for a total transaction of $40,111.50. Following the purchase, the director now owns 5,921 shares of the company’s stock, valued at $186,274.66. This represents a 27.44 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.50% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Mizuho cut their price objective on shares of Range Resources from $45.00 to $40.00 and set an “outperform” rating for the company in a report on Wednesday, October 9th. JPMorgan Chase & Co. cut their target price on shares of Range Resources from $37.00 to $31.00 and set an “underweight” rating for the company in a research note on Thursday, September 12th. Barclays upgraded shares of Range Resources from an “underweight” rating to an “equal weight” rating and decreased their price target for the stock from $35.00 to $34.00 in a research note on Wednesday, October 2nd. Bank of America assumed coverage on Range Resources in a research report on Monday, October 28th. They set a “neutral” rating and a $34.00 price objective for the company. Finally, Benchmark reiterated a “hold” rating on shares of Range Resources in a research report on Wednesday, October 23rd. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $34.94.

Range Resources Trading Up 0.4 %

RRC stock opened at $35.72 on Monday. Range Resources Co. has a twelve month low of $27.29 and a twelve month high of $39.33. The stock has a market capitalization of $8.62 billion, a price-to-earnings ratio of 18.04 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. The firm’s fifty day simple moving average is $31.61 and its two-hundred day simple moving average is $32.53.

Range Resources (NYSE:RRC) last posted 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 for the quarter, compared to analyst estimates of $617.90 million. During the same period in the prior year, the company posted $0.43 EPS. The firm’s revenue for the quarter was up .9% on a year-over-year basis. As a group, analysts anticipate that Range Resources Co. will post 1.88 earnings per share for the current year.

Range Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.90%. The ex-dividend date of this dividend was Friday, September 13th. Range Resources’s payout ratio is currently 16.16%.

Range Resources 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.