Range Resources Co. (NYSE:RRC) Sees Significant Decline in Short Interest

Range Resources Co. (NYSE:RRC) was the target of a large drop in short interest during the month of January. As of January 31st, there was short interest totalling 10,990,000 shares, a drop of 24.9% from the January 15th total of 14,640,000 shares. Based on an average daily volume of 2,320,000 shares, the short-interest ratio is presently 4.7 days. Currently, 4.6% of the shares of the company are short sold.

Range Resources Price Performance

Shares of RRC traded down $0.12 during trading hours on Friday, reaching $38.68. 2,199,815 shares of the stock traded hands, compared to its average volume of 2,545,791. 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 has a 52-week low of $27.29 and a 52-week high of $41.95. The company’s 50-day moving average price is $37.17 and its two-hundred day moving average price is $33.34. The company has a market cap of $9.33 billion, a P/E ratio of 19.54 and a beta of 1.77.

Range Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 13th were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date was Friday, December 13th. Range Resources’s dividend payout ratio (DPR) is 16.16%.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. UBS Group raised their price objective on Range Resources from $39.00 to $41.00 and gave the stock a “neutral” rating in a research note on Thursday. Scotiabank lowered Range Resources from a “sector outperform” rating to a “sector perform” rating and set a $45.00 price objective on the stock. in a research report on Friday, January 17th. Truist Financial boosted their price objective on Range Resources from $31.00 to $35.00 and gave the stock a “hold” rating in a research report on Monday, January 13th. Royal Bank of Canada restated a “sector perform” rating and set a $40.00 price objective on shares of Range Resources in a research report on Tuesday, January 14th. Finally, Barclays boosted their price objective on Range Resources from $34.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 30th. Three investment 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. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $38.78.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Comerica Bank lifted its stake in Range Resources by 12.7% in the 4th quarter. Comerica Bank now owns 107,535 shares of the oil and gas exploration company’s stock worth $3,869,000 after purchasing an additional 12,125 shares in the last quarter. Schonfeld Strategic Advisors LLC purchased a new position in Range Resources during the fourth quarter worth $441,000. Northern Trust Corp increased its position in Range Resources by 37.1% during the fourth quarter. Northern Trust Corp now owns 2,238,863 shares of the oil and gas exploration company’s stock valued at $80,554,000 after acquiring an additional 605,315 shares during the last quarter. Tudor Investment Corp ET AL increased its position in Range Resources by 232.0% during the fourth quarter. Tudor Investment Corp ET AL now owns 287,087 shares of the oil and gas exploration company’s stock valued at $10,329,000 after acquiring an additional 200,606 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new position in Range Resources during the fourth quarter valued at $2,484,000. Hedge funds and other institutional investors own 98.93% of the company’s stock.

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.