BlackRock Amends Range Resources Stake to 9.8%
Ticker: RRC · Form: SC 13G/A · Filed: Jan 24, 2024 · CIK: 315852
Complexity: simple
Sentiment: neutral
Topics: institutional-ownership, amendment, passive-investment
TL;DR
**BlackRock still a major holder in Range Resources, now at 9.8%.**
AI Summary
BlackRock Inc. filed an amended SC 13G/A on January 24, 2024, disclosing its ownership in Range Resources Corp. As of December 31, 2023, BlackRock beneficially owned 24,354,834 shares of Range Resources' Common Stock, representing 9.8% of the company. This is an amendment (Amendment No: 3), indicating a change in their previously reported holdings. This matters to investors because BlackRock is a major institutional investor, and changes in their stake can signal their confidence (or lack thereof) in Range Resources' future performance, potentially influencing other investors.
Why It Matters
BlackRock's significant 9.8% stake in Range Resources Corp. means they are a major shareholder, and their investment decisions can influence the stock's perception and potentially its price.
Risk Assessment
Risk Level: low — This filing simply updates BlackRock's ownership percentage and does not indicate any immediate negative or positive events for Range Resources.
Analyst Insight
Investors should note BlackRock's continued significant stake as a sign of institutional interest, but also recognize that 13G filings are generally passive and don't signal activist intent. Monitor future 13G/A filings for significant changes in ownership percentage, which could indicate a shift in BlackRock's long-term view.
Key Numbers
- 24,354,834 — Shares Beneficially Owned (This is the total number of Range Resources Common Stock shares BlackRock Inc. reported owning as of December 31, 2023.)
- 9.8% — Ownership Percentage (This represents BlackRock Inc.'s total percentage of Range Resources Corp.'s Common Stock outstanding as of December 31, 2023.)
Key Players & Entities
- BlackRock Inc. (company) — the institutional investor filing the SC 13G/A
- Range Resources Corp. (company) — the subject company in which BlackRock holds shares
- 24,354,834 shares (dollar_amount) — the number of shares beneficially owned by BlackRock
- 9.8% (dollar_amount) — the percentage of Range Resources' Common Stock owned by BlackRock
- December 31, 2023 (date) — the date of the event requiring the filing
Forward-Looking Statements
- BlackRock will maintain a significant, but potentially fluctuating, stake in Range Resources Corp. as part of its passive investment strategies. (BlackRock Inc.) — high confidence, target: December 31, 2024
FAQ
Who filed this SC 13G/A amendment?
This SC 13G/A amendment (Amendment No: 3) was filed by BlackRock Inc., a major institutional investment manager, regarding its holdings in Range Resources Corp.
What is the subject company of this filing?
The subject company of this filing is Range Resources Corp., identified by the CUSIP Number 75281A109 and the Central Index Key 0000315852.
What was BlackRock's reported beneficial ownership percentage in Range Resources Corp. as of the filing's event date?
As of December 31, 2023, BlackRock Inc. reported beneficial ownership of 9.8% of Range Resources Corp.'s Common Stock.
How many shares of Range Resources Corp. Common Stock did BlackRock Inc. beneficially own?
BlackRock Inc. beneficially owned 24,354,834 shares of Range Resources Corp. Common Stock as of December 31, 2023.
What is the significance of this being an 'Amendment No: 3'?
The 'Amendment No: 3' indicates that this is the third update to BlackRock's initial Schedule 13G filing for Range Resources Corp., meaning there have been previous disclosures and this filing reflects a change in their reported ownership since the last amendment.
Filing Details
This Form SC 13G/A (Form SC 13G/A) was filed with the SEC on January 24, 2024 regarding RANGE RESOURCES CORP (RRC).