Range Resources Insider Purchase Sparks Interest Among Investors
On Wall Street, there’s an old adage regarding insider buying: there are many reasons to sell a stock, but only one reason to buy. Recently, on October 24, Range Resources Corp’s Director, Charles G. Griffie, demonstrated this principle by investing $40,111.50 into 1,275 shares of RRC, resulting in a cost of $31.46 per share. Investors often pay close attention to such insider purchases, assuming that insiders expect to benefit financially from their investments.
During trading on Wednesday, shares of Range Resources Corp (Symbol: RRC) were available to bargain hunters at a cost basis 2.5% lower than Griffie’s purchase, with shares trading as low as $30.66. Since Griffie’s acquisition, he has received dividends totaling $0.17 per share, putting him 2.0% down on a total return basis. Currently, Range Resources Corp shares are down approximately 3.9% for the day. The chart below illustrates the one-year performance of RRC shares compared to its 200-day moving average:
Examining the chart, RRC’s 52-week low stands at $27.29 per share, while the 52-week high is $41.95. The most recent trade occurred at $30.57. Below is a table displaying the recorded insider buying prices for RRC over the past six months:
| Purchased | Insider | Title | Shares | Price/Share | Value |
|---|---|---|---|---|---|
| 10/24/2024 | Charles G. Griffie | Director | 1,275 | $31.46 | $40,111.50 |
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The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Nasdaq, Inc.
