Range Resources Corp. (RRC) Short Interest Down 11.7% in September
Range Resources Corp. (NYSE:RRC) was the target of a large decrease in short interest in the month of September. As of September 28th, there was short interest totalling 37,590,123 shares, a decrease of 11.7% from the September 14th total of 42,568,456 shares. Approximately 15.3% of the shares of the company are short sold. Based on an average daily trading volume, of 7,509,509 shares, the short-interest ratio is presently 5.0 days.
Several hedge funds have recently made changes to their positions in the company. ANTIPODES PARTNERS Ltd increased its position in shares of Range Resources by 54.6% during the 2nd quarter. ANTIPODES PARTNERS Ltd now owns 5,830,315 shares of the oil and gas exploration company’s stock worth $97,541,000 after purchasing an additional 2,058,057 shares in the last quarter. Soros Fund Management LLC acquired a new stake in shares of Range Resources during the 2nd quarter worth about $2,928,000. Metropolitan Life Insurance Co. NY increased its position in shares of Range Resources by 84.1% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 64,980 shares of the oil and gas exploration company’s stock worth $1,087,000 after purchasing an additional 29,676 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of Range Resources by 11.7% during the 2nd quarter. PNC Financial Services Group Inc. now owns 76,671 shares of the oil and gas exploration company’s stock worth $1,282,000 after purchasing an additional 8,054 shares in the last quarter. Finally, Putnam Investments LLC acquired a new stake in shares of Range Resources during the 2nd quarter worth about $776,000. Institutional investors own 96.48% of the company’s stock.
Shares of RRC stock opened at $17.54 on Wednesday. Range Resources has a 52-week low of $11.93 and a 52-week high of $19.87. The firm has a market capitalization of $4.24 billion, a PE ratio of 30.24, a price-to-earnings-growth ratio of 1.38 and a beta of 0.57. The company has a quick ratio of 0.49, a current ratio of 0.52 and a debt-to-equity ratio of 0.73.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 28th. Stockholders of record on Friday, September 14th were paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date of this dividend was Thursday, September 13th. Range Resources’s dividend payout ratio is 13.79%.
RRC has been the subject of several recent analyst reports. Morgan Stanley decreased their price objective on shares of Range Resources from $17.00 to $16.00 and set an “underweight” rating for the company in a report on Thursday, August 16th. Macquarie set a $18.00 price target on shares of Range Resources and gave the company a “hold” rating in a report on Wednesday, September 26th. KLR Group reissued a “buy” rating and issued a $23.00 price target on shares of Range Resources in a report on Monday, August 20th. B. Riley raised shares of Range Resources from a “neutral” rating to a “buy” rating and increased their price target for the company from $17.00 to $22.00 in a report on Thursday, September 20th. Finally, Royal Bank of Canada set a $21.00 price target on shares of Range Resources and gave the company a “buy” rating in a report on Thursday, September 20th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and thirteen have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $22.00.
Range Resources Company Profile
Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), and oil company. It engages in the exploration, development, and acquisition of natural gas and oil properties. It holds interests in developed and undeveloped natural gas and oil leases in the Appalachian and North Louisiana regions of the United States.
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