Range Resources Co. (NYSE:RRC) Forecasted to Post Q1 2023 Earnings of $0.64 Per Share

Range Resources Co. (NYSE:RRC – Get Rating) – Analysts at Capital One Financial cut their Q1 2023 earnings per share (EPS) estimates for Range Resources in a note issued to investors on Thursday, March 9th. Capital One Financial analyst B. Velie now expects that the oil and gas exploration company will earn $0.64 per share for the quarter, down from their prior forecast of $0.80. The consensus estimate for Range Resources’ current full-year earnings is $3.05 per share. Capital One Financial also issued estimates for Range Resources’ Q2 2023 earnings at $0.59 EPS and Q3 2023 earnings at $0.58 EPS.

Other research analysts have also recently issued research reports about the company. Mizuho dropped their price target on Range Resources from $32.00 to $29.00 in a report on Friday. Benchmark cut Range Resources from a “buy” rating to a “hold” rating in a report on Monday, January 23rd. Morgan Stanley dropped their price target on Range Resources from $26.00 to $24.00 and set an “underweight” rating on the stock in a report on Tuesday, January 24th. Piper Sandler dropped their price target on Range Resources from $42.00 to $40.00 and set an “overweight” rating on the stock in a report on Tuesday, March 7th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $40.00 price target on shares of Range Resources in a report on Thursday, February 9th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $34.00.

Range Resources Stock Performance

RRC opened at $25.68 on Monday. The company has a market capitalization of $6.18 billion, a price-to-earnings ratio of 5.45, a price-to-earnings-growth ratio of 0.30 and a beta of 2.12. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.53 and a quick ratio of 0.53. Range Resources has a 1-year low of $22.61 and a 1-year high of $37.44. The business has a 50 day moving average price of $25.29 and a two-hundred day moving average price of $27.14.

Hedge Funds Weigh In On Range Resources

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Goehring & Rozencwajg Associates LLC acquired a new position in shares of Range Resources during the fourth quarter valued at $25,166,000. B. Riley Wealth Advisors Inc. acquired a new position in shares of Range Resources during the fourth quarter valued at $368,000. Truist Financial Corp lifted its stake in shares of Range Resources by 69.2% during the fourth quarter. Truist Financial Corp now owns 18,896 shares of the oil and gas exploration company’s stock valued at $473,000 after acquiring an additional 7,730 shares during the period. Exor Capital LLP lifted its stake in shares of Range Resources by 2.5% during the fourth quarter. Exor Capital LLP now owns 6,347,163 shares of the oil and gas exploration company’s stock valued at $101,646,000 after acquiring an additional 157,000 shares during the period. Finally, Toroso Investments LLC acquired a new position in shares of Range Resources during the fourth quarter valued at $331,000. Institutional investors and hedge funds own 87.32% of the company’s stock.

Range Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Wednesday, March 15th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.25%. The ex-dividend date is Tuesday, March 14th. Range Resources’s dividend payout ratio is currently 6.79%.

Range Resources Company Profile

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Range Resources Corp. engages in the exploration, development and acquisition of natural gas and oil properties in the Appalachian and Midcontinent regions. The company was founded in 1976 and is headquartered in Fort Worth, TX.