VELA Investment Management LLC Sells 20,145 Shares of Range Resources Co. (NYSE:RRC)

VELA Investment Management LLC lowered its stake in Range Resources Co. (NYSE:RRC) by 16.3% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 103,141 shares of the oil and gas exploration company’s stock after selling 20,145 shares during the quarter. Range Resources accounts for 1.0% of VELA Investment Management LLC’s portfolio, making the stock its 19th biggest position. VELA Investment Management LLC’s holdings in Range Resources were worth $3,711,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Lingotto Investment Management LLP lifted its position in Range Resources by 2.5% in the fourth quarter. Lingotto Investment Management LLP now owns 6,864,038 shares of the oil and gas exploration company’s stock valued at $246,968,000 after purchasing an additional 165,242 shares during the last quarter. Geode Capital Management LLC lifted its position in Range Resources by 0.9% in the third quarter. Geode Capital Management LLC now owns 4,003,299 shares of the oil and gas exploration company’s stock valued at $123,174,000 after purchasing an additional 35,344 shares during the last quarter. Canoe Financial LP lifted its position in Range Resources by 9.4% in the fourth quarter. Canoe Financial LP now owns 2,911,509 shares of the oil and gas exploration company’s stock valued at $104,595,000 after purchasing an additional 251,200 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Range Resources by 4.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,017,704 shares of the oil and gas exploration company’s stock valued at $62,065,000 after purchasing an additional 92,217 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Range Resources by 61.9% in the third quarter. JPMorgan Chase & Co. now owns 1,579,579 shares of the oil and gas exploration company’s stock valued at $48,588,000 after purchasing an additional 604,199 shares during the last quarter. Institutional investors own 98.93% of the company’s stock.

Wall Street Analyst Weigh In

RRC has been the subject of several recent research reports. Truist Financial boosted their price objective on Range Resources from $31.00 to $35.00 and gave the company a “hold” rating in a research report on Monday, January 13th. Citigroup upped their target price on Range Resources from $33.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, December 6th. 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 report on Tuesday, December 17th. Wolfe Research upgraded Range Resources from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a report on Friday, January 3rd. Finally, Barclays set a $43.00 target price on Range Resources and gave the company an “equal weight” rating in a report on Thursday. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Range Resources currently has a consensus rating of “Hold” and an average price target of $39.00.

Range Resources Price Performance

Shares of RRC stock opened at $36.41 on Friday. The stock has a market cap of $8.79 billion, a price-to-earnings ratio of 18.39, a PEG ratio of 5.11 and a beta of 1.77. The business’s fifty day moving average is $37.89 and its 200 day moving average is $33.88. Range Resources Co. has a twelve month low of $27.29 and a twelve month high of $41.95. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.28.

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

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.