JPMorgan Chase & Co. Sells 136,731 Shares of Range Resources Co. (NYSE:RRC)

JPMorgan Chase & Co. decreased its stake in shares of Range Resources Co. (NYSE:RRC) by 8.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,442,848 shares of the oil and gas exploration company’s stock after selling 136,731 shares during the period. JPMorgan Chase & Co.’s holdings in Range Resources were worth $51,914,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. WINTON GROUP Ltd acquired a new stake in Range Resources in the 4th quarter valued at approximately $825,000. Meiji Yasuda Asset Management Co Ltd. acquired a new stake in shares of Range Resources in the fourth quarter valued at approximately $212,000. Congress Wealth Management LLC DE lifted its position in shares of Range Resources by 7.0% in the fourth quarter. Congress Wealth Management LLC DE now owns 79,037 shares of the oil and gas exploration company’s stock worth $2,844,000 after purchasing an additional 5,160 shares in the last quarter. LPL Financial LLC lifted its position in shares of Range Resources by 23.2% in the fourth quarter. LPL Financial LLC now owns 113,800 shares of the oil and gas exploration company’s stock worth $4,095,000 after purchasing an additional 21,440 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new position in Range Resources in the fourth quarter valued at $1,795,000. 98.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have commented on RRC shares. Wolfe Research raised shares of Range Resources from a “peer perform” rating to an “outperform” rating and set a $42.00 price target on the stock in a research report on Friday, January 3rd. Benchmark reissued a “hold” rating on shares of Range Resources in a research report on Friday, January 17th. StockNews.com upgraded Range Resources from a “sell” rating to a “hold” rating in a research note on Saturday. Piper Sandler increased their price objective on Range Resources from $32.00 to $33.00 and gave the company a “neutral” rating in a report on Thursday, March 6th. Finally, Barclays set a $43.00 target price on shares of Range Resources and gave the stock an “equal weight” rating in a report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $41.60.

Range Resources Stock Performance

NYSE:RRC opened at $33.51 on Friday. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.28. The stock has a 50 day simple moving average of $38.29 and a 200 day simple moving average of $35.50. Range Resources Co. has a 1-year low of $27.29 and a 1-year high of $41.95. The stock has a market cap of $8.09 billion, a P/E ratio of 16.92, a PEG ratio of 5.11 and a beta of 1.73.

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

Range Resources Increases Dividend

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