In a recent transaction, Erin W. McDowell, SVP & General Counsel at Range Resources Corp (NYSE:RRC), sold 18,028 shares of the company's common stock. The sale, which took place on May 16, 2024, amounted to over $665,413, with the shares priced at $36.91 each.
The sale was primarily to cover withholding taxes associated with a required distribution from the 2004 Deferred Compensation Plan. This transaction reduced McDowell's direct holdings in the company but did not leave her without a significant stake. Following the sale, McDowell still owns 40,175 shares in the company, held indirectly through a Deferred Compensation Account.
In a separate but related transaction on June 3, 2024, McDowell transferred the same number of shares, 18,028, from an indirect holding to a direct holding. This transfer was part of a scheduled distribution from the deferred compensation plan and was reported voluntarily, as such transfers are exempt from mandatory reporting. After the distribution, McDowell's direct stake in Range Resources increased to 60,251 shares.
Additionally, as of May 16, 2024, McDowell holds 23,148 Performance Share Units (PSUs), which represent a potential future equity interest in the company based on certain performance criteria.
Range Resources Corp, headquartered in Fort Worth, Texas, is a company specializing in the exploration and production of natural gas and oil, with operations primarily in the Marcellus Shale in Pennsylvania. The company's stock trades on the New York Stock Exchange under the ticker symbol RRC.
Investors often monitor insider transactions like these for insights into executive confidence and company performance. McDowell's recent transactions indicate a significant change in her investment position, while still maintaining a vested interest in the company's future.
InvestingPro Insights
Range Resources Corp (NYSE:RRC) has recently been under the spotlight due to insider transactions, with Erin W. McDowell's sale of shares drawing particular attention. As investors scrutinize these moves for indications of executive sentiment and company outlook, it's valuable to consider the company's current financial metrics and analyst expectations.
An InvestingPro Tip suggests that analysts are optimistic about Range Resources, with 15 analysts having revised their earnings upwards for the upcoming period. This could signal a positive trajectory for the company's financial performance. Additionally, the stock is noted for trading near its 52-week high, which may indicate strong market confidence in the company's value and potential for growth.
Looking at the real-time data from InvestingPro, Range Resources Corp boasts a market capitalization of approximately $9.43 billion, reflecting its significant presence in the industry. The company's P/E ratio stands at 19.41, while the adjusted P/E ratio for the last twelve months as of Q1 2024 is slightly lower at 16.77. These figures suggest a valuation that may be attractive to certain investors based on earnings. Moreover, the company has experienced a strong return over the last three months, with a price total return of 24.09%.
For those interested in gaining deeper insights, there are additional InvestingPro Tips available, which could provide further guidance on the company's financial health and investment potential. By using the coupon code PRONEWS24, readers can receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription to access these valuable insights.
Given the recent insider transactions and the company's performance metrics, investors may find these insights particularly useful in shaping their investment decisions regarding Range Resources Corp.
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