TD Asset Management Inc Sells 615,524 Shares of Range Resources Corporation $RRC

TD Asset Management Inc trimmed its position in Range Resources Corporation (NYSE:RRC) by 93.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,386 shares of the oil and gas exploration company’s stock after selling 615,524 shares during the period. TD Asset Management Inc’s holdings in Range Resources were worth $1,765,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. CWM LLC increased its position in Range Resources by 26.6% in the 2nd quarter. CWM LLC now owns 16,183 shares of the oil and gas exploration company’s stock valued at $658,000 after buying an additional 3,403 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its position in Range Resources by 23.6% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 40,657 shares of the oil and gas exploration company’s stock valued at $1,654,000 after buying an additional 7,768 shares in the last quarter. U S Global Investors Inc. increased its holdings in Range Resources by 50.0% during the 2nd quarter. U S Global Investors Inc. now owns 10,500 shares of the oil and gas exploration company’s stock worth $427,000 after purchasing an additional 3,500 shares in the last quarter. Callan Family Office LLC raised its stake in shares of Range Resources by 30.9% in the second quarter. Callan Family Office LLC now owns 11,989 shares of the oil and gas exploration company’s stock worth $488,000 after purchasing an additional 2,831 shares during the last quarter. Finally, NBT Bank N A NY purchased a new stake in shares of Range Resources in the second quarter worth approximately $213,000. 98.93% of the stock is owned by institutional investors.

Analyst Ratings Changes

RRC has been the subject of several analyst reports. Citigroup lowered their price objective on Range Resources from $40.00 to $39.00 and set a “neutral” rating for the company in a research note on Tuesday, September 23rd. Raymond James Financial lowered their price objective on Range Resources from $45.00 to $41.00 and set an “outperform” rating for the company in a research note on Friday, September 19th. UBS Group lowered their price objective on Range Resources from $42.00 to $40.00 and set a “neutral” rating for the company in a research note on Wednesday, August 20th. Morgan Stanley lowered their price objective on Range Resources from $44.00 to $42.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 14th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Range Resources in a research note on Wednesday, October 8th. Eight investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Range Resources currently has an average rating of “Hold” and a consensus price target of $42.05.

Range Resources Stock Performance

RRC stock opened at $36.79 on Wednesday. The firm has a market cap of $8.76 billion, a PE ratio of 18.49, a P/E/G ratio of 0.33 and a beta of 0.51. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.29. The business has a 50 day moving average of $35.67 and a 200-day moving average of $36.74. Range Resources Corporation has a 12-month low of $29.48 and a 12-month high of $43.50.

Range Resources (NYSE:RRC) last released its earnings results on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.01. Range Resources had a return on equity of 15.95% and a net margin of 17.22%.The company had revenue of $856.28 million during the quarter, compared to analyst estimates of $708.38 million. During the same period in the prior year, the company posted $0.46 earnings per share. As a group, sell-side analysts expect that Range Resources Corporation will post 2.02 earnings per share for the current year.

Range Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 12th were issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Friday, September 12th. Range Resources’s dividend payout ratio is 18.09%.

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.