Range Resources beats profit estimates as Bank of Nova Scotia buys $2.2M stake
What's the deal? Bank of Nova ScotiaDealroom has a profile for this one. Try Dealroom → acquired a new stake in Range Resources CorporationDealroom has a profile for this one. Try Dealroom → (NYSE:RRC) during the second quarter, buying 59,701 shares worth roughly $2,220,000, according to its latest Form 13F filing with the Securities and Exchange Commission.
What does the company do? Range Resources is an oil and gas exploration company. It carries a market capitalisation of $9.73 billion, a price-to-earnings ratio of 11.50, and a debt-to-equity ratio of 0.18.
How are the numbers? Range beat expectations in its most recent quarter, reported July 21. It posted earnings of $0.79 per share against a consensus of $0.66, and revenue of $759.58 million topped the $744.78 million estimate — though revenue fell 2.7% year-over-year.
The details: The company reported a net margin of 25.04% and a return on equity of 18.63%. It also declared a quarterly dividend of $0.10, paid June 26, for a 1.0% annualised yield and a payout ratio of 11.05%.
Who else is buying? Several institutions added positions in the second quarter, including Mitsubishi UFJ Asset ManagementDealroom has a profile for this one. Try Dealroom →, Northwestern Mutual Wealth ManagementDealroom has a profile for this one. Try Dealroom →, and Trust Co. of VermontDealroom has a profile for this one. Try Dealroom →. Institutional investors and hedge funds now own 98.93% of the stock.
Yes, but: Director Reginal Spiller sold 3,500 shares on August 5 at an average of $40.00, a $140,000 transaction that cut his holding by 20.68%. Insiders own 1.10% of the company.
What are analysts saying? Views are split. Raymond JamesDealroom has a profile for this one. Try Dealroom → set a $45.00 price target on July 27, while UBS GroupDealroom has a profile for this one. Try Dealroom → and CitigroupDealroom has a profile for this one. Try Dealroom → reaffirmed "neutral" ratings and Weiss RatingsDealroom has a profile for this one. Try Dealroom → cut the stock from "buy" to "hold" in July.
The signal: Shares opened at $41.64, up 1.6%, near the middle of a 12-month range spanning $32.68 to $48.31. With near-total institutional ownership and a fresh earnings beat, Range remains firmly a story told by the funds that hold it.
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