Wellington Management Group LLP Buys New Shares in Range Resources Co. (NYSE:RRC)

Wellington Management Group LLP purchased a new position in shares of Range Resources Co. (NYSE:RRC) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 936,192 shares of the oil and gas exploration company’s stock, valued at approximately $33,684,000. Wellington Management Group LLP owned 0.39% of Range Resources as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also made changes to their positions in RRC. Amundi raised its holdings in Range Resources by 233.2% in the 4th quarter. Amundi now owns 1,180,913 shares of the oil and gas exploration company’s stock valued at $44,308,000 after acquiring an additional 826,530 shares during the period. JPMorgan Chase & Co. increased its stake in Range Resources by 61.9% in the third quarter. JPMorgan Chase & Co. now owns 1,579,579 shares of the oil and gas exploration company’s stock valued at $48,588,000 after acquiring an additional 604,199 shares during the last quarter. Telemark Asset Management LLC acquired a new position in shares of Range Resources during the 4th quarter worth $14,392,000. Boston Partners boosted its stake in shares of Range Resources by 4.9% in the 4th quarter. Boston Partners now owns 7,976,052 shares of the oil and gas exploration company’s stock valued at $287,078,000 after purchasing an additional 371,777 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Range Resources during the fourth quarter worth $13,088,000. 98.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on RRC shares. JPMorgan Chase & Co. upgraded shares of Range Resources from an “underweight” rating to a “neutral” rating and raised their price objective for the company from $43.00 to $45.00 in a report on Thursday, March 13th. Scotiabank downgraded Range Resources from a “sector outperform” rating to a “sector perform” rating and set a $45.00 target price for the company. in a report on Friday, January 17th. Truist Financial upped their price objective on shares of Range Resources from $35.00 to $37.00 and gave the company a “hold” rating in a report on Monday, March 17th. Bank of America raised Range Resources from a “neutral” rating to a “buy” rating and raised their price objective for the company from $34.00 to $45.00 in a research note on Monday, January 13th. Finally, Citigroup lowered shares of Range Resources from a “neutral” rating to a “reduce” rating in a research note on Wednesday, March 5th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $41.60.

Range Resources Trading Down 12.0 %

Shares of RRC stock opened at $33.51 on Monday. Range Resources Co. has a 52-week low of $27.29 and a 52-week high of $41.95. The business’s fifty day moving average is $38.29 and its 200 day moving average is $35.54. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.54 and a current ratio of 0.54. The company has a market capitalization of $8.09 billion, a PE ratio of 16.92, a price-to-earnings-growth ratio of 5.11 and a beta of 1.73.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, February 25th. The oil and gas exploration company reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.13. The business had revenue of $626.42 million during the quarter, compared to analysts’ expectations of $676.53 million. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. During the same quarter in the previous year, the company earned $0.63 EPS. On average, equities research analysts anticipate that Range Resources Co. will post 2.02 EPS for the current fiscal year.

Range Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were given a dividend of $0.09 per share. This is a boost from Range Resources’s previous quarterly dividend of $0.08. This represents a $0.36 dividend on an annualized basis and a yield of 1.07%. The ex-dividend date was Friday, March 14th. Range Resources’s dividend payout ratio (DPR) is presently 32.73%.

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.