In a recent transaction, a director at Range Resources Corp (NYSE:RRC), Spiller Reginal, has sold a portion of his holdings in the company. The sale, which took place on May 21, 2024, involved 1,460 shares at a price of $38.6766 per share, amounting to a total value of approximately $56,467.
This transaction was disclosed in the company's latest filing, where it was stated that the shares were sold to cover tax obligations related to the vesting of historical equity awards. Following the sale, Spiller Reginal still holds a significant number of shares in the company, with 15,253 shares remaining in his direct ownership.
Investors often monitor insider transactions as they can provide insights into an executive's view of the company's future performance. In the case of Spiller Reginal's transaction, the sale was for tax purposes rather than a reflection of his outlook on Range Resources' value or performance.
Range Resources Corp, a player in the crude petroleum and natural gas sector, has its shares publicly traded and continues to be a subject of interest for investors keeping an eye on energy and transportation sectors. The company, incorporated in Delaware, has a history that includes a name change from Lomak Petroleum Inc in 1992.
The sale by Spiller Reginal is a routine financial move that executives often make to manage their personal financial and tax situations. Shareholders and potential investors in Range Resources Corp can continue to follow such transactions through future filings to stay informed about the investment decisions of the company's insiders.
InvestingPro Insights
Range Resources Corp (NYSE:RRC) has been performing notably in the market with several positive indicators. According to recent data from InvestingPro, the company's market capitalization stands at a robust $9.1 billion. The company's P/E ratio, a measure of its current share price relative to its per-share earnings, is 18.83, which adjusts to a slightly more favorable 16.2 when considering the last twelve months as of Q1 2024. This suggests that investors are showing confidence in the company's earnings potential.
One of the InvestingPro Tips that stands out for Range Resources is that analysts have revised their earnings upwards for the upcoming period, indicating a positive outlook on the company's financial performance. Additionally, the company has been trading near its 52-week high, with the price at 95.5% of this peak, reflecting strong market sentiment.
Despite a notable decrease in revenue growth over the last twelve months, with a -62.85% change, the company has maintained a solid gross profit margin of 31.61%. This indicates that Range Resources has been effective in managing its cost of goods sold and maintaining profitability. Moreover, the company has experienced a strong return over the last three months, with a total return of 18.45%.
For investors seeking more in-depth analysis and additional insights, there are 9 more InvestingPro Tips available for Range Resources Corp, which can be accessed at https://www.investing.com/pro/RRC. To further enrich your investment strategy, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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