Range Resources Co. (NYSE:RRC) Shares Bought by Confluence Wealth Services Inc.

Confluence Wealth Services Inc. grew its stake in Range Resources Co. (NYSE:RRC) by 33.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,088 shares of the oil and gas exploration company’s stock after buying an additional 4,052 shares during the period. Confluence Wealth Services Inc.’s holdings in Range Resources were worth $495,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Blue Trust Inc. lifted its position in Range Resources by 107.8% in the third 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 last quarter. Bogart Wealth LLC purchased a new stake in shares of Range Resources in the 3rd quarter valued at about $49,000. Fifth Third Bancorp boosted its position in shares of Range Resources by 21.2% in the 2nd quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock valued at $57,000 after purchasing an additional 299 shares during the period. Perkins Coie Trust Co purchased a new position in Range Resources during the 2nd quarter worth approximately $67,000. Finally, International Assets Investment Management LLC acquired a new position in Range Resources during the second quarter worth approximately $67,000. 98.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RRC. Stephens raised their target price on shares of Range Resources from $36.00 to $37.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Wolfe Research began coverage on shares of Range Resources in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Mizuho reduced their target price on shares of Range Resources from $45.00 to $40.00 and set an “outperform” rating for the company in a report on Wednesday, October 9th. Barclays raised Range Resources from an “underweight” rating to an “equal weight” rating and lowered their price target for the stock from $35.00 to $34.00 in a report on Wednesday, October 2nd. Finally, UBS Group reduced their price objective on Range Resources from $30.00 to $27.00 and set a “sell” rating for the company in a research note on Wednesday, September 18th. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $35.00.

Range Resources Stock Down 0.7 %

Shares of NYSE RRC opened at $29.82 on Monday. 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 moving average price of $30.24 and a 200 day moving average price of $32.84. Range Resources Co. has a 52 week low of $27.29 and a 52 week high of $39.33. The stock has a market capitalization of $7.20 billion, a price-to-earnings ratio of 15.06 and a beta of 1.80.

Range Resources (NYSE:RRC) last announced its quarterly earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.32 by $0.16. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The business had revenue of $615.03 million for the quarter, compared to analyst estimates of $617.90 million. During the same quarter in the previous year, the company earned $0.43 EPS. The company’s quarterly revenue was up .9% on a year-over-year basis. Equities research analysts anticipate that Range Resources Co. will post 1.87 EPS for the current fiscal year.

Range Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date was Friday, September 13th. Range Resources’s dividend payout ratio is currently 16.16%.

Insider Transactions at Range Resources

In other Range Resources news, Director Charles G. Griffie acquired 1,275 shares of the stock in a transaction that occurred on Thursday, October 24th. The shares were purchased at an average cost of $31.46 per share, with a total value of $40,111.50. Following the purchase, the director now owns 5,921 shares in the company, valued at approximately $186,274.66. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Charles G. Griffie bought 1,275 shares of Range Resources stock in a transaction that occurred on Thursday, October 24th. The shares were purchased at an average price of $31.46 per share, with a total value of $40,111.50. Following the purchase, the director now owns 5,921 shares in the company, valued at $186,274.66. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Ashley Kavanaugh sold 12,700 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $31.45, for a total value of $399,415.00. Following the transaction, the vice president now directly owns 9,670 shares of the company’s stock, valued at $304,121.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale 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.