PNC Financial Services Group Inc. Increases Stock Position in Range Resources Corporation $RRC

PNC Financial Services Group Inc. boosted its position in shares of Range Resources Corporation (NYSE:RRC) by 95.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,409 shares of the oil and gas exploration company’s stock after purchasing an additional 15,854 shares during the period. PNC Financial Services Group Inc.’s holdings in Range Resources were worth $1,318,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Boston Partners boosted its position in Range Resources by 6.1% in the 2nd quarter. Boston Partners now owns 7,419,508 shares of the oil and gas exploration company’s stock valued at $301,133,000 after buying an additional 425,704 shares during the last quarter. S&CO Inc. increased its position in shares of Range Resources by 86.3% during the second quarter. S&CO Inc. now owns 58,300 shares of the oil and gas exploration company’s stock worth $2,371,000 after acquiring an additional 27,000 shares during the last quarter. Laffer Tengler Investments Inc. acquired a new position in shares of Range Resources in the second quarter worth about $370,000. Allworth Financial LP boosted its holdings in 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 purchasing an additional 731 shares during the last quarter. Finally, ProShare Advisors LLC boosted its holdings in Range Resources by 3.1% in the second quarter. ProShare Advisors LLC now owns 10,596 shares of the oil and gas exploration company’s stock valued at $431,000 after purchasing an additional 315 shares during the last quarter. Institutional investors and hedge funds own 98.93% of the company’s stock.

Range Resources Stock Performance

Range Resources stock opened at $38.23 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. Range Resources Corporation has a 12 month low of $30.32 and a 12 month high of $43.50. The company has a fifty day moving average price of $37.12 and a two-hundred day moving average price of $37.28. The company has a market cap of $9.06 billion, a PE ratio of 16.06, a P/E/G ratio of 0.39 and a beta of 0.50.

Range Resources (NYSE:RRC) last issued its earnings results on Tuesday, October 28th. The oil and gas exploration company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.03. Range Resources had a net margin of 19.64% and a return on equity of 15.99%. The company had revenue of $655.30 million for the quarter, compared to analysts’ expectations of $721.22 million. During the same period in the prior year, the company earned $0.48 earnings per share. The firm’s revenue was up 21.7% compared to the same quarter last year. Research analysts expect that Range Resources Corporation will post 2.02 earnings per share for the current year.

Range Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 12th were issued a $0.09 dividend. The ex-dividend date of this dividend was Friday, September 12th. This represents a $0.36 dividend on an annualized basis and a yield of 0.9%. Range Resources’s dividend payout ratio (DPR) is currently 15.13%.

Analysts Set New Price Targets

RRC has been the topic of several analyst reports. Citigroup dropped their price objective on Range Resources from $40.00 to $39.00 and set a “neutral” rating on the stock in a report on Tuesday, September 23rd. Weiss Ratings restated a “hold (c)” rating on shares of Range Resources in a research note on Wednesday. UBS Group cut their price target on shares of Range Resources from $40.00 to $38.00 and set a “neutral” rating on the stock in a report on Thursday, October 30th. Barclays upgraded shares of Range Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday. Finally, Wells Fargo & Company raised shares of Range Resources to a “strong-buy” rating in a research report on Thursday, October 16th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and fourteen have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Range Resources presently has a consensus rating of “Hold” and a consensus price target of $41.85.

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.