Range Resources (NYSE:RRC) Given New $39.00 Price Target at Stifel Nicolaus

Range Resources (NYSE:RRC) had its price target hoisted by Stifel Nicolaus from $36.00 to $39.00 in a report published on Tuesday morning, Benzinga reports. They currently have a buy rating on the oil and gas exploration company’s stock.

Several other research firms have also commented on RRC. Morgan Stanley upped their target price on Range Resources from $23.00 to $33.00 and gave the company an underweight rating in a research note on Wednesday, April 17th. StockNews.com upgraded Range Resources to a sell rating in a research note on Wednesday, March 13th. Barclays initiated coverage on Range Resources in a research note on Wednesday, April 10th. They issued an underweight rating and a $35.00 target price for the company. Mizuho reiterated a buy rating and issued a $39.00 target price on shares of Range Resources in a research note on Thursday, April 11th. Finally, Royal Bank of Canada reiterated an outperform rating and issued a $36.00 target price on shares of Range Resources in a research note on Tuesday, April 9th. Five research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Range Resources has an average rating of Hold and a consensus target price of $36.00.

Range Resources Stock Performance

NYSE RRC opened at $36.59 on Tuesday. Range Resources has a fifty-two week low of $23.92 and a fifty-two week high of $37.88. The stock has a market cap of $8.86 billion, a price-to-earnings ratio of 10.33 and a beta of 1.83. The business has a fifty day moving average of $33.34 and a 200-day moving average of $32.33. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.47.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.21. Range Resources had a return on equity of 15.87% and a net margin of 25.82%. The company had revenue of $718.20 million during the quarter, compared to analysts’ expectations of $680.72 million. During the same period in the previous year, the firm posted $0.96 earnings per share. The business’s revenue for the quarter was down 15.7% compared to the same quarter last year. As a group, analysts predict that Range Resources will post 1.94 earnings per share for the current fiscal year.

Range Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.87%. The ex-dividend date of this dividend was Thursday, March 14th. Range Resources’s payout ratio is 9.04%.

Institutional Investors Weigh In On Range Resources

Several institutional investors and hedge funds have recently modified their holdings of the stock. Louisiana State Employees Retirement System boosted its position in shares of Range Resources by 2.4% in the first quarter. Louisiana State Employees Retirement System now owns 69,400 shares of the oil and gas exploration company’s stock worth $2,389,000 after buying an additional 1,600 shares during the period. Confluence Wealth Services Inc. purchased a new stake in shares of Range Resources in the first quarter worth about $414,000. Drive Wealth Management LLC boosted its position in shares of Range Resources by 15.1% in the first quarter. Drive Wealth Management LLC now owns 8,109 shares of the oil and gas exploration company’s stock worth $279,000 after buying an additional 1,061 shares during the period. Outlook Wealth Advisors LLC boosted its position in shares of Range Resources by 28.8% in the first quarter. Outlook Wealth Advisors LLC now owns 9,181 shares of the oil and gas exploration company’s stock worth $316,000 after buying an additional 2,051 shares during the period. Finally, Raymond James & Associates boosted its position in shares of Range Resources by 2.6% in the first quarter. Raymond James & Associates now owns 238,877 shares of the oil and gas exploration company’s stock worth $8,225,000 after buying an additional 6,023 shares during the period. Hedge funds and other 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.