Range Resources (NYSE:RRC) Trading Down 5.2% – Should You Sell?

Range Resources Corporation (NYSE:RRC)’s share price dropped 5.2% during mid-day trading on Wednesday . The stock traded as low as $39.80 and last traded at $39.74. 570,544 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 3,135,338 shares. The stock had previously closed at $41.90.

Analysts Set New Price Targets

RRC has been the subject of several research analyst reports. Susquehanna cut their target price on shares of Range Resources from $45.00 to $41.00 and set a “neutral” rating for the company in a research note on Tuesday, July 21st. Citigroup restated a “neutral” rating on shares of Range Resources in a research report on Thursday, July 23rd. Raymond James Financial set a $45.00 price objective on shares of Range Resources in a research report on Monday, July 27th. Barclays upped their price target on Range Resources from $40.00 to $42.00 and gave the company an “equal weight” rating in a report on Tuesday, September 8th. Finally, Stephens raised their price objective on Range Resources from $52.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $44.29.

Range Resources Trading Up 0.7%

The company has a market cap of $9.14 billion, a price-to-earnings ratio of 10.81 and a beta of 0.43. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.65 and a current ratio of 0.65. The business’s 50 day moving average price is $39.79 and its 200-day moving average price is $40.61.

Range Resources (NYSE:RRC) last released its quarterly earnings data on Tuesday, July 21st. The oil and gas exploration company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.13. The company had revenue of $759.58 million during the quarter, compared to the consensus estimate of $744.78 million. Range Resources had a net margin of 25.04% and a return on equity of 18.63%. The firm’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same period last year, the firm earned $0.66 EPS. On average, research analysts forecast that Range Resources Corporation will post 3.65 EPS for the current year.

Range Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 11th will be paid a dividend of $0.10 per share. The ex-dividend date is Friday, September 11th. This represents a $0.40 dividend on an annualized basis and a yield of 1.0%. Range Resources’s dividend payout ratio (DPR) is currently 11.05%.

Insiders Place Their Bets

In other news, Director Reginal Spiller sold 3,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $40.00, for a total value of $140,000.00. Following the sale, the director directly owned 13,421 shares in the company, valued at approximately $536,840. This represents a 20.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Range Resources

Hedge funds have recently modified their holdings of the stock. Sequoia Financial Advisors LLC lifted its position in shares of Range Resources by 89.0% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 10,811 shares of the oil and gas exploration company’s stock worth $402,000 after buying an additional 5,092 shares during the period. Tidal Investments LLC grew its position in Range Resources by 62.8% in the second quarter. Tidal Investments LLC now owns 73,725 shares of the oil and gas exploration company’s stock valued at $2,742,000 after acquiring an additional 28,438 shares during the period. SailingStone Capital Partners LLC grew its position in Range Resources by 53.2% in the second quarter. SailingStone Capital Partners LLC now owns 1,504,350 shares of the oil and gas exploration company’s stock valued at $55,947,000 after acquiring an additional 522,319 shares during the period. Engineers Gate Manager LP grew its position in Range Resources by 1,413.1% in the second quarter. Engineers Gate Manager LP now owns 197,380 shares of the oil and gas exploration company’s stock valued at $7,341,000 after acquiring an additional 184,335 shares during the period. Finally, Integrated Wealth Concepts LLC acquired a new position in Range Resources during the second quarter worth $57,000. 98.93% of the stock is owned by institutional investors and hedge funds.

Range Resources Company Profile

Range Resources Corporation (NYSE:RRC) is an independent natural gas, natural gas liquids (NGLs) and oil exploration and production company. Its activities include acquiring, developing and operating unconventional properties, with a primary focus on the Marcellus Shale in the Appalachian Basin.

The company’s production portfolio is centered on natural gas, along with NGLs such as ethane, propane, butane and natural gasoline, as well as condensate and oil. Range Resources also manages related gathering, processing, transportation and marketing activities to move its products from production areas to end markets.

Founded in 1976, Range Resources has built its operations through exploration, development and acquisitions in U.S.