MAI Capital Management Makes New $87,000 Investment in Range Resources Corporation $RRC

MAI Capital Management bought a new stake in Range Resources Corporation (NYSE:RRC) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 2,151 shares of the oil and gas exploration company’s stock, valued at approximately $87,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Hantz Financial Services Inc. lifted its stake in Range Resources by 1,464.6% in the 2nd quarter. Hantz Financial Services Inc. now owns 751 shares of the oil and gas exploration company’s stock valued at $31,000 after buying an additional 703 shares in the last quarter. Barrett & Company Inc. acquired a new position in shares of Range Resources during the second quarter valued at approximately $41,000. Allworth Financial LP lifted its position in shares of Range Resources by 196.5% in the second quarter. Allworth Financial LP now owns 1,103 shares of the oil and gas exploration company’s stock valued at $45,000 after acquiring an additional 731 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Range Resources in the second quarter valued at approximately $45,000. Finally, Ameritas Advisory Services LLC acquired a new stake in shares of Range Resources in the second quarter worth approximately $47,000. Hedge funds and other institutional investors own 98.93% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Susquehanna reduced their price objective on Range Resources to $39.00 and set a “neutral” rating for the company in a research note on Monday, October 20th. Roth Capital lowered shares of Range Resources from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $44.00 to $35.00 in a report on Monday, August 18th. Piper Sandler decreased their price target on shares of Range Resources from $39.00 to $37.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 18th. Mizuho boosted their price target on shares of Range Resources from $42.00 to $46.00 and gave the stock an “outperform” rating in a research report on Thursday, October 9th. Finally, Raymond James Financial cut their price objective on shares of Range Resources from $45.00 to $41.00 and set an “outperform” rating for the company in a report on Friday, September 19th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and fourteen have issued a Hold rating to the stock. Based on data from MarketBeat, Range Resources currently has a consensus rating of “Hold” and a consensus price target of $41.85.

Range Resources Price Performance

Shares of RRC stock opened at $39.49 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.56 and a quick ratio of 0.55. The company has a market capitalization of $9.36 billion, a PE ratio of 16.59, a price-to-earnings-growth ratio of 0.39 and a beta of 0.49. The firm’s 50-day moving average is $37.51 and its two-hundred day moving average is $37.36. Range Resources Corporation has a 12 month low of $30.32 and a 12 month high of $43.50.

Range Resources (NYSE:RRC) last posted its quarterly earnings results on Tuesday, October 28th. The oil and gas exploration company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.03. The business had revenue of $655.30 million during the quarter, compared to analysts’ expectations of $721.22 million. Range Resources had a net margin of 19.64% and a return on equity of 15.99%. The business’s revenue for the quarter was up 21.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.48 EPS. Analysts predict that Range Resources Corporation will post 2.02 earnings per share for the current year.

Range Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 12th will be given a $0.09 dividend. The ex-dividend date is Friday, December 12th. This represents a $0.36 dividend on an annualized basis and a yield of 0.9%. Range Resources’s payout ratio is currently 15.13%.

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.