Telemark Asset Management LLC Takes Position in Range Resources Co. (NYSE:RRC)

Telemark Asset Management LLC bought a new position in Range Resources Co. (NYSE:RRC) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 400,000 shares of the oil and gas exploration company’s stock, valued at approximately $14,392,000. Range Resources comprises about 1.4% of Telemark Asset Management LLC’s investment portfolio, making the stock its 22nd biggest holding.

Several other large investors have also recently made changes to their positions in RRC. Brooklyn Investment Group bought a new stake in shares of Range Resources in the third quarter worth about $25,000. Smartleaf Asset Management LLC increased its holdings in shares of Range Resources by 87.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,012 shares of the oil and gas exploration company’s stock worth $37,000 after purchasing an additional 471 shares during the last quarter. UMB Bank n.a. increased its holdings in shares of Range Resources by 59.0% in the fourth quarter. UMB Bank n.a. now owns 1,148 shares of the oil and gas exploration company’s stock worth $41,000 after purchasing an additional 426 shares during the last quarter. Geneos Wealth Management Inc. bought a new stake in shares of Range Resources in the fourth quarter worth about $46,000. Finally, Versant Capital Management Inc increased its holdings in shares of Range Resources by 42.8% in the fourth quarter. Versant Capital Management Inc now owns 1,544 shares of the oil and gas exploration company’s stock worth $56,000 after purchasing an additional 463 shares during the last quarter. 98.93% of the stock is owned by institutional investors.

Range Resources Stock Up 0.5 %

Range Resources stock opened at $37.63 on Thursday. The business has a fifty day moving average of $38.23 and a two-hundred day moving average of $34.30. 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 market cap of $9.08 billion, a P/E ratio of 19.00, a P/E/G ratio of 5.11 and a beta of 1.80. Range Resources Co. has a twelve month low of $27.29 and a twelve month high of $41.95.

Range Resources (NYSE:RRC) last posted its earnings results on Tuesday, February 25th. The oil and gas exploration company reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.13. The company had revenue of $626.42 million during the quarter, compared to analyst estimates of $676.53 million. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. During the same quarter in the prior year, the business earned $0.63 earnings per share. On average, analysts forecast that Range Resources Co. will post 2.02 earnings per share for the current fiscal year.

Range Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be issued a dividend of $0.09 per share. The ex-dividend date is Friday, March 14th. This represents a $0.36 dividend on an annualized basis and a yield of 0.96%. This is a positive change from Range Resources’s previous quarterly dividend of $0.08. Range Resources’s dividend payout ratio is currently 32.73%.

Analyst Ratings Changes

RRC has been the topic of several analyst reports. Bank of America raised Range Resources from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $34.00 to $45.00 in a research note on Monday, January 13th. Citigroup cut Range Resources from a “neutral” rating to a “reduce” rating in a research note on Wednesday, March 5th. Truist Financial upped their target price on Range Resources from $31.00 to $35.00 and gave the company a “hold” rating in a research note on Monday, January 13th. Wells Fargo & Company upped their target price on Range Resources from $38.00 to $40.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $40.00 target price on shares of Range Resources in a research note on Tuesday, January 14th. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Range Resources presently has an average rating of “Hold” and a consensus price target of $39.11.

About Range Resources

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.