Range Resources Corp. (NYSE:RRC) Short Interest Up 7.5% in April

Range Resources Corp. (NYSE:RRC) was the recipient of a significant growth in short interest during the month of April. As of April 15th, there was short interest totalling 48,807,062 shares, a growth of 7.5% from the March 29th total of 45,411,647 shares. Based on an average daily volume of 6,372,579 shares, the days-to-cover ratio is currently 7.7 days. Currently, 19.8% of the company’s stock are short sold.

RRC stock traded down $0.55 during midday trading on Friday, reaching $8.76. 5,539,896 shares of the company traded hands, compared to its average volume of 7,562,156. Range Resources has a 52-week low of $8.49 and a 52-week high of $18.59. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.58 and a quick ratio of 0.54. The company has a market cap of $2.34 billion, a PE ratio of 7.75, a price-to-earnings-growth ratio of 0.65 and a beta of 1.07.

Range Resources (NYSE:RRC) last issued its quarterly earnings data on Monday, April 22nd. The oil and gas exploration company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Range Resources had a positive return on equity of 5.23% and a negative net margin of 54.57%. The business had revenue of $748.13 million for the quarter, compared to the consensus estimate of $789.65 million. During the same period in the prior year, the business posted $0.46 earnings per share. The company’s quarterly revenue was up .7% compared to the same quarter last year. Equities research analysts expect that Range Resources will post 0.62 EPS for the current year.

Several research firms have issued reports on RRC. Jefferies Financial Group reissued a “buy” rating and set a $19.00 price target on shares of Range Resources in a report on Wednesday, January 30th. Morgan Stanley set a $11.00 price target on Range Resources and gave the company a “sell” rating in a report on Tuesday, January 29th. Zacks Investment Research lowered Range Resources from a “hold” rating to a “sell” rating in a report on Friday, February 1st. Cowen started coverage on Range Resources in a report on Tuesday, April 9th. They set an “outperform” rating and a $14.00 price target for the company. Finally, TheStreet lowered Range Resources from a “c” rating to a “d” rating in a research note on Wednesday, March 13th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and ten have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $17.15.

In other news, Director James M. Funk acquired 10,000 shares of Range Resources stock in a transaction that occurred 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 completion of the transaction, the director now owns 22,706 shares in the company, valued at $222,518.80. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven D. Gray acquired 20,000 shares of Range Resources stock in a transaction that occurred on Thursday, May 2nd. The shares were purchased at an average price of $8.77 per share, with a total value of $175,400.00. The disclosure for this purchase can be found here. Insiders bought 61,100 shares of company stock valued at $592,744 in the last 90 days. Company insiders own 0.35% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its holdings in shares of Range Resources by 4.1% in the fourth quarter. BlackRock Inc. now owns 19,457,675 shares of the oil and gas exploration company’s stock worth $186,211,000 after buying an additional 771,511 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Range Resources by 33.3% in the first quarter. Dimensional Fund Advisors LP now owns 12,869,376 shares of the oil and gas exploration company’s stock worth $144,652,000 after buying an additional 3,214,305 shares during the period. Investec Asset Management LTD purchased a new stake in shares of Range Resources in the fourth quarter worth approximately $90,825,000. ANTIPODES PARTNERS Ltd raised its holdings in shares of Range Resources by 18.5% in the fourth quarter. ANTIPODES PARTNERS Ltd now owns 7,424,165 shares of the oil and gas exploration company’s stock worth $71,049,000 after buying an additional 1,159,864 shares during the period. Finally, FMR LLC raised its holdings in shares of Range Resources by 9,258.5% in the fourth quarter. FMR LLC now owns 7,341,074 shares of the oil and gas exploration company’s stock worth $70,254,000 after buying an additional 7,262,631 shares during the period.

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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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