Range Resources Co. (NYSE:RRC) Sees Significant Decline in Short Interest

Range Resources Co. (NYSE:RRC) was the target of a large drop in short interest in the month of January. As of January 31st, there was short interest totalling 10,990,000 shares, a drop of 24.9% from the January 15th total of 14,640,000 shares. Based on an average daily volume of 2,320,000 shares, the days-to-cover ratio is currently 4.7 days. Approximately 4.6% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RRC. Bank of America raised shares of Range Resources from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $34.00 to $45.00 in a research note on Monday, January 13th. Benchmark reaffirmed a “hold” rating on shares of Range Resources in a research note on Friday, January 17th. Truist Financial increased their target price on Range Resources from $31.00 to $35.00 and gave the company a “hold” rating in a research report on Monday, January 13th. Stephens increased their target price on Range Resources from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Finally, Mizuho increased their target price on Range Resources from $40.00 to $47.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $38.78.

Range Resources Stock Performance

NYSE:RRC traded down $0.12 during trading hours on Friday, reaching $38.68. 2,199,815 shares of the stock were exchanged, compared to its average volume of 2,545,791. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.28. The firm has a 50 day simple moving average of $37.17 and a 200-day simple moving average of $33.34. Range Resources has a 52 week low of $27.29 and a 52 week high of $41.95. The stock has a market capitalization of $9.33 billion, a P/E ratio of 19.54 and a beta of 1.77.

Range Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.83%. The ex-dividend date was Friday, December 13th. Range Resources’s dividend payout ratio is presently 16.16%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Brooklyn Investment Group bought a new stake in shares of Range Resources in the 3rd quarter worth approximately $25,000. Smartleaf Asset Management LLC increased its position in Range Resources by 87.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,012 shares of the oil and gas exploration company’s stock valued at $37,000 after acquiring an additional 471 shares during the period. UMB Bank n.a. increased its position in Range Resources by 59.0% in the 4th quarter. UMB Bank n.a. now owns 1,148 shares of the oil and gas exploration company’s stock valued at $41,000 after acquiring an additional 426 shares during the period. Headlands Technologies LLC acquired a new stake in Range Resources in the 4th quarter valued at approximately $42,000. Finally, Blue Trust Inc. increased its position in Range Resources by 107.8% in the 3rd quarter. Blue Trust Inc. now owns 1,359 shares of the oil and gas exploration company’s stock valued at $46,000 after acquiring an additional 705 shares during the period. Institutional investors own 98.93% of the company’s stock.

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.