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Range Resources director sells over $400k in company stock

Published 2024/05/20, 22:32

In a recent transaction, Greg G. Maxwell, a director at Range Resources Corp (NYSE:RRC), sold 11,072 shares of the company's common stock for a total value exceeding $400,000. The shares were sold at a price of $36.91 each, according to the latest filings with the Securities and Exchange Commission.

The transaction took place on May 16, 2024, and was part of a required distribution from the company's 2004 Deferred Compensation Plan, primarily to pay withholding taxes. Following this sale, Maxwell still holds 21,446 shares in the company, which are held in a deferred compensation account.

In addition to the sale, there were also transactions reported on June 3, 2024, involving the transfer of 11,072 shares from an indirect holding to a direct holding. This transfer is part of a scheduled distribution from the deferred compensation plan and is exempt from reporting. However, the reporting person has voluntarily disclosed this information. These transactions did not affect the market as they were non-monetary in nature.

Investors often keep an eye on insider transactions as they can provide insights into how the company's executives view the stock's value and future performance. The sale by Maxwell might be of particular interest to current and potential shareholders as they assess their investment in Range Resources.

It should be noted that the remaining shares owned by Maxwell are part of an unvested holding, which indicates a continued interest in the company's performance and alignment with shareholder value. The total remaining shares owned by Maxwell are 7,438, which are still in the deferred compensation account and are unvested.

Range Resources Corp, based in Fort Worth, Texas, is a company in the crude petroleum and natural gas industry, with operations primarily focused on exploration and production. Investors and shareholders will continue to monitor insider transactions and company performance as part of their investment decision-making process.

InvestingPro Insights

Range Resources Corp (NYSE:RRC) has been the subject of attention following recent insider transactions. As investors dissect these moves for potential implications on the company's valuation and stock performance, several metrics and tips from InvestingPro provide additional context.

InvestingPro Data shows that Range Resources Corp is currently trading near its 52-week high, with the price at 98.78% of this peak. This aligns with the recent transaction by director Greg G. Maxwell, indicating a high market valuation during the time of his stock sale. The company's market capitalization stands at $9.43 billion, reflecting investor confidence in its market position.

With a Price/Earnings (P/E) ratio of 19.41, and an adjusted P/E for the last twelve months as of Q1 2024 at 16.77, the company is trading at a valuation multiple that investors might find attractive when coupled with its profitability metrics. The P/E ratio adjustment suggests a slightly more favorable earnings outlook than the standard P/E might indicate.

From an operational standpoint, Range Resources Corp has maintained a moderate level of debt, which could be a sign of prudent financial management. This is an important consideration for investors who are evaluating the company's risk profile.

InvestingPro Tips highlight that analysts have recently revised their earnings upwards for the upcoming period, which could signal positive future performance. Additionally, while the stock has been noted to trade with low price volatility, it's also been mentioned that price movements can be quite volatile, suggesting investors should be prepared for potential swings in the stock's price.

For those looking to delve deeper into the financial health and future prospects of Range Resources Corp, InvestingPro offers additional insights. There are 9 more InvestingPro Tips available, which can be accessed through the InvestingPro platform at https://www.investing.com/pro/RRC. For a more comprehensive analysis, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

As the market absorbs the implications of insider transactions, these InvestingPro insights can help investors make more informed decisions regarding their holdings in Range Resources Corp.

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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