Q2 2024 Earnings Forecast for Range Resources Co. Issued By Zacks Research (NYSE:RRC)

Range Resources Co. (NYSE:RRC) – Equities researchers at Zacks Research dropped their Q2 2024 earnings estimates for Range Resources in a research note issued on Wednesday, June 26th. Zacks Research analyst R. Department now expects that the oil and gas exploration company will post earnings per share of $0.32 for the quarter, down from their prior forecast of $0.33. The consensus estimate for Range Resources’ current full-year earnings is $2.12 per share. Zacks Research also issued estimates for Range Resources’ Q2 2025 earnings at $0.67 EPS, Q3 2025 earnings at $0.69 EPS, Q4 2025 earnings at $0.69 EPS and FY2025 earnings at $2.86 EPS.

A number of other research firms also recently weighed in on RRC. Morgan Stanley raised their price target on Range Resources from $23.00 to $33.00 and gave the company an “underweight” rating in a research note on Wednesday, April 17th. Susquehanna lifted their price objective on shares of Range Resources from $34.00 to $36.00 and gave the company a “neutral” rating in a research report on Monday, April 22nd. Mizuho upped their target price on shares of Range Resources from $41.00 to $45.00 and gave the company a “buy” rating in a report on Monday, May 13th. StockNews.com raised Range Resources to a “sell” rating in a research report on Wednesday, March 13th. Finally, Truist Financial dropped their price target on Range Resources from $32.00 to $30.00 and set a “hold” rating on the stock in a research note on Friday, April 5th. Five investment analysts have rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Range Resources currently has an average rating of “Hold” and an average target price of $37.10.

Range Resources Price Performance

Shares of NYSE RRC opened at $34.15 on Monday. Range Resources has a fifty-two week low of $27.60 and a fifty-two week high of $39.33. The stock has a market capitalization of $8.29 billion, a price-to-earnings ratio of 17.34 and a beta of 1.88. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.35 and a quick ratio of 1.35. The business has a 50-day moving average of $35.99 and a 200-day moving average of $33.24.

Range Resources (NYSE:RRC) last posted its quarterly earnings data on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.21. The company had revenue of $718.20 million during the quarter, compared to analysts’ expectations of $680.72 million. Range Resources had a return on equity of 13.30% and a net margin of 17.00%. Range Resources’s revenue for the quarter was down 15.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.96 earnings per share.

Range Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.94%. The ex-dividend date of this dividend was Friday, June 14th. Range Resources’s dividend payout ratio (DPR) is currently 16.24%.

Insider Activity

In other Range Resources news, VP Ashley Kavanaugh sold 15,978 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $37.75, for a total transaction of $603,169.50. Following the sale, the vice president now directly owns 22,370 shares of the company’s stock, valued at approximately $844,467.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Charles G. Griffie acquired 1,500 shares of Range Resources stock in a transaction dated Thursday, May 2nd. The shares were bought at an average cost of $34.65 per share, with a total value of $51,975.00. Following the purchase, the director now owns 4,646 shares in the company, valued at approximately $160,983.90. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Ashley Kavanaugh sold 15,978 shares of the company’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $37.75, for a total transaction of $603,169.50. Following the sale, the vice president now directly owns 22,370 shares in the company, valued at approximately $844,467.50. The disclosure for this sale can be found here. Insiders sold 197,107 shares of company stock valued at $7,379,095 over the last quarter. 2.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in RRC. GAMMA Investing LLC lifted its stake in Range Resources by 20.8% in the second quarter. GAMMA Investing LLC now owns 3,529 shares of the oil and gas exploration company’s stock valued at $118,000 after buying an additional 608 shares during the period. Boston Partners raised its holdings in shares of Range Resources by 2.1% during the first quarter. Boston Partners now owns 6,531,086 shares of the oil and gas exploration company’s stock valued at $224,912,000 after purchasing an additional 133,565 shares during the period. Cetera Advisors LLC boosted its position in shares of Range Resources by 4.4% during the 1st quarter. Cetera Advisors LLC now owns 15,720 shares of the oil and gas exploration company’s stock worth $541,000 after purchasing an additional 665 shares in the last quarter. Cetera Investment Advisers grew its stake in shares of Range Resources by 906.5% in the 1st quarter. Cetera Investment Advisers now owns 89,940 shares of the oil and gas exploration company’s stock valued at $3,097,000 after buying an additional 81,004 shares during the period. Finally, Hancock Whitney Corp bought a new stake in Range Resources in the 1st quarter valued at about $232,000. 98.93% of the stock is owned by institutional investors and hedge funds.

About Range Resources

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), crude oil, and condensate company in the United States. The company engages in the exploration, development, and acquisition of natural gas and crude oil properties located in the Appalachian region. It sells natural gas to utilities, marketing and midstream companies, and industrial users; NGLs to petrochemical end users, marketers/traders, and natural gas processors; and oil and condensate to crude oil processors, transporters, and refining and marketing companies.