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Range Resources director buys $51,975 in company stock

Published 2024/05/06, 16:24

In a recent transaction, Charles G. Griffie, a director at Range Resources Corp (NYSE:RRC), purchased shares of the company's common stock, signaling confidence in the energy firm's prospects. Griffie acquired 1,500 shares at a price of $34.65 per share, amounting to a total investment of $51,975.

This purchase increases Griffie's direct ownership in the company to 4,646 shares. The transaction, which took place on May 2nd, 2024, was disclosed in a filing with the Securities and Exchange Commission on May 6th, 2024. Such insider buying activity is often scrutinized by investors as it can reflect the management's view on the company's future performance.

Range Resources Corp, with its headquarters in Fort Worth, Texas, operates in the crude petroleum and natural gas sector. The company, incorporated in Delaware, has been a player in the energy industry and is known for its involvement in the exploration, development, and acquisition of natural gas and oil properties.

Investors and market watchers typically pay close attention to insider transactions like Griffie's, as they can provide insights into how the company's leadership perceives the business's value and growth potential. While the reasons behind an insider's decision to buy or sell stock can vary, purchases are often seen as a positive sign that those with the most knowledge of the company anticipate a strong financial future.

For those tracking insider transactions, updates such as these offer a glimpse into the actions of key executives and can be a factor in investment decisions. As always, investors are encouraged to consider a wide range of information when evaluating their stock positions.

Range Resources Corp's stock, traded under the ticker RRC, continues to be an active name among investors interested in the energy sector, particularly in the context of market dynamics and energy prices.

InvestingPro Insights

Following the insider buying activity at Range Resources Corp (NYSE:RRC), investors may find additional context in the company's recent performance and market valuation. According to real-time data from InvestingPro, the company's market capitalization stands at $8.96 billion, with a Price to Earnings (P/E) ratio of 18.42. This valuation comes into sharper focus when considering the adjusted P/E ratio for the last twelve months as of Q1 2024, which is slightly lower at 15.79.

The company's revenue for the same period is reported at $2.008 billion, alongside a gross profit margin of 31.61%. Despite this profitability, Range Resources has experienced a significant revenue decline, with a -62.85% change over the last twelve months leading up to Q1 2024. The stock price is currently trading near its 52-week high, at 96.31% of this peak, reflecting a strong recent performance with a three-month total return of 27.49%.

InvestingPro Tips suggest a mixed outlook for the company. While analysts have revised their earnings downwards for the upcoming period, which could be a cause for concern, the stock is also noted for trading with low price volatility. Moreover, the company is operating with a moderate level of debt and is trading at a high revenue valuation multiple. For investors seeking further insights, there are additional InvestingPro Tips available, offering a deeper analysis of Range Resources Corp's financial health and market position. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

These metrics and insights provide a richer understanding of the company's current status and may help investors weigh the significance of insider transactions like that of Charles G. Griffie against broader financial indicators.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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