Forthright Family Wealth Advisory LLC Makes New Investment in Range Resources Co. (NYSE:RRC)

Forthright Family Wealth Advisory LLC acquired a new stake in shares of Range Resources Co. (NYSE:RRC) in the third quarter, Holdings Channel reports. The firm acquired 13,179 shares of the oil and gas exploration company’s stock, valued at approximately $445,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Fifth Third Bancorp lifted its position in shares of Range Resources by 21.2% in the second quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock worth $57,000 after buying an additional 299 shares in the last quarter. M&T Bank Corp grew its stake in Range Resources by 3.1% in the third quarter. M&T Bank Corp now owns 10,790 shares of the oil and gas exploration company’s stock worth $332,000 after purchasing an additional 327 shares in the last quarter. CIBC Asset Management Inc grew its stake in Range Resources by 5.4% in the second quarter. CIBC Asset Management Inc now owns 6,801 shares of the oil and gas exploration company’s stock worth $228,000 after purchasing an additional 350 shares in the last quarter. Commerce Bank grew its stake in Range Resources by 5.7% in the third quarter. Commerce Bank now owns 6,848 shares of the oil and gas exploration company’s stock worth $211,000 after purchasing an additional 369 shares in the last quarter. Finally, Inscription Capital LLC grew its stake in Range Resources by 3.6% in the third quarter. Inscription Capital LLC now owns 12,536 shares of the oil and gas exploration company’s stock worth $386,000 after purchasing an additional 433 shares in the last quarter. Institutional investors own 98.93% of the company’s stock.

Range Resources Stock Down 0.8 %

Shares of NYSE:RRC traded down $0.28 during trading on Friday, hitting $35.71. The company’s stock had a trading volume of 72,870 shares, compared to its average volume of 2,324,548. The business has a 50 day moving average price of $32.86 and a two-hundred day moving average price of $32.44. The company has a market capitalization of $8.62 billion, a PE ratio of 18.22 and a beta of 1.85. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.54 and a current ratio of 0.54. Range Resources Co. has a fifty-two week low of $27.29 and a fifty-two week high of $39.33.

Range Resources (NYSE:RRC) last announced its earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.16. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. The business had revenue of $615.03 million during the quarter, compared to analysts’ expectations of $617.90 million. During the same period in the prior year, the company earned $0.43 earnings per share. The business’s revenue was up .9% compared to the same quarter last year. As a group, research analysts expect that Range Resources Co. will post 1.91 EPS for the current fiscal year.

Range Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be issued a $0.08 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.90%. Range Resources’s payout ratio is 16.16%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Stephens upped their target price on Range Resources from $36.00 to $37.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Benchmark reissued a “hold” rating on shares of Range Resources in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. cut their target price on Range Resources from $37.00 to $31.00 and set an “underweight” rating on the stock in a research report on Thursday, September 12th. Mizuho cut their target price on Range Resources from $45.00 to $40.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 9th. Finally, Wells Fargo & Company cut their price target on Range Resources from $39.00 to $38.00 and set an “equal weight” rating on the stock in a research report on Friday, October 25th. Three analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Range Resources has a consensus rating of “Hold” and an average price target of $35.50.

Insider Activity

In other Range Resources news, VP Ashley Kavanaugh sold 12,700 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $31.45, for a total transaction of $399,415.00. Following the transaction, the vice president now directly owns 9,670 shares in the company, valued at approximately $304,121.50. This represents a 56.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Charles G. Griffie purchased 1,275 shares of the stock in a transaction dated Thursday, October 24th. The stock was acquired at an average price of $31.46 per share, for a total transaction of $40,111.50. Following the completion of the transaction, the director now directly owns 5,921 shares of the company’s stock, valued at approximately $186,274.66. The trade was a 27.44 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.57% 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.