Permit Capital LLC Has $8.49 Million Stock Position in Range Resources Corporation $RRC

Permit Capital LLC trimmed its holdings in shares of Range Resources Corporation (NYSE:RRC) by 8.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 208,850 shares of the oil and gas exploration company’s stock after selling 20,000 shares during the period. Range Resources makes up about 2.7% of Permit Capital LLC’s holdings, making the stock its 13th biggest position. Permit Capital LLC owned approximately 0.09% of Range Resources worth $8,494,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of RRC. DAVENPORT & Co LLC acquired a new position in Range Resources during the first quarter valued at $204,000. Teacher Retirement System of Texas grew its stake in Range Resources by 110.8% in the first quarter. Teacher Retirement System of Texas now owns 44,196 shares of the oil and gas exploration company’s stock valued at $1,765,000 after purchasing an additional 23,231 shares in the last quarter. Principal Financial Group Inc. grew its stake in Range Resources by 0.4% in the first quarter. Principal Financial Group Inc. now owns 555,051 shares of the oil and gas exploration company’s stock valued at $22,163,000 after purchasing an additional 1,948 shares in the last quarter. D.A. Davidson & CO. purchased a new position in Range Resources in the first quarter valued at about $612,000. Finally, Penserra Capital Management LLC purchased a new position in Range Resources in the first quarter valued at about $448,000. 98.93% of the stock is owned by institutional investors and hedge funds.

Range Resources Stock Performance

RRC opened at $37.04 on Thursday. The company has a market cap of $8.78 billion, a PE ratio of 15.56, a price-to-earnings-growth ratio of 0.39 and a beta of 0.49. The stock has a 50-day moving average of $36.32 and a 200-day moving average of $37.00. Range Resources Corporation has a 52-week low of $30.32 and a 52-week high of $43.50. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.55 and a current ratio of 0.56.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, October 28th. The oil and gas exploration company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.03. The company had revenue of $748.53 million during the quarter, compared to the consensus estimate of $721.22 million. Range Resources had a return on equity of 15.99% and a net margin of 19.64%.The firm’s revenue was up 21.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.48 EPS. As a group, equities research analysts forecast that Range Resources Corporation will post 2.02 earnings per share for the current fiscal year.

Range Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 12th were given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Friday, September 12th. Range Resources’s payout ratio is currently 15.13%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on RRC shares. Raymond James Financial lowered their target price on Range Resources from $45.00 to $41.00 and set an “outperform” rating on the stock in a research note on Friday, September 19th. Piper Sandler lowered their target price on Range Resources from $41.00 to $39.00 and set a “neutral” rating on the stock in a research note on Thursday, August 14th. Citigroup lowered their target price on Range Resources from $40.00 to $39.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 23rd. JPMorgan Chase & Co. lowered their target price on Range Resources from $46.00 to $44.00 and set a “neutral” rating on the stock in a research note on Monday, October 6th. Finally, Morgan Stanley lowered their target price on Range Resources from $44.00 to $42.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Range Resources presently has an average rating of “Hold” and a consensus price target of $41.95.

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.