Range Resources Co. (NYSE:RRC) Shares Purchased by Parsons Capital Management Inc. RI

Parsons Capital Management Inc. RI raised its stake in Range Resources Co. (NYSE:RRC) by 149.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 104,650 shares of the oil and gas exploration company’s stock after buying an additional 62,750 shares during the period. Parsons Capital Management Inc. RI’s holdings in Range Resources were worth $3,765,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Brooklyn Investment Group purchased a new position in Range Resources in the 3rd quarter valued at approximately $25,000. UMB Bank n.a. increased its position in shares of Range Resources by 59.0% in the fourth quarter. UMB Bank n.a. now owns 1,148 shares of the oil and gas exploration company’s stock valued at $41,000 after buying an additional 426 shares in the last quarter. Blue Trust Inc. raised its position in shares of 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 buying an additional 705 shares during the last quarter. Geneos Wealth Management Inc. purchased a new position in shares of Range Resources during the fourth quarter valued at approximately $46,000. Finally, Bogart Wealth LLC acquired a new stake in Range Resources during the third quarter worth approximately $49,000. 98.93% of the stock is currently owned by institutional investors and hedge funds.

Range Resources Price Performance

Shares of RRC opened at $38.29 on Monday. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.28. The firm has a market cap of $9.24 billion, a price-to-earnings ratio of 19.44 and a beta of 1.81. Range Resources Co. has a 52 week low of $27.29 and a 52 week high of $41.95. The stock has a 50 day moving average of $36.30 and a 200-day moving average of $32.81.

Range Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were issued a dividend of $0.08 per share. The ex-dividend date was Friday, December 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.84%. Range Resources’s dividend payout ratio (DPR) is 16.16%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on RRC shares. Barclays upgraded Range Resources from an “underweight” rating to an “equal weight” rating and cut their price target for the company from $35.00 to $34.00 in a report on Wednesday, October 2nd. Mizuho increased their target price on Range Resources from $40.00 to $47.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Wells Fargo & Company upped their price objective on shares of Range Resources from $38.00 to $40.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. UBS Group raised shares of Range Resources from a “sell” rating to a “neutral” rating and increased their price target for the stock from $28.00 to $35.00 in a research note on Monday, December 9th. Finally, Bank of America raised Range Resources from a “neutral” rating to a “buy” rating and increased their target price for the stock from $34.00 to $45.00 in a research report on Monday, January 13th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Range Resources presently has a consensus rating of “Hold” and an average price target of $37.22.

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.