VELA Investment Management LLC Sells 26,976 Shares of Range Resources Corporation $RRC

VELA Investment Management LLC lowered its stake in Range Resources Corporation (NYSE:RRC) by 28.9% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 66,496 shares of the oil and gas exploration company’s stock after selling 26,976 shares during the period. VELA Investment Management LLC’s holdings in Range Resources were worth $2,345,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. Profund Advisors LLC lifted its stake in Range Resources by 5.5% in the third quarter. Profund Advisors LLC now owns 5,427 shares of the oil and gas exploration company’s stock valued at $204,000 after buying an additional 282 shares in the last quarter. Pinnacle Associates Ltd. lifted its stake in Range Resources by 2.5% in the third quarter. Pinnacle Associates Ltd. now owns 12,503 shares of the oil and gas exploration company’s stock valued at $471,000 after buying an additional 302 shares in the last quarter. Confluence Wealth Services Inc. lifted its stake in Range Resources by 3.2% in the fourth quarter. Confluence Wealth Services Inc. now owns 10,199 shares of the oil and gas exploration company’s stock valued at $360,000 after buying an additional 312 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Range Resources by 49.6% in the third quarter. Smartleaf Asset Management LLC now owns 1,013 shares of the oil and gas exploration company’s stock worth $38,000 after purchasing an additional 336 shares in the last quarter. Finally, Seelaus Asset Management LLC lifted its position in shares of Range Resources by 4.0% in the third quarter. Seelaus Asset Management LLC now owns 9,455 shares of the oil and gas exploration company’s stock worth $356,000 after purchasing an additional 365 shares in the last quarter. Institutional investors own 98.93% of the company’s stock.

Range Resources Stock Performance

Shares of RRC stock opened at $42.62 on Friday. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.18. The company’s fifty day simple moving average is $42.74 and its 200-day simple moving average is $38.71. Range Resources Corporation has a 12 month low of $32.60 and a 12 month high of $48.31. The firm has a market cap of $10.04 billion, a PE ratio of 11.27, a P/E/G ratio of 0.78 and a beta of 0.46.

Range Resources (NYSE:RRC) last posted its quarterly earnings results on Tuesday, April 21st. The oil and gas exploration company reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.27. Range Resources had a net margin of 26.09% and a return on equity of 18.64%. The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $898.20 million. During the same period in the prior year, the firm posted $0.96 earnings per share. The company’s quarterly revenue was up 49.8% compared to the same quarter last year. Equities research analysts expect that Range Resources Corporation will post 3.65 EPS for the current fiscal year.

Range Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Friday, March 13th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.9%. This is an increase from Range Resources’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Friday, March 13th. Range Resources’s payout ratio is currently 10.58%.

Insider Transactions at Range Resources

In other Range Resources news, Director Brenda A. Cline sold 7,000 shares of the company’s stock in a transaction on Tuesday, April 7th. The shares were sold at an average price of $44.40, for a total transaction of $310,800.00. Following the sale, the director directly owned 28,668 shares of the company’s stock, valued at approximately $1,272,859.20. This represents a 19.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 1.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on RRC shares. Barclays boosted their price objective on shares of Range Resources from $39.00 to $41.00 and gave the stock an “equal weight” rating in a research report on Monday, March 16th. Wells Fargo & Company boosted their price objective on shares of Range Resources from $43.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 26th. Piper Sandler boosted their price objective on shares of Range Resources from $41.00 to $42.00 and gave the stock a “neutral” rating in a research report on Thursday, March 12th. Weiss Ratings raised shares of Range Resources from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, April 24th. Finally, Morgan Stanley cut their price objective on shares of Range Resources from $42.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Friday, January 23rd. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $43.41.

Range Resources Profile

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.