Range Resources Corp (NYSE:RRC) reported that its Vice President and Principal Accounting Officer, Ashley Kavanaugh, has sold a total of 15,978 shares of company stock. The transaction took place on April 25, 2024, with shares sold at a price of $37.7476 each, amounting to a total value of approximately $603,131.
The sale was disclosed in a filing with the Securities and Exchange Commission (SEC). Following the transaction, Kavanaugh still owns 22,370 shares of Range Resources directly. Additionally, Kavanaugh has indirect ownership through a 401k and a Deferred Compensation Account, with 10,672.638 and 13,904 shares respectively. The executive also holds 22,466 unvested shares.
Range Resources Corp, an oil and natural gas producer, has seen its stock price fluctuate in recent months amid changing market conditions in the energy sector. The company is incorporated in Delaware and has its business address in Fort Worth, Texas.
Investors often monitor insider transactions as they can provide insights into the executives' confidence in the company's future performance. The recent sale by Kavanaugh represents a significant transaction by a key member of Range Resources' executive team.
As per the SEC filing, the sale was executed by Bryan C. Taylor, attorney-in-fact, on behalf of Kavanaugh. The filing did not include any specific footnotes or additional details regarding the nature of the sale.
Shareholders and potential investors can access the full details of the transaction on the SEC's website, which provides transparency into the trading activities of corporate insiders.
InvestingPro Insights
Range Resources Corp (NYSE:RRC) has been a topic of discussion among investors, particularly following the insider transaction involving Vice President and Principal Accounting Officer, Ashley Kavanaugh. To provide a broader financial context to the company's current market position, here are some key metrics and insights from InvestingPro:
As of the latest data, Range Resources Corp has a market capitalization of approximately $9.15 billion, reflecting the market's current valuation of the company. The stock's price-to-earnings (P/E) ratio stands at 18.65, while the adjusted P/E ratio for the last twelve months as of Q1 2024 is slightly lower at 16.27. These figures suggest an assessment of the company's earnings relative to its share price.
InvestingPro Tips have highlighted that analysts have recently revised their earnings expectations downwards for the upcoming period. This could be an important consideration for investors looking at the potential future earnings of the company. Moreover, the Relative Strength Index (RSI) indicates that the stock is currently in overbought territory, which could suggest that the stock's price might be reaching a peak relative to recent price movements.
Despite the recent insider sale, Range Resources has exhibited a strong return over the last year, with a 51.61% increase in total price return. This performance could be indicative of the company's resilience or investor optimism about its operations in the oil and natural gas sector.
For those interested in delving deeper into Range Resources Corp's financials and stock performance, InvestingPro offers additional insights and metrics. There are 13 more InvestingPro Tips available for Range Resources, providing a comprehensive analysis for investors. To access these insights and enhance your investment strategy, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at https://www.investing.com/pro/RRC.
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