Contrarius Investment Management Ltd Acquires 30,594 Shares of Range Resources Corporation (RRC)

Contrarius Investment Management Ltd grew its stake in shares of Range Resources Corporation (NYSE:RRC) by 38.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 111,054 shares of the oil and gas exploration company’s stock after buying an additional 30,594 shares during the period. Contrarius Investment Management Ltd’s holdings in Range Resources were worth $2,173,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Range Resources by 4.4% during the 2nd quarter. Vanguard Group Inc. now owns 23,202,503 shares of the oil and gas exploration company’s stock valued at $537,603,000 after acquiring an additional 976,293 shares in the last quarter. Sanders Capital LLC lifted its holdings in shares of Range Resources by 4.5% during the 3rd quarter. Sanders Capital LLC now owns 15,485,365 shares of the oil and gas exploration company’s stock valued at $332,679,000 after acquiring an additional 673,214 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Range Resources by 6.8% during the 2nd quarter. BlackRock Inc. now owns 14,024,098 shares of the oil and gas exploration company’s stock valued at $324,936,000 after acquiring an additional 890,348 shares in the last quarter. State Street Corp lifted its holdings in shares of Range Resources by 15.0% during the 2nd quarter. State Street Corp now owns 13,856,976 shares of the oil and gas exploration company’s stock valued at $321,059,000 after acquiring an additional 1,805,404 shares in the last quarter. Finally, Thompson Siegel & Walmsley LLC lifted its holdings in shares of Range Resources by 25.5% during the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 4,339,311 shares of the oil and gas exploration company’s stock valued at $100,542,000 after acquiring an additional 880,928 shares in the last quarter. 95.72% of the stock is owned by institutional investors.

Several equities analysts recently weighed in on the stock. Robert W. Baird reduced their target price on shares of Range Resources from $29.00 to $22.00 and set a “neutral” rating on the stock in a report on Friday, August 11th. Barclays restated an “underweight” rating and set a $18.00 target price (down previously from $20.00) on shares of Range Resources in a report on Wednesday, August 9th. Scotiabank set a $27.00 target price on shares of Range Resources and gave the company a “buy” rating in a report on Saturday, November 25th. ValuEngine upgraded shares of Range Resources from a “sell” rating to a “hold” rating in a report on Friday. Finally, Citigroup reduced their target price on shares of Range Resources from $34.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, August 15th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $31.76.

Shares of Range Resources Corporation (RRC) traded down $0.63 during mid-day trading on Monday, reaching $17.87. 5,242,331 shares of the company’s stock were exchanged, compared to its average volume of 5,870,587. Range Resources Corporation has a 52-week low of $15.99 and a 52-week high of $39.64. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.50 and a quick ratio of 0.47. The firm has a market cap of $4,590.58, a price-to-earnings ratio of 51.39 and a beta of 0.91.

Range Resources (NYSE:RRC) last issued its earnings results on Tuesday, October 24th. The oil and gas exploration company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.02. The business had revenue of $482.20 million for the quarter, compared to analyst estimates of $543.16 million. Range Resources had a negative net margin of 2.23% and a positive return on equity of 1.63%. The company’s revenue for the quarter was up 16.7% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.06) EPS. research analysts predict that Range Resources Corporation will post 0.48 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be paid a $0.02 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.45%. Range Resources’s dividend payout ratio (DPR) is presently -38.09%.

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About Range Resources

Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil company. The Company is engaged in the exploration and production of natural gas, NGLs and oil in the United States. It is engaged in the exploration, development and acquisition of natural gas and crude oil properties located primarily in the Appalachian and North Louisiana regions of the United States.

Institutional Ownership by Quarter for Range Resources (NYSE:RRC)

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