In a recent transaction, James M. Funk, a director at Range Resources Corp (NYSE:RRC), sold shares of the company's stock. On May 16, 2024, Funk sold 2,472 shares at a price of $36.91 each, totaling approximately $91,241.
The sale was made to primarily cover withholding taxes related to a required distribution from the 2004 Deferred Compensation Plan, as indicated by the footnotes in the filing. Following this transaction, Funk's direct holdings in the company's common stock were reported to be 72,758 shares in an indirect deferred compensation account.
In addition to the sale, on June 3, 2024, there was a transfer of 4,782 shares from an indirect holding to a direct holding. This transaction was part of a scheduled deferred compensation plan distribution with a distribution date of June 3, 2024. The transfer did not involve any sale of stock and therefore had a transaction total of $0.
These transactions were disclosed in a Form 4 filing with the Securities and Exchange Commission, providing insight into Funk's trading activities and current stake in the company. Investors often monitor such insider transactions as part of their analysis of a company's health and executive confidence in the firm's prospects.
InvestingPro Insights
As investors digest the recent insider transactions at Range Resources Corp (NYSE:RRC), they may find additional context in the company's current financial metrics and analyst projections. According to real-time data from InvestingPro, Range Resources is currently operating with a market capitalization of approximately $9.43 billion USD. The company's P/E ratio stands at 19.41, reflecting investor sentiment about its earnings potential. Notably, the adjusted P/E ratio for the last twelve months as of Q1 2024 is slightly lower at 16.77, suggesting a more favorable earnings outlook when accounting for certain adjustments.
InvestingPro Tips highlight that analysts have recently revised their earnings expectations upwards for the upcoming period, indicating potential optimism about the company's financial performance. Additionally, Range Resources has been trading near its 52-week high, with the price at 98.78% of this peak, which aligns with a strong return over the last three months, as the 3-month price total return is 24.09%. This could suggest a sustained positive momentum for the stock.
For those seeking a more comprehensive analysis, there are additional InvestingPro Tips available that delve deeper into Range Resources' volatility, debt levels, and valuation multiples. Moreover, investors can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro, where they can access a full suite of tips and metrics to inform their investment decisions.
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