Range Resources (NYSE:RRC) Price Target Raised to $43.00

Range Resources (NYSE:RRC) had its price target raised by Piper Sandler from $41.00 to $43.00 in a research report released on Tuesday morning, Benzinga reports. They currently have an overweight rating on the oil and gas exploration company’s stock.

A number of other brokerages also recently issued reports on RRC. Royal Bank of Canada downgraded shares of Range Resources from an outperform rating to a sector perform rating and increased their price objective for the stock from $36.00 to $39.00 in a research note on Friday, April 26th. Raymond James reduced their target price on Range Resources from $37.00 to $36.00 and set an outperform rating on the stock in a report on Wednesday, January 24th. Susquehanna boosted their price target on Range Resources from $34.00 to $36.00 and gave the stock a neutral rating in a report on Monday, April 22nd. StockNews.com upgraded Range Resources to a sell rating in a research report on Wednesday, March 13th. Finally, Stifel Nicolaus lifted their target price on Range Resources from $36.00 to $39.00 and gave the company a buy rating in a research report on Tuesday, April 23rd. Five equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Range Resources currently has an average rating of Hold and an average target price of $36.62.

Range Resources Stock Performance

Shares of NYSE RRC opened at $35.71 on Tuesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.35 and a quick ratio of 1.35. The firm has a market cap of $8.66 billion, a price-to-earnings ratio of 18.13 and a beta of 1.85. The stock’s fifty day moving average price is $34.14 and its two-hundred day moving average price is $32.45. Range Resources has a one year low of $23.92 and a one year high of $38.25.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.48 by $0.21. Range Resources had a net margin of 17.00% and a return on equity of 13.30%. The business had revenue of $718.20 million for the quarter, compared to the consensus estimate of $680.72 million. During the same period in the prior year, the company posted $0.96 earnings per share. Range Resources’s revenue was down 15.7% compared to the same quarter last year. On average, equities analysts forecast that Range Resources will post 2 EPS for the current year.

Range Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a dividend of $0.08 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.32 annualized dividend and a dividend yield of 0.90%. Range Resources’s payout ratio is 16.24%.

Insiders Place Their Bets

In related news, VP Ashley Kavanaugh sold 15,978 shares of the business’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $37.75, for a total transaction of $603,169.50. Following the transaction, the vice president now owns 22,370 shares in the company, valued at approximately $844,467.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.57% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Raleigh Capital Management Inc. bought a new stake in shares of Range Resources during the third quarter worth about $26,000. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Range Resources by 333.0% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 866 shares of the oil and gas exploration company’s stock valued at $26,000 after purchasing an additional 666 shares in the last quarter. Cary Street Partners Investment Advisory LLC purchased a new position in shares of Range Resources during the third quarter valued at approximately $27,000. Larson Financial Group LLC lifted its stake in Range Resources by 267.9% during the 3rd quarter. Larson Financial Group LLC now owns 1,236 shares of the oil and gas exploration company’s stock valued at $40,000 after acquiring an additional 900 shares in the last quarter. Finally, Fifth Third Bancorp boosted its holdings in Range Resources by 57.7% during the 3rd quarter. Fifth Third Bancorp now owns 1,339 shares of the oil and gas exploration company’s stock worth $43,000 after acquiring an additional 490 shares during the last quarter. 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.