Charles G. Griffie, a director at Range Resources Corp (NYSE:RRC), recently acquired 1,275 shares of the company's common stock. The purchase, made on October 24, was executed at a price of $31.46 per share, amounting to a total transaction value of $40,111. Following this acquisition, Griffie now holds 5,921 shares directly. Additionally, he has an indirect ownership of 5,410 shares, which are unvested. Range Resources Corp, based in Fort Worth, Texas, operates in the crude petroleum and natural gas sector.
In other recent news, Range Resources Corp. has been the subject of multiple analyst notes and has reported strong financial performance. BofA Securities recently initiated coverage on Range Resources with a neutral rating, citing the company's efficient capital program and extensive 30-year drilling inventory. However, the firm noted that growth prospects are limited due to the Marcellus Shale's current production capacity.
On the other hand, financial services firm Stephens increased Range Resources' stock price target from $37.00 to $39.00, influenced by expected growth in international natural gas liquids (NGL) demand and projections of U.S. Gulf Coast export capacity expansion in late 2025 and 2026.
In terms of financial performance, Range Resources reported robust Q3 results, maintaining a production level of 2.2 billion cubic feet equivalent per day (Bcfe/d), surpassing previous guidance with an annual average production of around 2.17 Bcfe per day. The company invested $156 million in Q3, aligning with its full-year capital guidance, which, along with free cash flow, supported dividends, share buybacks, and a significant reduction in net debt.
These recent developments underline the company's strategic approach to maintaining steady production levels and capitalizing on market opportunities. As part of its future plans, Range Resources intends to continue its operational efficiency with two horizontal rigs and maintain a single frac crew in 2025, emphasizing capital flexibility.
InvestingPro Insights
The recent insider purchase by Charles G. Griffie aligns with several positive indicators for Range Resources Corp (NYSE:RRC). According to InvestingPro data, the company's stock is currently trading at a P/E ratio of 15.45, which suggests a relatively modest valuation compared to some peers in the energy sector. This could indicate that Griffie sees potential value in the company's shares at current levels.
InvestingPro Tips highlight that Range Resources has been profitable over the last twelve months and analysts predict continued profitability this year. This financial health is further supported by the company's strong return over the last five years, which may have influenced Griffie's decision to increase his stake.
However, investors should note that Range Resources operates with a moderate level of debt, and its short-term obligations exceed liquid assets. These factors could present challenges in a volatile energy market, but the company's low price volatility, as noted by InvestingPro, may provide some stability for shareholders.
For those seeking a deeper analysis, InvestingPro offers 7 additional tips that could provide further insight into Range Resources' financial position and market performance. These additional tips, along with real-time metrics, can help investors make more informed decisions about their investments in the energy sector.
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