Mark Scucchi, the Executive Vice President and Chief Financial Officer of Range Resources Corp (NYSE:RRC), has sold a significant portion of his company stock, according to recent filings with the Securities and Exchange Commission. Scucchi completed the sale of 49,569 shares at a price of $36.91 per share, totaling approximately $1.83 million.
The transactions took place on May 16, 2024, and were part of a required distribution from the company's 2004 Deferred Compensation Plan, mainly to cover the withholding taxes associated with the distribution. Following this sale, Scucchi still holds a substantial number of shares in the company, with a reported 94,713 shares remaining in his Deferred Compensation Account.
In addition to the sale, there was a transfer of shares on June 3, 2024, from an indirect holding to a direct holding, which was exempt from reporting. However, the reporting person voluntarily disclosed this information. This transfer was part of a scheduled deferred compensation plan distribution, but did not involve any sale and therefore had no associated dollar value.
Scucchi's remaining holdings in Range Resources are diverse, including shares held indirectly through his 401K and IRA, as well as unvested shares. The filing also noted that as of May 16, 2024, Scucchi holds 172,217 Performance Share Units (PSUs), which are tied to the company's performance metrics.
The filings provide transparency into the financial moves of top executives at Range Resources, giving investors insight into their confidence in the company's future prospects. While the sale of stock by an executive can often prompt speculation, it's important to note that such transactions can be part of standard financial planning and diversification strategies.
Range Resources Corp, based in Fort Worth, Texas, is a leading natural gas and oil producer with operations primarily focused on stacked-pay projects in the Appalachian Basin.
InvestingPro Insights
Mark Scucchi's recent stock sale from Range Resources Corp (NYSE:RRC) has put the spotlight on the company's financial health and future prospects. To provide further context for investors, here are some key metrics and insights from InvestingPro:
Range Resources Corp has a market capitalization of approximately $9.43 billion USD, reflecting its significant presence in the natural gas and oil production industry. The company's P/E ratio stands at 19.41, which adjusts to a slightly lower 16.77 when considering the last twelve months as of Q1 2024. This suggests that the company's earnings are being valued at a lower multiple compared to the previous period, which could indicate a more attractive valuation for investors.
The company's revenue for the last twelve months as of Q1 2024 was reported at $2008.35 million USD. Despite a noticeable decline in revenue growth during this period, with a -62.85% change, the operating income margin remained robust at 41.44%. This indicates that Range Resources has maintained a strong grip on its operational efficiency, even in the face of decreasing revenue.
InvestingPro Tips highlight that analysts have revised their earnings estimates upwards for the upcoming period, suggesting optimism about the company's financial performance. Additionally, the stock has been trading near its 52-week high, which pairs with a strong return over the last three months, indicating a positive trend in investor sentiment. There are 15 additional InvestingPro Tips available for Range Resources, which can be accessed on the platform for a deeper analysis.
For investors looking to delve deeper into Range Resources Corp's financials and stock performance, InvestingPro offers a comprehensive set of tools and insights. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription and unlock the full potential of InvestingPro's resources.
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