Todays Report: The Retirement Systems of Alabama Reduces Position in Range Resources Corp. (RRC)

The Retirement Systems of Alabama Reduces Position in Range Resources Corp. (RRC)

Retirement Systems of Alabama reduced its stake in Range Resources Corp. (NYSE:RRC) by 4.3% during the second quarter, Holdings Channel reports. The firm owned 86,538 shares of the oil and gas exploration company’s stock after selling 3,861 shares during the period. Retirement Systems of Alabama’s holdings in Range Resources Corp. were worth $3,733,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RRC. AXA raised its position in shares of Range Resources Corp. by 26.4% in the first quarter. AXA now owns 3,128 shares of the oil and gas exploration company’s stock valued at $101,000 after buying an additional 653 shares during the period. BlueMountain Capital Management LLC bought a new position in shares of Range Resources Corp. during the first quarter valued at about $178,000. Cypress Asset Management Inc. TX bought a new position in shares of Range Resources Corp. during the second quarter valued at about $204,000. Seven Bridges Advisors LLC bought a new position in shares of Range Resources Corp. during the second quarter valued at about $211,000. Finally, Gilman Hill Asset Management LLC bought a new position in shares of Range Resources Corp. during the second quarter valued at about $236,000.

Range Resources Corp. (NYSE:RRC) traded down 0.61% on Monday, reaching $37.75. 3,981,514 shares of the company’s stock traded hands. The stock has a 50 day moving average price of $39.19 and a 200 day moving average price of $40.54. The stock’s market cap is $6.29 billion. Range Resources Corp. has a 12-month low of $19.21 and a 12-month high of $46.96.

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

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

RRC has been the subject of several research reports. Zacks Investment Research upgraded shares of Range Resources Corp. from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a research report on Tuesday, July 12th. Jefferies Group reiterated a “buy” rating and issued a $50.00 target price (up from $45.00) on shares of Range Resources Corp. in a research report on Sunday, July 10th. Stifel Nicolaus upgraded shares of Range Resources Corp. from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a research report on Friday, July 8th. Vetr upgraded shares of Range Resources Corp. from a “hold” rating to a “buy” rating and set a $45.28 target price for the company in a research report on Monday, July 4th. Finally, KLR Group raised shares of Range Resources Corp. from an “accumulate” rating to a “buy” rating and set a $53.00 price target for the company in a research note on Thursday, July 28th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and eighteen have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $44.31.

In related news, Director Gregory Gene Maxwell acquired 1,000 shares of Range Resources Corp. stock in a transaction on Tuesday, September 27th. The stock was bought at an average cost of $37.00 per share, for a total transaction of $37,000.00. Following the completion of the transaction, the director now owns 12,211 shares of the company’s stock, valued at approximately $451,807. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Ray N. Walker, Jr. sold 13,350 shares of the company’s stock in a transaction on Monday, September 19th. The stock was 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 of the company’s stock, valued at $1,598,702.94. The disclosure for this sale can be found here. Company insiders own 2.40% of the company’s stock.

About Range Resources Corp.

Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil company. The Company operates through the exploration and production of natural gas, NGLs and oil in the United States segment. The Company is engaged in the exploration, development and acquisition of natural gas and oil properties, focused in the Appalachian region of the United States.

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