The Principal Financial Group Inc. Reduces stake in Range Resources Corp. (RRC)

The Principal Financial Group Inc. Reduces stake in Range Resources Corp. (RRC)

Principal Financial Group Inc. decreased its stake in Range Resources Corp. (NYSE:RRC) by 0.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 256,547 shares of the oil and gas exploration company’s stock after selling 164 shares during the period. Principal Financial Group Inc. owned approximately 0.15% of Range Resources Corp. worth $11,068,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Prudential Financial Inc. boosted its position in shares of Range Resources Corp. by 12.9% in the second quarter. Prudential Financial Inc. now owns 229,273 shares of the oil and gas exploration company’s stock worth $9,891,000 after buying an additional 26,200 shares during the last quarter. Private Advisor Group LLC purchased a new position in shares of Range Resources Corp. during the second quarter worth approximately $264,000. Teacher Retirement System of Texas boosted its position in shares of Range Resources Corp. by 31.1% in the second quarter. Teacher Retirement System of Texas now owns 12,091 shares of the oil and gas exploration company’s stock worth $522,000 after buying an additional 2,868 shares during the last quarter. Wesbanco Bank Inc. boosted its position in shares of Range Resources Corp. by 349.1% in the second quarter. Wesbanco Bank Inc. now owns 30,193 shares of the oil and gas exploration company’s stock worth $1,303,000 after buying an additional 23,470 shares during the last quarter. Finally, UBS Asset Management Americas Inc. boosted its position in shares of Range Resources Corp. by 5.4% in the second quarter. UBS Asset Management Americas Inc. now owns 393,910 shares of the oil and gas exploration company’s stock worth $16,994,000 after buying an additional 20,240 shares during the last quarter.

Range Resources Corp. (NYSE:RRC) opened at 38.045 on Thursday. The stock’s 50 day moving average is $39.34 and its 200-day moving average is $40.36. The stock’s market capitalization is $6.34 billion. Range Resources Corp. has a 52-week low of $19.21 and a 52-week high of $46.96.

Range Resources Corp. (NYSE:RRC) last issued its earnings results on Tuesday, July 26th. The oil and gas exploration company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.07. The firm had revenue of $362.67 million for the quarter, compared to the consensus estimate of $327.40 million. Range Resources Corp. had a negative net margin of 71.00% and a negative return on equity of 14.57%. The business’s revenue was down 10.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.01 earnings per share. Equities research analysts anticipate that Range Resources Corp. will post ($0.20) EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Friday, September 16th were given a dividend of $0.02 per share. The ex-dividend date was Wednesday, September 14th. This represents a $0.08 dividend on an annualized basis and a yield of 0.21%. Range Resources Corp.’s dividend payout ratio (DPR) is -1.42%.

RRC has been the subject of a number of recent research reports. KLR Group upgraded Range Resources Corp. from an “accumulate” rating to a “buy” rating and set a $53.00 price objective for the company in a report on Thursday, July 28th. Zacks Investment Research upgraded Range Resources Corp. from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a report on Tuesday, July 12th. Vetr downgraded Range Resources Corp. from a “hold” rating to a “sell” rating and set a $44.39 price objective for the company. in a report on Tuesday, June 21st. Imperial Capital upgraded Range Resources Corp. from an “in-line” rating to an “outperform” rating and increased their price objective for the company from $45.00 to $55.00 in a report on Thursday, July 14th. Finally, Piper Jaffray Cos. restated an “overweight” rating and issued a $52.00 price objective on shares of Range Resources Corp. in a report on Friday, July 15th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and eighteen have assigned a buy rating to the stock. Range Resources Corp. currently has an average rating of “Buy” and an average price target of $44.31.

In related news, COO Ray N. Walker, Jr. sold 13,350 shares of the stock in a transaction that occurred on Monday, September 19th. The shares were sold at an average price of $37.53, for a total transaction of $501,025.50. Following the transaction, the chief operating officer now owns 42,598 shares in the company, valued at $1,598,702.94. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Gregory Gene Maxwell acquired 1,000 shares of the stock in a transaction that occurred on Tuesday, September 27th. The shares were bought at an average price of $37.00 per share, for a total transaction of $37,000.00. Following the transaction, the director now owns 12,211 shares of the company’s stock, valued at $451,807. The disclosure for this purchase can be found here. Corporate insiders own 2.40% of the company’s stock.

About Range Resources Corp.

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