Man Group plc Purchases 78,002 Shares of Range Resources Co. (NYSE:RRC)

Man Group plc increased its position in Range Resources Co. (NYSE:RRC) by 69.7% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 189,956 shares of the oil and gas exploration company’s stock after buying an additional 78,002 shares during the period. Man Group plc’s holdings in Range Resources were worth $6,835,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Boston Partners boosted its holdings in 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 worth $287,078,000 after buying an additional 371,777 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Range Resources by 9.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,330,676 shares of the oil and gas exploration company’s stock worth $263,768,000 after buying an additional 624,955 shares during the period. Lingotto Investment Management LLP boosted its holdings in Range Resources by 2.5% in the 4th quarter. Lingotto Investment Management LLP now owns 6,864,038 shares of the oil and gas exploration company’s stock worth $246,968,000 after buying an additional 165,242 shares during the period. Fuller & Thaler Asset Management Inc. boosted its holdings in Range Resources by 71.3% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 5,057,280 shares of the oil and gas exploration company’s stock worth $181,961,000 after buying an additional 2,104,304 shares during the period. Finally, Northern Trust Corp boosted its holdings in Range Resources by 37.1% in the 4th quarter. Northern Trust Corp now owns 2,238,863 shares of the oil and gas exploration company’s stock worth $80,554,000 after buying an additional 605,315 shares during the period. Institutional investors own 98.93% of the company’s stock.

Range Resources Stock Down 1.8%

Shares of NYSE RRC opened at $39.40 on Tuesday. The firm’s 50-day moving average price is $36.59 and its 200-day moving average price is $36.52. 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 market capitalization of $9.42 billion, a price-to-earnings ratio of 19.90, a P/E/G ratio of 5.11 and a beta of 0.60. Range Resources Co. has a 12-month low of $27.29 and a 12-month high of $41.95.

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 the consensus estimate of $0.55 by $0.13. The firm had revenue of $626.42 million for 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 period in the prior 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 company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were given a $0.09 dividend. This is a positive change from Range Resources’s previous quarterly dividend of $0.08. This represents a $0.36 dividend on an annualized basis and a yield of 0.91%. The ex-dividend date of this dividend was Friday, March 14th. Range Resources’s dividend payout ratio is 32.14%.

Insider Buying and Selling

In related news, VP Ashley Kavanaugh sold 12,880 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $39.00, for a total value of $502,320.00. Following the sale, the vice president now directly owns 1,723 shares of the company’s stock, valued at $67,197. This represents a 88.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Dennis Degner sold 35,850 shares of the stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $40.42, for a total transaction of $1,449,057.00. Following the completion of the sale, the chief executive officer now directly owns 58,431 shares in the company, valued at $2,361,781.02. This trade represents a 38.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 71,880 shares of company stock valued at $2,815,807 in the last ninety days. 1.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on RRC shares. Truist Financial upped their target price on shares of Range Resources from $35.00 to $37.00 and gave the stock a “hold” rating in a report on Monday, March 17th. Barclays dropped their target price on shares of Range Resources from $43.00 to $39.00 and set an “equal weight” rating for the company in a report on Wednesday, April 23rd. Roth Mkm raised shares of Range Resources from a “neutral” rating to a “buy” rating and increased their price objective for the company from $41.00 to $42.00 in a report on Tuesday, April 8th. Susquehanna dropped their price objective on shares of Range Resources from $40.00 to $36.00 and set a “neutral” rating for the company in a report on Tuesday, April 22nd. Finally, Piper Sandler increased their price objective on shares of Range Resources from $32.00 to $40.00 and gave the company a “neutral” rating in a report on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $41.85.

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.