FORT WORTH, Texas—Reginal Spiller, a director at Range Resources Corp (NYSE:RRC), recently sold 2,800 shares of the company's common stock, according to a regulatory filing with the Securities and Exchange Commission. The shares were sold at an average price of $34.2401, resulting in a total transaction value of approximately $95,872.
Following this transaction, Spiller holds 12,453 shares directly. Additionally, Spiller has indirect ownership of 5,410 shares, which remain unvested. The sale was executed on November 11, 2024, as per the filing.
Range Resources Corp, headquartered in Fort Worth, operates in the crude petroleum and natural gas industry.
In other recent news, Range Resources reported a robust Q3 performance, maintaining a production level of 2.2 Bcf equivalent per day, and forecasting similar production levels for Q4. The company's annual average production is expected to surpass previous guidance, landing around 2.17 Bcfe per day. BofA Securities initiated coverage on Range Resources with a Neutral rating, citing the company's efficient program and potential for future growth. Meanwhile, 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.
Further, Range Resources highlighted a significant premium in its price realization over the Henry Hub Natural Gas, backed by a strong NGL marketing strategy and operational efficiencies. The company invested $156 million in Q3, aligning with its full-year capital guidance, which supported dividends, share buybacks, and a significant reduction in net debt. Range Resources plans to continue its operational efficiency with two horizontal rigs and maintain a single frac crew in 2025, emphasizing capital flexibility.
These recent developments illustrate Range Resources' strategic approach to steady production levels and capitalizing on market opportunities. With a focus on operational efficiencies and a strong NGL marketing strategy, the company is well-positioned for future growth and sustained free cash flow generation. The company is also optimistic about future LNG facility commissioning, further highlighting its growth potential.
InvestingPro Insights
In light of Director Reginal Spiller's recent stock sale, it's worth examining some key financial metrics and insights for Range Resources Corp (NYSE:RRC). According to InvestingPro data, the company's market capitalization stands at $8.23 billion, with a price-to-earnings ratio of 17.16, suggesting a moderate valuation relative to earnings.
Range Resources has demonstrated strong financial performance, with a gross profit margin of 40.22% for the last twelve months as of Q3 2024. This robust margin indicates the company's ability to maintain profitability in the competitive energy sector. Additionally, the company's operating income margin of 32.3% for the same period reflects efficient operational management.
InvestingPro Tips highlight that Range Resources has been profitable over the last twelve months and analysts predict continued profitability this year. This positive outlook aligns with the company's solid financial metrics and may provide context for investor sentiment surrounding the stock.
It's noteworthy that the stock has shown significant returns recently, with a 11.96% price total return over the past week and a 14.57% return over the last three months. These short-term gains could be influencing insider trading decisions, such as Director Spiller's sale.
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights, with 8 more tips available for Range Resources. These tips could provide valuable context for understanding the company's position in the crude petroleum and natural gas industry.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.