Range Resources (NYSE:RRC) PT Lowered to $31.00 at Susquehanna

Range Resources (NYSE:RRC) had its price objective lowered by Susquehanna from $36.00 to $31.00 in a report issued on Wednesday morning, Benzinga reports. The firm currently has a neutral rating on the oil and gas exploration company’s stock.

Several other research firms have also commented on RRC. Wolfe Research initiated coverage on shares of Range Resources in a research report on Thursday, July 18th. They set a peer perform rating for the company. Royal Bank of Canada reaffirmed a sector perform rating and issued a $39.00 price objective on shares of Range Resources in a report on Thursday, July 25th. Wells Fargo & Company reduced their price objective on shares of Range Resources from $37.00 to $35.00 and set an equal weight rating for the company in a report on Monday, July 29th. Scotiabank raised shares of Range Resources from a sector perform rating to a sector outperform rating and set a $45.00 price objective for the company in a report on Tuesday, August 20th. Finally, Piper Sandler downgraded shares of Range Resources from an overweight rating to a neutral rating and reduced their price objective for the stock from $43.00 to $31.00 in a report on Thursday, August 15th. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $36.74.

Range Resources Price Performance

Shares of RRC opened at $28.19 on Wednesday. Range Resources has a 12 month low of $27.29 and a 12 month high of $39.33. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.58 and a quick ratio of 0.58. The stock has a fifty day moving average price of $31.33 and a 200 day moving average price of $33.67. The company has a market cap of $6.84 billion, a P/E ratio of 14.31 and a beta of 1.88.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.41 by $0.05. The business had revenue of $641.30 million during the quarter, compared to analyst estimates of $610.24 million. Range Resources had a net margin of 17.62% and a return on equity of 13.93%. The company’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.27 earnings per share. On average, research analysts forecast that Range Resources will post 2.08 earnings per share for the current year.

Range Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be issued a dividend of $0.08 per share. The ex-dividend date is Friday, September 13th. This represents a $0.32 annualized dividend and a yield of 1.14%. Range Resources’s payout ratio is presently 16.24%.

Institutional Trading of Range Resources

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Fifth Third Bancorp raised its holdings in Range Resources by 21.2% during the 2nd quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock worth $57,000 after buying an additional 299 shares during the period. SYSTM Wealth Solutions LLC increased its holdings in shares of Range Resources by 17.9% in the 1st quarter. SYSTM Wealth Solutions LLC now owns 2,141 shares of the oil and gas exploration company’s stock valued at $74,000 after purchasing an additional 325 shares during the period. CIBC Asset Management Inc increased its holdings in shares of Range Resources by 5.4% in the 2nd quarter. CIBC Asset Management Inc now owns 6,801 shares of the oil and gas exploration company’s stock valued at $228,000 after purchasing an additional 350 shares during the period. Orser Capital Management LLC increased its holdings in shares of Range Resources by 0.8% in the 1st quarter. Orser Capital Management LLC now owns 54,223 shares of the oil and gas exploration company’s stock valued at $1,867,000 after purchasing an additional 427 shares during the period. Finally, Lmcg Investments LLC increased its holdings in shares of Range Resources by 0.4% in the 4th quarter. Lmcg Investments LLC now owns 154,245 shares of the oil and gas exploration company’s stock valued at $4,695,000 after purchasing an additional 546 shares during the period. Institutional investors and hedge funds own 98.93% of the company’s stock.

Range Resources Company Profile

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.