Range Resources Corp. (RRC) Short Interest Down 9.6% in March

Range Resources Corp. (NYSE:RRC) was the target of a large decrease in short interest in March. As of March 29th, there was short interest totalling 45,411,647 shares, a decrease of 9.6% from the March 15th total of 50,229,448 shares. Currently, 18.4% of the shares of the company are sold short. Based on an average daily volume of 5,225,085 shares, the short-interest ratio is presently 8.7 days.

Shares of NYSE:RRC opened at $10.36 on Wednesday. Range Resources has a 1 year low of $9.22 and a 1 year high of $18.59. The company has a market cap of $2.52 billion, a PE ratio of 9.17, a price-to-earnings-growth ratio of 0.96 and a beta of 1.16. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.77 and a current ratio of 0.80.

Range Resources (NYSE:RRC) last announced its earnings results on Monday, February 25th. The oil and gas exploration company reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.05. Range Resources had a positive return on equity of 5.20% and a negative net margin of 53.20%. The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $736.35 million. During the same quarter last year, the firm posted $0.22 EPS. The business’s revenue was up 58.0% on a year-over-year basis. Sell-side analysts expect that Range Resources will post 0.56 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a $0.02 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.08 dividend on an annualized basis and a yield of 0.77%. Range Resources’s payout ratio is currently 7.08%.

In related news, Director Steven D. Gray acquired 20,000 shares of the stock in a transaction on Friday, March 1st. The shares were acquired at an average price of $10.95 per share, for a total transaction of $219,000.00. Following the transaction, the director now owns 7,804 shares in the company, valued at approximately $85,453.80. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director James M. Funk acquired 10,000 shares of the stock in a transaction on Monday, March 11th. The stock was bought at an average price of $9.80 per share, for a total transaction of $98,000.00. Following the transaction, the director now owns 22,706 shares in the company, valued at approximately $222,518.80. The disclosure for this purchase can be found here. Corporate insiders own 1.30% of the company’s stock.

A number of hedge funds have recently made changes to their positions in RRC. Tower Research Capital LLC TRC lifted its holdings in Range Resources by 190.6% in the 3rd quarter. Tower Research Capital LLC TRC now owns 15,282 shares of the oil and gas exploration company’s stock valued at $260,000 after purchasing an additional 10,024 shares in the last quarter. Riverhead Capital Management LLC lifted its holdings in Range Resources by 93.0% in the 3rd quarter. Riverhead Capital Management LLC now owns 15,900 shares of the oil and gas exploration company’s stock valued at $270,000 after purchasing an additional 7,662 shares in the last quarter. LPL Financial LLC purchased a new position in Range Resources in the 3rd quarter valued at $201,000. Pacer Advisors Inc. lifted its holdings in Range Resources by 4.5% in the 3rd quarter. Pacer Advisors Inc. now owns 74,946 shares of the oil and gas exploration company’s stock valued at $1,273,000 after purchasing an additional 3,204 shares in the last quarter. Finally, Caxton Associates LP purchased a new position in Range Resources in the 3rd quarter valued at $195,000.

Several equities research analysts have commented on RRC shares. Capital One Financial lowered Range Resources from an “overweight” rating to an “equal weight” rating in a research report on Thursday, December 20th. SunTrust Banks lowered their price objective on Range Resources to $12.00 and set a “hold” rating on the stock in a research report on Tuesday, January 8th. B. Riley set a $21.00 price objective on Range Resources and gave the stock a “buy” rating in a research report on Sunday, December 30th. Bank of America lowered Range Resources from a “neutral” rating to an “underperform” rating in a research report on Friday, January 4th. Finally, Jefferies Financial Group restated a “buy” rating and issued a $19.00 price objective on shares of Range Resources in a research report on Wednesday, January 30th. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $18.04.

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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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