T. Rowe Price Boosts Range Resources Stake to 9.5%
Ticker: RRC · Form: SC 13G · Filed: Feb 12, 2024 · CIK: 315852
Complexity: simple
Sentiment: bullish
Topics: institutional-ownership, stake-increase, passive-investment
TL;DR
**T. Rowe Price just revealed a 9.5% stake in Range Resources, signaling big institutional confidence.**
AI Summary
T. Rowe Price Associates, Inc., a major investment firm, reported owning 22,877,371 shares of Range Resources Corp (RRC) as of December 31, 2023. This represents a significant 9.5% stake in the crude petroleum and natural gas company. This matters to investors because T. Rowe Price is a large institutional investor, and their substantial holding indicates a strong belief in Range Resources' future prospects, potentially signaling stability or growth potential for the stock.
Why It Matters
A large institutional investor like T. Rowe Price holding a significant stake can signal confidence in the company's future, potentially attracting other investors and stabilizing the stock price.
Risk Assessment
Risk Level: low — This filing indicates a large institutional investor's significant stake, which generally adds stability rather than risk.
Analyst Insight
A smart investor would view T. Rowe Price's substantial 9.5% stake as a positive signal, suggesting institutional confidence in Range Resources Corp, and might consider further research into RRC's fundamentals.
Key Numbers
- 22,877,371 — Aggregate Shares Beneficially Owned (This is the total number of Range Resources shares T. Rowe Price controls, indicating their significant investment.)
- 9.5% — Percent of Class Owned (This percentage highlights T. Rowe Price's substantial influence as a shareholder in Range Resources.)
- 11,645,889 — Sole Voting Power Shares (This shows the number of shares T. Rowe Price can vote on independently, giving them direct influence over company decisions.)
- 22,873,562 — Sole Dispositive Power Shares (This indicates the number of shares T. Rowe Price can sell or dispose of independently, reflecting their control over a large block of stock.)
Key Players & Entities
- T. ROWE PRICE ASSOCIATES, INC. (company) — the reporting person and institutional investor
- RANGE RESOURCES CORP (company) — the issuer whose shares are being reported
- 22,877,371 (dollar_amount) — aggregate shares beneficially owned by T. Rowe Price
- 9.5% (dollar_amount) — percentage of Range Resources' class of securities owned by T. Rowe Price
- December 31, 2023 (person) — the date of the event requiring the filing
Forward-Looking Statements
- Range Resources Corp's stock price will experience increased stability due to T. Rowe Price's significant stake. (RANGE RESOURCES CORP) — medium confidence, target: Q2 2024
- T. Rowe Price will maintain or slightly increase its position in Range Resources Corp over the next year. (T. ROWE PRICE ASSOCIATES, INC.) — medium confidence, target: December 31, 2024
FAQ
Who filed this SC 13G statement?
The SC 13G statement was filed by T. ROWE PRICE ASSOCIATES, INC. /MD/.
What company's shares are the subject of this filing?
The shares are those of RANGE RESOURCES CORP, identified by CUSIP NUMBER 75281A109.
As of what date did the event requiring this filing occur?
The event requiring the filing occurred on December 31, 2023.
What percentage of Range Resources Corp's common stock does T. Rowe Price Associates, Inc. beneficially own?
T. Rowe Price Associates, Inc. beneficially owns 9.5% of Range Resources Corp's common stock, as stated in Row 11 of the filing.
How many shares does T. Rowe Price Associates, Inc. have sole voting power over?
T. Rowe Price Associates, Inc. has sole voting power over 11,645,889 shares, as indicated in Item 5 of the filing.
Filing Details
This Form SC 13G (Form SC 13G) was filed with the SEC on February 12, 2024 by December 31, 2023 regarding RANGE RESOURCES CORP (RRC).