FY2024 EPS Estimates for Range Resources Co. (NYSE:RRC) Lowered by Analyst

Range Resources Co. (NYSE:RRC) – Capital One Financial cut their FY2024 EPS estimates for shares of Range Resources in a research report issued on Tuesday, September 10th. Capital One Financial analyst B. Velie now forecasts that the oil and gas exploration company will post earnings per share of $2.25 for the year, down from their previous estimate of $2.32. The consensus estimate for Range Resources’ current full-year earnings is $2.08 per share.

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

A number of other analysts have also weighed in on the company. Wolfe Research initiated coverage on Range Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Piper Sandler downgraded shares of Range Resources from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $43.00 to $31.00 in a research note on Thursday, August 15th. Jefferies Financial Group boosted their price objective on shares of Range Resources from $34.00 to $35.00 and gave the company a “hold” rating in a research report on Monday, July 8th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $39.00 target price on shares of Range Resources in a research report on Thursday, July 25th. Finally, Wells Fargo & Company decreased their price target on shares of Range Resources from $37.00 to $35.00 and set an “equal weight” rating for the company in a research note on Monday, July 29th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $36.74.

Range Resources Trading Up 3.6 %

Shares of NYSE RRC opened at $29.12 on Thursday. The business’s 50 day moving average price is $31.00 and its 200-day moving average price is $33.60. Range Resources has a fifty-two week low of $27.29 and a fifty-two week high of $39.33. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.58 and a current ratio of 0.58. The company has a market cap of $7.07 billion, a price-to-earnings ratio of 14.78 and a beta of 1.80.

Institutional Investors Weigh In On Range Resources

Several institutional investors have recently bought and sold shares of the company. KGH Ltd increased its position in shares of Range Resources by 3.2% during the second quarter. KGH Ltd now owns 6,080,000 shares of the oil and gas exploration company’s stock worth $203,862,000 after purchasing an additional 190,000 shares in the last quarter. B. Riley Wealth Advisors Inc. purchased a new position in Range Resources during the 2nd quarter worth $486,000. Creative Planning increased its position in Range Resources by 5.3% during the 2nd quarter. Creative Planning now owns 55,655 shares of the oil and gas exploration company’s stock valued at $1,866,000 after buying an additional 2,792 shares in the last quarter. Magnolia Capital Advisors LLC purchased a new stake in Range Resources in the second quarter valued at about $508,000. Finally, Algert Global LLC purchased a new stake in Range Resources in the second quarter valued at about $818,000. 98.93% of the stock is currently owned by institutional investors and hedge funds.

Range Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.10%. The ex-dividend date of this dividend is Friday, September 13th. Range Resources’s payout ratio is 16.24%.

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.