Kopernik Global Investors LLC Cuts Holdings in Range Resources Co. (NYSE:RRC)

Kopernik Global Investors LLC cut its holdings in Range Resources Co. (NYSE:RRC) by 9.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,706,620 shares of the oil and gas exploration company’s stock after selling 291,418 shares during the period. Range Resources makes up approximately 10.6% of Kopernik Global Investors LLC’s portfolio, making the stock its 2nd biggest position. Kopernik Global Investors LLC owned approximately 1.12% of Range Resources worth $97,384,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RRC. LPL Financial LLC increased its holdings in 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. JPMorgan Chase & Co. grew its position in shares of Range Resources by 61.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,579,579 shares of the oil and gas exploration company’s stock worth $48,588,000 after buying an additional 604,199 shares during the period. Oppenheimer Asset Management Inc. bought a new stake in shares of Range Resources in the 4th quarter valued at $380,000. Calamos Advisors LLC acquired a new position in shares of Range Resources during the 4th quarter valued at $567,000. Finally, Radnor Capital Management LLC lifted its position in shares of Range Resources by 156.2% during the 4th quarter. Radnor Capital Management LLC now owns 42,993 shares of the oil and gas exploration company’s stock valued at $1,547,000 after acquiring an additional 26,213 shares during the period. 98.93% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

RRC has been the subject of several research analyst reports. Truist Financial lifted their price target on shares of Range Resources from $35.00 to $37.00 and gave the company a “hold” rating in a research note on Monday, March 17th. Scotiabank lowered Range Resources from a “sector outperform” rating to a “sector perform” rating and set a $45.00 price target on the stock. in a report on Friday, January 17th. Roth Capital upgraded shares of Range Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 8th. Benchmark reiterated a “hold” rating on shares of Range Resources in a report on Friday, January 17th. Finally, Stephens set a $51.00 target price on shares of Range Resources and gave the stock an “overweight” rating in a research report on Thursday, April 3rd. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Range Resources currently has an average rating of “Hold” and a consensus target price of $41.81.

Range Resources Price Performance

Shares of NYSE:RRC opened at $33.31 on Friday. Range Resources Co. has a fifty-two week low of $27.29 and a fifty-two week high of $41.95. The company’s 50-day moving average is $37.70 and its 200 day moving average is $35.58. 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 $8.04 billion, a P/E ratio of 16.82, a price-to-earnings-growth ratio of 5.11 and a beta of 1.73.

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

Range Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were paid a $0.09 dividend. This is an increase from Range Resources’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.36 annualized dividend and a dividend yield of 1.08%. Range Resources’s dividend payout ratio (DPR) is presently 32.73%.

Range Resources 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.