The Partner Investment Management L.P. Takes Position in Range Resources Corp. (RRC)

The Partner Investment Management L.P. Takes Position in Range Resources Corp. (RRC)

Partner Investment Management L.P. bought a new stake in Range Resources Corp. (NYSE:RRC) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 24,771 shares of the oil and gas exploration company’s stock, valued at approximately $960,000. Range Resources Corp. accounts for approximately 1.4% of Partner Investment Management L.P.’s investment portfolio, making the stock its 26th largest position.

Several other hedge funds have also added to or reduced their stakes in RRC. UBS Asset Management Americas Inc. increased its stake in Range Resources Corp. by 5.4% in the second quarter. UBS Asset Management Americas Inc. now owns 393,910 shares of the oil and gas exploration company’s stock valued at $16,994,000 after buying an additional 20,240 shares during the period. Airain ltd acquired a new stake in Range Resources Corp. during the second quarter valued at $1,488,000. Bank of The West acquired a new stake in Range Resources Corp. during the second quarter valued at $263,000. Hanlon Investment Management Inc. acquired a new stake in Range Resources Corp. during the second quarter valued at $4,878,000. Finally, Sumitomo Mitsui Asset Management Company LTD increased its stake in Range Resources Corp. by 1.1% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 13,420 shares of the oil and gas exploration company’s stock valued at $578,000 after buying an additional 145 shares during the period. Institutional investors and hedge funds own 85.77% of the company’s stock.

Shares of Range Resources Corp. (NYSE:RRC) traded up 0.35% during mid-day trading on Thursday, reaching $34.47. The company’s stock had a trading volume of 3,719,582 shares. The company’s 50-day moving average is $34.98 and its 200 day moving average is $37.72. The firm’s market capitalization is $8.40 billion. Range Resources Corp. has a 1-year low of $21.69 and a 1-year high of $46.96.

Range Resources Corp. (NYSE:RRC) last issued its quarterly earnings data on Tuesday, October 25th. The oil and gas exploration company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.10. The firm earned $413 million during the quarter, compared to analysts’ expectations of $152.84 million. Range Resources Corp. had a negative return on equity of 13.00% and a negative net margin of 54.13%. Range Resources Corp.’s revenue was down 13.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.03 earnings per share. On average, analysts expect that Range Resources Corp. will post ($0.18) earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 30th. Investors of record on Friday, December 16th were issued a dividend of $0.02 per share. The ex-dividend date of this dividend was Wednesday, December 14th. This represents a $0.08 annualized dividend and a yield of 0.23%. Range Resources Corp.’s dividend payout ratio is presently -1.97%.

Several equities analysts have recently commented on the company. Vetr lowered Range Resources Corp. from a “strong-buy” rating to a “buy” rating and set a $43.75 price target on the stock. in a research note on Monday, October 3rd. Nomura restated a “hold” rating and set a $45.00 price target on shares of Range Resources Corp. in a research note on Monday, October 3rd. Stifel Nicolaus restated a “buy” rating and set a $52.00 price target on shares of Range Resources Corp. in a research note on Friday, September 30th. JPMorgan Chase & Co. upgraded Range Resources Corp. from a “neutral” rating to an “overweight” rating and set a $46.00 price target on the stock in a research note on Friday, October 7th. Finally, Jefferies Group set a $50.00 price target on Range Resources Corp. and gave the company a “buy” rating in a research note on Tuesday, October 18th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $45.48.

Range Resources Corp. Company Profile

Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil company. The Company operates through the exploration and production of natural gas, NGLs and oil in the United States segment. The Company is engaged in the exploration, development and acquisition of natural gas and oil properties, focused in the Appalachian region of the United States.

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