Ulland Investment Advisors LLC, a prominent investment firm, has recently disclosed a decrease in its position in shares of Range Resources Co. (NYSE:RRC). According to their latest filing with the Securities and Exchange Commission (SEC), Ulland Investment Advisors LLC reduced its holdings in the oil and gas exploration company by 16.8% during the second quarter of this year.
The report reveals that Ulland Investment Advisors LLC now owns 52,795 shares of Range Resources’ stock after selling 10,640 shares in the last quarter. Despite the reduction, Range Resources still constitutes about 1.6% of Ulland Investment Advisors LLC’s overall portfolio, making it their 18th largest position. The total value of Ulland Investment Advisors LLC’s holdings in Range Resources was recorded at $1,552,000 as per the end of the most recent reporting period.
This development is significant as it provides insights into Ulland Investment Advisors LLC’s strategic decision-making concerning its investment portfolio and particularly its position on Range Resources Co. It demonstrates their assessment and adjustments based on market conditions and potential opportunities for growth within the industry.
In terms of financial performance, Range Resources recently released its quarterly earnings data on Monday, July 24th. The oil and gas exploration company reported earnings per share (EPS) of $0.30 for the quarter – surpassing market expectations by $0.08. Additionally, Range Resources generated $637.00 million in revenue during this period compared to the consensus estimate of $567.67 million.
Although there was a substantial decline in quarterly revenue compared to the same period last year, with a drop of 48%, analysts project positive prospects for Range Resources Co. Going forward, sell-side analysts anticipate that the company will post an EPS of 1.95 for the current fiscal year.
Range Resources’ latest financial results demonstrate both challenges and achievements within the oil and gas exploration sector. While experiencing a decline in revenue, the company managed to exceed earnings expectations. This indicates that Range Resources has successfully implemented strategies to maximize profitability despite the challenging market conditions in the industry.
It is worth noting that further analyses and insights from financial experts are required to accurately evaluate the long-term implications of Ulland Investment Advisors LLC’s decision and Range Resources’ financial performance. Nevertheless, these recent developments highlight the dynamic nature of the investment landscape and emphasize the importance of continuously assessing investment strategies based on evolving market conditions.
In conclusion, Ulland Investment Advisors LLC has reduced its position in Range Resources Co., as revealed by their latest disclosure with the SEC. Range Resources reported better-than-expected earnings per share for their most recent quarter, although there was a significant decrease in revenue compared to last year. The future performance of Range Resources will depend on various factors such as industry trends, market conditions, and management strategies.
Hedge Fund Activity and Analyst Ratings Highlight Growing Confidence in Range Resources Corporation
In recent months, several hedge funds have made significant changes to their positions in Range Resources Corporation (RRC). Ameritas Advisory Services LLC, International Assets Investment Management LLC, and Clear Street Markets LLC all acquired new stakes in the company during the first quarter of this year. These investments were valued at approximately $42,000, $53,000, and $53,000 respectively. Additionally, Steward Partners Investment Advisory LLC and Belpointe Asset Management LLC increased their stakes in Range Resources by 37.6% and 60.8% respectively during the same period.
It is worth noting that hedge funds and other institutional investors now own approximately 94.73% of Range Resources’ stock. This ownership structure highlights the confidence that these investors have in the company’s prospects moving forward.
Shares of Range Resources opened at $32.41 on Friday, maintaining a relatively stable position within its trading range. The company has a debt-to-equity ratio of 0.52, suggesting a relatively healthy financial position. Moreover, it boasts a current ratio and quick ratio of 0.86 each.
Range Resources has experienced both highs and lows over the past year with its stock price ranging from $22.61 to $34.54. As of now, the company holds a market capitalization of $7.80 billion with a favorable P/E ratio of 4.72 and P/E/G ratio of 0.59. Furthermore, it exhibits a beta value of 2.12.
The firm recently declared a quarterly dividend on Friday, September 29th for shareholders who were recorded on Friday, September 15th with an ex-dividend date set for Thursday, September 14th at an issuance rate of $0.08 per share held annually.
Various research reports have been released discussing Range Resources’ performance as well as providing ratings and price targets for its stock.
UBS Group raised their target price from $24.00 to $28.00 and gave the stock a “sell” rating in August 17th’s research note. Meanwhile, StockNews.com upgraded the stock from a “sell” rating to a “hold” rating on September 1st.
Piper Sandler increased their target price on Range Resources’ stock from $37.00 to $41.00, providing an “overweight” rating while Truist Financial raised their price objective from $29.00 to $32.00, giving a “hold” rating in a research report published on September 11th.
Lastly, Wells Fargo & Company also raised their price objective for Range Resources from $35.00 to $38.00, suggesting an “overweight” rating in their research report on September 1st.
In summary, there have been notable developments in the positions of hedge funds and other institutional investors in Range Resources Corporation over the past quarter, showcasing growing interest and confidence in the company amidst its stable stock performance. As always, it is recommended that investors conduct thorough research before making any investment decisions based on these findings and ratings reported by various analysts.