Range Resources (RRC) Reaches New 1-Year Low Following Insider Selling

Range Resources Corporation (NYSE:RRC) shares reached a new 52-week low on Friday following insider selling activity. The company traded as low as $15.49 and last traded at $15.99, with a volume of 6072200 shares trading hands. The stock had previously closed at $16.24.

Specifically, CFO Roger S. Manny sold 10,757 shares of Range Resources stock in a transaction on Tuesday, December 12th. The shares were sold at an average price of $16.42, for a total value of $176,629.94. Following the completion of the transaction, the chief financial officer now owns 143,703 shares of the company’s stock, valued at $2,359,603.26. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP David P. Poole sold 30,920 shares of Range Resources stock in a transaction on Tuesday, December 12th. The stock was sold at an average price of $16.36, for a total transaction of $505,851.20. Following the completion of the transaction, the vice president now directly owns 17,647 shares of the company’s stock, valued at approximately $288,704.92. The disclosure for this sale can be found here. In the last ninety days, insiders sold 44,574 shares of company stock valued at $729,007. 2.40% of the stock is currently owned by corporate insiders.

Several brokerages have recently issued reports on RRC. Morgan Stanley reduced their price target on shares of Range Resources from $19.00 to $18.00 and set an “equal weight” rating for the company in a report on Thursday, October 26th. Jefferies Group set a $36.00 price target on shares of Range Resources and gave the company a “buy” rating in a report on Tuesday, August 29th. Scotiabank reissued a “buy” rating and set a $30.00 price target on shares of Range Resources in a report on Monday, October 9th. BMO Capital Markets set a $30.00 price target on shares of Range Resources and gave the company a “buy” rating in a report on Tuesday, November 14th. Finally, J P Morgan Chase & Co downgraded shares of Range Resources from an “overweight” rating to a “neutral” rating and set a $22.00 price target for the company. in a report on Monday, October 23rd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. Range Resources presently has a consensus rating of “Buy” and a consensus price target of $30.98.

The company has a current ratio of 0.50, a quick ratio of 0.47 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $4,029.78, a P/E ratio of 45.11 and a beta of 0.91.

Range Resources (NYSE:RRC) last issued its quarterly earnings data on Tuesday, October 24th. The oil and gas exploration company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.02. Range Resources had a negative net margin of 2.23% and a positive return on equity of 1.63%. The business had revenue of $482.20 million for the quarter, compared to analysts’ expectations of $543.16 million. During the same period in the previous year, the business earned ($0.06) earnings per share. The company’s revenue was up 16.7% on a year-over-year basis. sell-side analysts expect that Range Resources Corporation will post 0.44 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be given a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.50%. The ex-dividend date is Thursday, December 14th. Range Resources’s dividend payout ratio (DPR) is presently -38.09%.

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its position in Range Resources by 4.4% in the second quarter. Vanguard Group Inc. now owns 23,202,503 shares of the oil and gas exploration company’s stock worth $537,603,000 after acquiring an additional 976,293 shares in the last quarter. Sanders Capital LLC raised its position in Range Resources by 4.5% in the third quarter. Sanders Capital LLC now owns 15,485,365 shares of the oil and gas exploration company’s stock worth $332,679,000 after acquiring an additional 673,214 shares in the last quarter. BlackRock Inc. raised its holdings in Range Resources by 6.8% during the 2nd quarter. BlackRock Inc. now owns 14,024,098 shares of the oil and gas exploration company’s stock worth $324,936,000 after buying an additional 890,348 shares during the period. State Street Corp raised its holdings in Range Resources by 15.0% during the 2nd quarter. State Street Corp now owns 13,856,976 shares of the oil and gas exploration company’s stock worth $321,059,000 after buying an additional 1,805,404 shares during the period. Finally, Thompson Siegel & Walmsley LLC raised its holdings in Range Resources by 14.1% during the 3rd quarter. Thompson Siegel & Walmsley LLC now owns 4,951,343 shares of the oil and gas exploration company’s stock worth $96,898,000 after buying an additional 612,032 shares during the period. Hedge funds and other institutional investors own 95.72% of the company’s stock.

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About Range Resources

Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil company. The Company is engaged in the exploration and production of natural gas, NGLs and oil in the United States. It is engaged in the exploration, development and acquisition of natural gas and crude oil properties located primarily in the Appalachian and North Louisiana regions of the United States.

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