Zurcher Kantonalbank Zurich Cantonalbank Cuts Stake in Range Resources Co. (NYSE:RRC)

Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in shares of Range Resources Co. (NYSE:RRC) by 0.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 55,586 shares of the oil and gas exploration company’s stock after selling 374 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Range Resources were worth $1,710,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Lingotto Investment Management LLP lifted its holdings in shares of Range Resources by 1.5% during the 2nd quarter. Lingotto Investment Management LLP now owns 6,451,726 shares of the oil and gas exploration company’s stock worth $216,326,000 after acquiring an additional 93,782 shares during the period. KGH Ltd raised its holdings in Range Resources by 3.2% in the second quarter. KGH Ltd now owns 6,080,000 shares of the oil and gas exploration company’s stock valued at $203,862,000 after buying an additional 190,000 shares during the period. Canoe Financial LP raised its holdings in Range Resources by 114.9% in the third quarter. Canoe Financial LP now owns 2,660,309 shares of the oil and gas exploration company’s stock valued at $81,299,000 after buying an additional 1,422,200 shares during the period. William Blair Investment Management LLC purchased a new position in Range Resources in the second quarter valued at approximately $78,223,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in Range Resources by 4.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,017,704 shares of the oil and gas exploration company’s stock valued at $62,065,000 after buying an additional 92,217 shares during the period. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Range Resources Stock Down 1.0 %

RRC stock opened at $34.81 on Thursday. The company has a market capitalization of $8.40 billion, a P/E ratio of 17.75 and a beta of 1.85. The firm has a 50 day simple moving average of $32.34 and a 200-day simple moving average of $32.48. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.28. Range Resources Co. has a twelve month low of $27.29 and a twelve month high of $39.33.

Range Resources (NYSE:RRC) last released its quarterly earnings data on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.16. The firm had revenue of $615.03 million during the quarter, compared to the consensus estimate of $617.90 million. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. The firm’s revenue was up .9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.43 earnings per share. On average, equities research analysts predict that Range Resources Co. will post 1.9 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.92%. The ex-dividend date is Friday, December 13th. Range Resources’s dividend payout ratio is presently 16.16%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. StockNews.com upgraded shares of Range Resources to a “sell” rating in a report on Wednesday, November 27th. Barclays upgraded shares of Range Resources from an “underweight” rating to an “equal weight” rating and cut their price target for the company from $35.00 to $34.00 in a report on Wednesday, October 2nd. The Goldman Sachs Group cut their price target on shares of Range Resources from $40.00 to $35.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. Susquehanna dropped their price objective on shares of Range Resources from $36.00 to $31.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Finally, Morgan Stanley dropped their price objective on shares of Range Resources from $33.00 to $31.00 and set an “underweight” rating on the stock in a research note on Monday, September 16th. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Range Resources has an average rating of “Hold” and an average price target of $35.00.

Insiders Place Their Bets

In related news, Director Charles G. Griffie bought 1,275 shares of the business’s stock in a transaction on Thursday, October 24th. The shares were bought at an average cost of $31.46 per share, for a total transaction of $40,111.50. Following the completion of 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Ashley Kavanaugh sold 12,700 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $31.45, for a total value of $399,415.00. Following the completion of the sale, the vice president now owns 9,670 shares in the company, valued at $304,121.50. The trade was a 56.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by corporate insiders.

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.