Man Group plc Makes New Investment in Range Resources Corporation $RRC

Man Group plc acquired a new stake in Range Resources Corporation (NYSE:RRC) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 903,795 shares of the oil and gas exploration company’s stock, valued at approximately $33,612,000. Man Group plc owned 0.39% of Range Resources at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Range Resources in the 2nd quarter worth about $868,085,000. Boston Partners increased its holdings in Range Resources by 59.3% during the third quarter. Boston Partners now owns 11,817,550 shares of the oil and gas exploration company’s stock worth $445,196,000 after buying an additional 4,398,042 shares during the last quarter. AQR Capital Management LLC increased its holdings in Range Resources by 517.6% during the third quarter. AQR Capital Management LLC now owns 2,440,277 shares of the oil and gas exploration company’s stock worth $91,852,000 after buying an additional 2,045,165 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in Range Resources in the second quarter worth about $67,470,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Range Resources in the second quarter worth about $53,264,000. 98.93% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Reginal Spiller sold 3,500 shares of Range Resources stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $40.00, for a total value of $140,000.00. Following the completion of the transaction, the director directly owned 13,421 shares in the company, valued at approximately $536,840. The trade was a 20.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.10% of the company’s stock.

Range Resources Price Performance

NYSE RRC opened at $41.64 on Thursday. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.18. The company has a market cap of $9.73 billion, a PE ratio of 11.50 and a beta of 0.42. Range Resources Corporation has a 52 week low of $32.68 and a 52 week high of $48.31. The firm’s 50-day simple moving average is $38.35 and its two-hundred day simple moving average is $40.21.

Range Resources (NYSE:RRC) last posted its earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.13. Range Resources had a net margin of 25.04% and a return on equity of 18.63%. The firm had revenue of $759.58 million during the quarter, compared to the consensus estimate of $744.78 million. During the same quarter last year, the company earned $0.66 earnings per share. The company’s revenue was down 2.7% on a year-over-year basis. Research analysts predict that Range Resources Corporation will post 3.62 earnings per share for the current year.

Range Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 12th were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, June 12th. This represents a $0.40 annualized dividend and a yield of 1.0%. Range Resources’s dividend payout ratio (DPR) is 11.05%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on RRC. Barclays reduced their target price on shares of Range Resources from $43.00 to $40.00 and set an “equal weight” rating for the company in a research report on Monday, August 17th. Morgan Stanley lowered their price target on shares of Range Resources from $44.00 to $43.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 19th. Raymond James Financial set a $45.00 price objective on Range Resources in a research note on Monday, July 27th. Stephens increased their price objective on Range Resources from $52.00 to $53.00 and gave the company an “overweight” rating in a report on Wednesday, July 22nd. Finally, UBS Group reissued a “neutral” rating on shares of Range Resources in a research report on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $43.75.

Range Resources Company 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.