Range Resources (NYSE:RRC) Price Target Raised to $37.00

Range Resources (NYSE:RRC) had its price objective increased by Stephens from $36.00 to $37.00 in a research note published on Wednesday, Benzinga reports. Stephens currently has an overweight rating on the oil and gas exploration company’s stock.

RRC has been the topic of a number of other reports. Piper Sandler lowered shares of Range Resources from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $43.00 to $31.00 in a report on Thursday, August 15th. Benchmark restated a “hold” rating on shares of Range Resources in a report on Wednesday, July 24th. Barclays upgraded Range Resources from an “underweight” rating to an “equal weight” rating and decreased their price objective for the stock from $35.00 to $34.00 in a report on Wednesday, October 2nd. Wolfe Research assumed coverage on Range Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Finally, Morgan Stanley reduced their price target on Range Resources from $33.00 to $31.00 and set an “underweight” rating for the company in a research report on Monday, September 16th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $35.06.

Range Resources Stock Down 0.3 %

Shares of Range Resources stock opened at $31.33 on Wednesday. The company has a market capitalization of $7.58 billion, a P/E ratio of 15.82 and a beta of 1.80. 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 business has a 50-day moving average of $30.25 and a two-hundred day moving average of $33.01. Range Resources has a 1 year low of $27.29 and a 1 year high of $39.33.

Range Resources (NYSE:RRC) last posted its earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.16. The business had revenue of $615.03 million during the quarter, compared to analysts’ expectations of $617.90 million. Range Resources had a return on equity of 13.73% and a net margin of 17.63%. Range Resources’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.43 EPS. As a group, equities analysts predict that Range Resources will post 1.89 EPS for the current year.

Range Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 1.02%. The ex-dividend date of this dividend was Friday, September 13th. Range Resources’s payout ratio is presently 16.16%.

Insider Buying and Selling

In other Range Resources news, VP Ashley Kavanaugh sold 12,700 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $31.45, for a total transaction of $399,415.00. Following the completion of the sale, the vice president now directly owns 9,670 shares in the company, valued at $304,121.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.57% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in RRC. Blue Trust Inc. increased its position in Range Resources by 107.8% during the 3rd quarter. Blue Trust Inc. now owns 1,359 shares of the oil and gas exploration company’s stock worth $46,000 after purchasing an additional 705 shares in the last quarter. Bogart Wealth LLC acquired a new position in shares of Range Resources during the third quarter worth $49,000. Fifth Third Bancorp lifted its stake in shares of Range Resources by 21.2% in the 2nd quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock valued at $57,000 after acquiring an additional 299 shares during the last quarter. Perkins Coie Trust Co acquired a new stake in shares of Range Resources during the 2nd quarter valued at $67,000. Finally, International Assets Investment Management LLC acquired a new stake in shares of Range Resources during the 2nd quarter valued at $67,000. Institutional investors 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.