Fort Worth-based natural gas and oil company, Range Resources Corp. (NYSE:RRC), has caught the attention of Russell Investments Group Ltd., which boosted its holdings by 5.5% in the fourth quarter of 2022, according to an official filing with the Securities and Exchange Commission (SEC). The fund-owned 669,560 shares of RRC’s stock and purchased an additional 35,076 shares during the quarter. As a result, Russell Investments Group Ltd. now owns 0.28% of Range Resources’ stock, worth $16,752,000 at the end of Q4 2022.
Founded in 1976 as a natural gas exploration company in Appalachia and Midcontinent regions, RRC has since become a leading developer and acquirer of natural gas properties in those areas. As of May 11th, 2023, RRC had a market capitalization of $6.05 billion with its stock opening at $25.07 per share.
With well-established operations across different regions in America’s oil patch like Texas and Pennsylvania solidifying their position as one forerunner in both upstream and midstream energy sector players that boast excellent resource assets coupled with sophisticated operating capabilities that are focused on disciplined cost management.
Given the ongoing resurgence of fossil fuels both domestically within the US Market and internationally further leverages this pure play in an industry poised for growth over time thus making it an attractive prospect to entities like Russell Investments who see a significant potential upside.
RRC’s current ratio is at .92 while quick ratios also stand firm at that number – indicating strong liquidity positions going forward; despite a heavy presence in debt markets (debt-to-equity ratio currently stands at .55). P/E ratio clocks at around 2.94 with a noteworthy Beta valuation standing at 2.13 – giving investors better insight into RRC’s risk trends compared to overall market dynamics further highlighting the attractiveness of this potential winner in an environment that’s poised for a resurgence of global energy consumption.
Range Resources Corporation Acquires New Hedge Fund Shareholders, Receives Positive Earnings Report and Investment Ratings
Range Resources Corporation, a natural gas and oil exploration company, has been acquiring numerous new hedge fund shareholders. Among these investors are FourThought Financial LLC, Tobam, Ronald Blue Trust Inc., IFP Advisors Inc., and Harel Insurance Investments & Financial Services Ltd. These institutional investors have acquired stakes in Range Resources, with ownership totaling 87.32% of the company’s stock.
Several investment analysis firms have commented on Range Resources’ performance as well. Royal Bank of Canada has reiterated an “outperform” rating for the company with a price target of $40. This is in addition to an “overweight” rating from Wells Fargo & Company and Benchmark’s upgrade from a “hold” rating to a “buy” rating for Range Resources.
Range Resources also recently released its quarterly earnings report on April 24th, which showed positive results for the company. The report showed that the company had revenue of $1.19 billion for the quarter compared to analyst estimates of $772.38 million. Range Resources had a net margin of 41.18% and generated an EPS of $0.99, beating consensus estimates by $0.28 per share.
Despite this promising report, several investment analysts have rated the stock as “sell,” while eight others have designated it as a “hold.” However, 12 other analysis firms bestowed “buy” ratings on shares of Range Resources.
The Fort Worth-based firm was founded in 1976 solely dedicated to natural gas exploration but ventured into oil drilling later on. The shale revolution changed most rules in energy production and boosted demand for nat gas making it more accessible and feasible to produce in large volumes.
In conclusion, both institutional investors and industry professionals continue to make significant acquisitions with Range Resources due to its consistently strong financials in recent quarters along with its potential growth prospects makes RRC stock attractive for those favoring energy sector investments capable of providing decent returns over time.