Ashley Kavanaugh, the Vice President and Principal Accounting Officer at Range Resources Corp (NYSE:RRC), has sold a significant number of shares in the company. On September 23, Kavanaugh offloaded 12,700 shares at an average price of $31.448, totaling approximately $399,389. This sale follows an acquisition of 226 shares on September 20, which was part of a company match deposited into a deferred compensation account, vested at $30.61 per share for a total value of $6,917.
The transactions were disclosed in a recent filing with the Securities and Exchange Commission. Following the sale, Kavanaugh still holds a notable number of shares in the company, with 9,670 shares remaining in her direct ownership and additional holdings in indirect forms such as a 401k and unvested shares.
Range Resources Corp, a prominent player in the crude petroleum and natural gas sector, has seen its shares actively traded by insiders, which is often a point of interest for investors. Kavanaugh's recent dealings provide a glimpse into executive confidence and financial moves within the company.
As of the latest report, in addition to her direct and indirect stock holdings, Kavanaugh also holds 3,205 Performance Share Units (PSUs), further aligning her interests with the company's performance.
Investors and market watchers often scrutinize insider transactions as they may provide insights into the company's prospects and the sentiment of its top executives. The sale by Kavanaugh represents a substantial transaction and may be of interest to those following Range Resources' financial dynamics.
In other recent news, Rigel (NASDAQ:RIGL) Resource Acquisition Corp. secured a $1.5 million loan from its sponsor, Rigel Resource Acquisition Holding LLC, to support operational expenses as it seeks to finalize a business combination. On the other hand, Range Resources Corporation (NYSE:RRC) announced the upcoming retirement of board member Steve Gray in October 2024, marking the end of a significant tenure that began in 2018. In financial news, the company recently reported robust Q2 earnings for fiscal year 2024, with a strong emphasis on operational efficiency and cost management. However, Piper Sandler downgraded Range Resources from an Overweight to a Neutral rating, primarily due to a revised long-term natural gas price forecast. The company's strategic focus on cost management and efficiency, coupled with its proactive hedging strategy, positions it to adapt to market conditions as necessary. These are some of the recent developments that investors should keep an eye on.
InvestingPro Insights
As investors consider the implications of Ashley Kavanaugh's recent stock sale in Range Resources Corp (NYSE:RRC), several key metrics and insights from InvestingPro can provide a clearer picture of the company's financial health and market performance. Range Resources Corp currently has a market capitalization of $7.64 billion, reflecting its standing in the crude petroleum and natural gas sector. The company's P/E ratio, a measure of its current share price relative to its per-share earnings, stands at 15.72, with an adjusted P/E ratio for the last twelve months as of Q2 2024 at 14.43. This valuation suggests a moderate level of investor confidence in the company's earnings potential.
An important factor for shareholders to consider is the company's profitability. InvestingPro Tips indicate that analysts predict Range Resources will be profitable this year, and the company has been profitable over the last twelve months. This is corroborated by the company's gross profit margin of 41.08%, which speaks to its efficiency in controlling the costs associated with its production. Additionally, despite recent revenue declines, with a -42.83% change in the last twelve months as of Q2 2024, Range Resources has maintained a strong operating income margin of 32.43%, underscoring its ability to generate earnings from its operations.
InvestingPro Tips also highlight that Range Resources operates with a moderate level of debt and has experienced a strong return over the last five years. However, investors should note that the company's short-term obligations exceed its liquid assets, which could pose challenges for near-term financial flexibility. Moreover, the stock generally trades with low price volatility, which may appeal to investors looking for stability in their holdings.
For those interested in a deeper dive into Range Resources' financials and market performance, InvestingPro offers additional insights and metrics. There are currently six more InvestingPro Tips available, providing a comprehensive analysis of the company's financial health and stock performance. Visit https://www.investing.com/pro/RRC to access these valuable tips and make more informed investment decisions.
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