Range Resources (NYSE:RRC) Stock Price Up 2.8% Following Analyst Upgrade

Range Resources Co. (NYSE:RRC)’s stock price rose 2.8% on Monday after Raymond James raised their price target on the stock from $46.00 to $55.00. Raymond James currently has an outperform rating on the stock. Range Resources traded as high as $39.98 and last traded at $40.29. Approximately 117,730 shares were traded during mid-day trading, a decline of 95% from the average daily volume of 2,343,306 shares. The stock had previously closed at $39.19.

Several other research analysts have also weighed in on RRC. Williams Trading set a $40.00 price objective on shares of Range Resources in a research note on Wednesday, March 5th. Truist Financial upped their price objective on Range Resources from $35.00 to $37.00 and gave the company a “hold” rating in a research note on Monday, March 17th. StockNews.com upgraded Range Resources from a “sell” rating to a “hold” rating in a research note on Thursday. Citigroup downgraded Range Resources from a “neutral” rating to a “reduce” rating in a report on Wednesday, March 5th. Finally, The Goldman Sachs Group upped their price objective on shares of Range Resources from $39.00 to $43.00 and gave the company a “neutral” rating in a report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Range Resources currently has an average rating of “Hold” and an average target price of $41.60.

Institutional Investors Weigh In On Range Resources

A number of large investors have recently bought and sold shares of the company. Wellington Management Group LLP bought a new stake in shares of Range Resources during the 4th quarter worth approximately $33,684,000. Wealth Enhancement Advisory Services LLC raised its position in Range Resources by 23.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 9,094 shares of the oil and gas exploration company’s stock valued at $327,000 after purchasing an additional 1,756 shares in the last quarter. Forum Financial Management LP lifted its stake in Range Resources by 19.1% during the fourth quarter. Forum Financial Management LP now owns 8,046 shares of the oil and gas exploration company’s stock worth $289,000 after purchasing an additional 1,293 shares during the last quarter. GF Fund Management CO. LTD. bought a new stake in Range Resources during the fourth quarter worth $2,645,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Range Resources in the 4th quarter valued at $3,001,000. 98.93% of the stock is currently owned by institutional investors and hedge funds.

Range Resources Stock Performance

The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.28. The company has a market cap of $9.60 billion, a P/E ratio of 20.08, a price-to-earnings-growth ratio of 5.11 and a beta of 1.80. The company has a 50 day moving average price of $38.52 and a 200-day moving average price of $35.22.

Range Resources (NYSE:RRC) last released its quarterly earnings data on Tuesday, February 25th. The oil and gas exploration company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.13. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The business had revenue of $626.42 million for the quarter, compared to analyst estimates of $676.53 million. During the same period last year, the firm posted $0.63 earnings per share. On average, equities analysts expect that Range Resources Co. will post 2.02 earnings per share for the current fiscal year.

Range Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were given a $0.09 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.36 dividend on an annualized basis and a yield of 0.91%. This is a positive change from Range Resources’s previous quarterly dividend of $0.08. Range Resources’s dividend payout ratio (DPR) is currently 32.73%.

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.