Range Resources (NYSE:RRC) Upgraded to “Neutral” at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Range Resources (NYSE:RRC – Get Rating) from a sell rating to a neutral rating in a research report report published on Wednesday morning, The Fly reports. They currently have $31.00 price target on the oil and gas exploration company’s stock, up from their prior price target of $30.00.

Several other equities analysts have also recently weighed in on the company. UBS Group assumed coverage on Range Resources in a report on Wednesday, April 19th. They issued a sell rating and a $24.00 price objective for the company. Royal Bank of Canada reiterated an outperform rating and set a $40.00 price objective on shares of Range Resources in a research report on Wednesday, March 15th. Mizuho raised shares of Range Resources from a neutral rating to a buy rating and boosted their target price for the company from $30.00 to $35.00 in a research report on Friday, May 19th. Piper Sandler reduced their price target on Range Resources from $40.00 to $37.00 and set an overweight rating on the stock in a research report on Wednesday, April 19th. Finally, Tudor, Pickering, Holt & Co. upgraded shares of Range Resources from a hold rating to a buy rating and set a $33.00 target price for the company in a research report on Tuesday, March 21st. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, Range Resources presently has a consensus rating of Hold and a consensus target price of $32.52.

Range Resources Stock Performance

Shares of RRC stock opened at $29.80 on Wednesday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.92 and a current ratio of 0.92. Range Resources has a 52 week low of $22.61 and a 52 week high of $37.44. The company’s 50 day moving average price is $26.09 and its two-hundred day moving average price is $26.12. The company has a market capitalization of $7.19 billion, a P/E ratio of 3.50, a price-to-earnings-growth ratio of 0.46 and a beta of 2.13.

Range Resources (NYSE:RRC – Get Rating) last released its earnings results on Monday, April 24th. The oil and gas exploration company reported $0.99 EPS for the quarter, beating the consensus estimate of $0.71 by $0.28. The firm had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $772.38 million. Range Resources had a return on equity of 45.55% and a net margin of 41.18%. The business’s quarterly revenue was up 556.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.18 EPS. On average, analysts expect that Range Resources will post 2.25 earnings per share for the current fiscal year.

Range Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 31st. Shareholders of record on Wednesday, March 15th were paid a $0.08 dividend. The ex-dividend date was Tuesday, March 14th. This represents a $0.32 dividend on an annualized basis and a yield of 1.07%. Range Resources’s dividend payout ratio (DPR) is presently 3.76%.

Insider Activity

In related news, Director Greg G. Maxwell sold 24,675 shares of the stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $27.39, for a total transaction of $675,848.25. Following the completion of the transaction, the director now owns 57,192 shares in the company, valued at $1,566,488.88. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Range Resources news, CEO Dennis Degner sold 99,000 shares of the stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $27.39, for a total transaction of $2,711,610.00. Following the completion of the transaction, the chief executive officer now owns 397,439 shares in the company, valued at $10,885,854.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Greg G. Maxwell sold 24,675 shares of the business’s stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $27.39, for a total transaction of $675,848.25. Following the completion of the sale, the director now directly owns 57,192 shares in the company, valued at approximately $1,566,488.88. The disclosure for this sale can be found here. Insiders sold a total of 353,094 shares of company stock valued at $9,755,245 in the last ninety days. 1.57% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of RRC. Royce & Associates LP purchased a new stake in Range Resources during the 1st quarter worth about $1,624,000. Toroso Investments LLC grew its position in shares of Range Resources by 115.3% during the 1st quarter. Toroso Investments LLC now owns 28,517 shares of the oil and gas exploration company’s stock valued at $755,000 after purchasing an additional 15,274 shares in the last quarter. New York State Common Retirement Fund increased its holdings in shares of Range Resources by 1.6% in the first quarter. New York State Common Retirement Fund now owns 382,679 shares of the oil and gas exploration company’s stock worth $10,130,000 after purchasing an additional 6,172 shares during the period. Advisory Services Network LLC raised its position in shares of Range Resources by 864.0% in the first quarter. Advisory Services Network LLC now owns 3,856 shares of the oil and gas exploration company’s stock worth $102,000 after buying an additional 3,456 shares in the last quarter. Finally, Rockefeller Capital Management L.P. boosted its position in shares of Range Resources by 46.1% during the 1st quarter. Rockefeller Capital Management L.P. now owns 12,946 shares of the oil and gas exploration company’s stock valued at $342,000 after acquiring an additional 4,086 shares during the last quarter. 87.32% of the stock is currently owned by hedge funds and other institutional investors.

Range Resources Company Profile

(Get Rating)

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.