Zurcher Kantonalbank Zurich Cantonalbank Grows Stake in Range Resources Co. (NYSE:RRC)

Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Range Resources Co. (NYSE:RRC) by 13.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 56,577 shares of the oil and gas exploration company’s stock after purchasing an additional 6,501 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Range Resources were worth $1,722,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in RRC. Invesco Ltd. raised its stake in Range Resources by 22.4% in the third quarter. Invesco Ltd. now owns 3,796,629 shares of the oil and gas exploration company’s stock valued at $123,049,000 after buying an additional 693,970 shares during the last quarter. Vaughan Nelson Investment Management L.P. acquired a new stake in Range Resources in the 3rd quarter worth approximately $19,704,000. Lord Abbett & CO. LLC grew its position in Range Resources by 66.6% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,463,000 shares of the oil and gas exploration company’s stock worth $47,416,000 after purchasing an additional 585,000 shares during the last quarter. Canoe Financial LP increased its stake in Range Resources by 86.5% during the 3rd quarter. Canoe Financial LP now owns 1,195,400 shares of the oil and gas exploration company’s stock valued at $38,743,000 after purchasing an additional 554,400 shares in the last quarter. Finally, Boston Partners purchased a new position in shares of Range Resources in the third quarter worth $10,590,000. Institutional investors and hedge funds own 98.93% of the company’s stock.

Range Resources Trading Up 3.3 %

Shares of RRC stock opened at $37.77 on Thursday. Range Resources Co. has a fifty-two week low of $23.92 and a fifty-two week high of $37.89. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.49 and a current ratio of 1.49. The stock’s fifty day moving average is $33.52 and its two-hundred day moving average is $32.37. The firm has a market capitalization of $9.14 billion, a P/E ratio of 10.67 and a beta of 1.83.

Range Resources (NYSE:RRC) last issued its earnings results on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.21. The business had revenue of $718.20 million during the quarter, compared to analysts’ expectations of $680.72 million. Range Resources had a net margin of 25.82% and a return on equity of 15.87%. The company’s quarterly revenue was down 15.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.96 earnings per share. Research analysts expect that Range Resources Co. will post 1.9 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.85%. The ex-dividend date was Thursday, March 14th. Range Resources’s dividend payout ratio is currently 9.04%.

Wall Street Analysts Forecast Growth

RRC has been the topic of a number of recent research reports. Stifel Nicolaus upped their target price on Range Resources from $36.00 to $39.00 and gave the company a “buy” rating in a research report on Tuesday. Barclays initiated coverage on shares of Range Resources in a research note on Wednesday, April 10th. They issued an “underweight” rating and a $35.00 price objective on the stock. Mizuho restated a “buy” rating and set a $39.00 target price on shares of Range Resources in a research report on Thursday, April 11th. Piper Sandler increased their price target on Range Resources from $40.00 to $41.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. Finally, Stephens boosted their price objective on Range Resources from $41.00 to $42.00 and gave the company an “overweight” rating in a report on Wednesday. Five equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Range Resources currently has an average rating of “Hold” and a consensus target price of $36.40.

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.