Miller Howard Investments Inc. NY Cuts Stake in Range Resources Co. (NYSE:RRC)

Miller Howard Investments Inc. NY cut its holdings in Range Resources Co. (NYSE:RRC) by 3.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 89,003 shares of the oil and gas exploration company’s stock after selling 2,713 shares during the quarter. Miller Howard Investments Inc. NY’s holdings in Range Resources were worth $3,202,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Canoe Financial LP raised its stake 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 worth $81,299,000 after buying an additional 1,422,200 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Range Resources by 61.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,579,579 shares of the oil and gas exploration company’s stock worth $48,588,000 after acquiring an additional 604,199 shares in the last quarter. HITE Hedge Asset Management LLC purchased a new stake in shares of Range Resources during the 3rd quarter worth $11,508,000. Verition Fund Management LLC lifted its stake in shares of Range Resources by 379.3% during the 3rd quarter. Verition Fund Management LLC now owns 409,427 shares of the oil and gas exploration company’s stock worth $12,594,000 after purchasing an additional 324,011 shares during the last quarter. Finally, Barclays PLC boosted its position in Range Resources by 180.8% during the third quarter. Barclays PLC now owns 222,017 shares of the oil and gas exploration company’s stock valued at $6,830,000 after purchasing an additional 142,938 shares in the last quarter. 98.93% of the stock is currently owned by institutional investors.

Range Resources Stock Down 1.1 %

Shares of RRC opened at $37.22 on Friday. The company has a market capitalization of $8.98 billion, a price-to-earnings ratio of 18.80 and a beta of 1.77. Range Resources Co. has a 52 week low of $27.29 and a 52 week high of $41.95. The stock’s 50-day moving average price is $36.73 and its 200-day moving average price is $33.08. 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 13th were paid a dividend of $0.08 per share. The ex-dividend date was Friday, December 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.86%. Range Resources’s payout ratio is 16.16%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. StockNews.com upgraded shares of Range Resources to a “sell” rating in a research note on Wednesday, November 27th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $40.00 price target on shares of Range Resources in a research report on Tuesday, January 14th. Mizuho increased their price objective on Range Resources from $40.00 to $47.00 and gave the company an “outperform” rating in a report on Monday, December 16th. Piper Sandler boosted their target price on Range Resources from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 29th. Finally, Barclays increased their price target on Range Resources from $34.00 to $40.00 and gave the company an “equal weight” rating in a research note on Thursday, January 30th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $38.00.

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.