Lingotto Investment Management LLP Increases Position in Range Resources Corporation $RRC

Lingotto Investment Management LLP lifted its holdings in shares of Range Resources Corporation (NYSE:RRC) by 2.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,161,614 shares of the oil and gas exploration company’s stock after purchasing an additional 138,877 shares during the quarter. Range Resources accounts for about 6.2% of Lingotto Investment Management LLP’s portfolio, making the stock its 4th biggest position. Lingotto Investment Management LLP’s holdings in Range Resources were worth $291,263,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Invesco Ltd. raised its stake in shares of Range Resources by 230.1% during the 2nd quarter. Invesco Ltd. now owns 4,785,940 shares of the oil and gas exploration company’s stock worth $194,644,000 after purchasing an additional 3,336,299 shares in the last quarter. King Luther Capital Management Corp raised its position in Range Resources by 2,522.3% during the first quarter. King Luther Capital Management Corp now owns 823,650 shares of the oil and gas exploration company’s stock worth $32,888,000 after acquiring an additional 792,240 shares in the last quarter. AQR Capital Management LLC lifted its stake in Range Resources by 3,222.9% in the first quarter. AQR Capital Management LLC now owns 539,135 shares of the oil and gas exploration company’s stock valued at $21,528,000 after acquiring an additional 522,910 shares during the last quarter. Nuveen LLC bought a new position in Range Resources during the first quarter worth about $19,396,000. Finally, Wellington Management Group LLP increased its position in Range Resources by 50.1% during the first quarter. Wellington Management Group LLP now owns 1,405,033 shares of the oil and gas exploration company’s stock worth $56,103,000 after buying an additional 468,841 shares during the last quarter. 98.93% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on RRC shares. Weiss Ratings reissued a “hold (c)” rating on shares of Range Resources in a report on Monday. Barclays raised Range Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 18th. Mizuho raised their price objective on Range Resources from $42.00 to $46.00 and gave the company an “outperform” rating in a report on Thursday, October 9th. UBS Group reduced their target price on shares of Range Resources from $40.00 to $38.00 and set a “neutral” rating on the stock in a report on Thursday, October 30th. Finally, JPMorgan Chase & Co. decreased their price objective on Range Resources from $46.00 to $44.00 and set a “neutral” rating for the company in a report on Monday, October 6th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and fourteen have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $41.85.

Range Resources Stock Performance

Shares of RRC opened at $39.66 on Friday. The firm has a market cap of $9.40 billion, a PE ratio of 16.66, a P/E/G ratio of 0.31 and a beta of 0.47. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.29. The stock has a fifty day moving average price of $37.75 and a 200-day moving average price of $37.33. Range Resources Corporation has a 12 month low of $30.32 and a 12 month high of $43.50.

Range Resources (NYSE:RRC) last announced 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 analysts’ consensus estimates of $0.54 by $0.03. Range Resources had a net margin of 19.64% and a return on equity of 15.99%. The firm had revenue of $655.30 million for the quarter, compared to the consensus estimate of $721.22 million. During the same period in the prior year, the firm posted $0.48 earnings per share. The firm’s quarterly revenue was up 21.7% compared to the same quarter last year. Equities research analysts predict that Range Resources Corporation will post 2.02 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 12th will be paid a $0.09 dividend. The ex-dividend date is Friday, December 12th. This represents a $0.36 annualized dividend and a dividend yield of 0.9%. Range Resources’s payout ratio is 15.13%.

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.