Range Resources Corporation $RRC Shares Acquired by Castleark Management LLC

Castleark Management LLC lifted its stake in shares of Range Resources Corporation (NYSE:RRC) by 454.6% in the first quarter, Holdings Channel reports. The firm owned 410,520 shares of the oil and gas exploration company’s stock after buying an additional 336,500 shares during the period. Castleark Management LLC’s holdings in Range Resources were worth $18,547,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of RRC. Los Angeles Capital Management LLC purchased a new position in Range Resources in the 4th quarter valued at about $34,000. Root Financial Partners LLC increased its stake in Range Resources by 37.8% during the 1st quarter. Root Financial Partners LLC now owns 1,006 shares of the oil and gas exploration company’s stock worth $45,000 after buying an additional 276 shares in the last quarter. SBI Okasan Asset Management Co.Ltd. purchased a new stake in Range Resources during the 4th quarter worth approximately $57,000. Basepoint Wealth LLC acquired a new position in shares of Range Resources during the fourth quarter valued at approximately $61,000. Finally, International Assets Investment Management LLC acquired a new position in shares of Range Resources during the fourth quarter valued at approximately $71,000. Institutional investors and hedge funds own 98.93% of the company’s stock.

Range Resources Trading Up 0.0%

Shares of Range Resources stock opened at $38.97 on Monday. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.65 and a quick ratio of 0.65. The stock’s 50 day simple moving average is $38.23 and its 200-day simple moving average is $39.46. The stock has a market cap of $9.11 billion, a P/E ratio of 10.77 and a beta of 0.41. Range Resources Corporation has a 1-year low of $32.60 and a 1-year high of $48.31.

Range Resources (NYSE:RRC) last posted its quarterly earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.66 by $0.13. Range Resources had a return on equity of 18.63% and a net margin of 25.04%.The firm had revenue of $759.58 million during the quarter, compared to analysts’ expectations of $744.78 million. During the same quarter last year, the firm earned $0.66 earnings per share. The business’s revenue for the quarter was down 2.7% on a year-over-year basis. Analysts predict that Range Resources Corporation will post 3.49 EPS for the current fiscal year.

Range Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.0%. The ex-dividend date was Friday, June 12th. Range Resources’s dividend payout ratio is presently 11.05%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RRC. Susquehanna lowered their price target on Range Resources from $45.00 to $41.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 21st. Truist Financial reduced their price objective on Range Resources from $46.00 to $43.00 and set a “hold” rating for the company in a research note on Friday, July 10th. Zacks Research lowered Range Resources from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Morgan Stanley lowered their target price on shares of Range Resources from $50.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Monday, June 29th. Finally, Weiss Ratings lowered shares of Range Resources from a “buy (b-)” rating to a “hold (c)” rating in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $43.12.

About Range Resources

Range Resources Corporation, headquartered in Fort Worth, Texas, is an independent energy company engaged in the exploration, development and production of natural gas, oil and natural gas liquids. The company focuses its core operations on the Appalachian Basin, with a significant presence in Pennsylvania’s Marcellus Shale. Through its drilling and completion activities, Range Resources seeks to optimize production efficiency while maintaining a disciplined approach to capital allocation and cost management.

The company’s technical expertise centers on advanced horizontal drilling and hydraulic fracturing techniques, which it applies to unlock unconventional resources.