Range Resources (NYSE:RRC) Given New $47.00 Price Target at Mizuho

Range Resources (NYSE:RRC) had its target price hoisted by Mizuho from $40.00 to $47.00 in a research note issued to investors on Monday,Benzinga reports. Mizuho currently has an outperform rating on the oil and gas exploration company’s stock.

A number of other research firms have also recently weighed in on RRC. Susquehanna cut their price target on Range Resources from $36.00 to $31.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Benchmark reiterated a “hold” rating on shares of Range Resources in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. cut their target price on Range Resources from $37.00 to $31.00 and set an “underweight” rating on the stock in a research report on Thursday, September 12th. Scotiabank upgraded Range Resources from a “sector perform” rating to a “sector outperform” rating and set a $45.00 target price on the stock in a research report on Tuesday, August 20th. Finally, Barclays upgraded Range Resources from an “underweight” rating to an “equal weight” rating and cut their target price for the stock from $35.00 to $34.00 in a research report on Wednesday, October 2nd. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $35.89.

Range Resources Trading Down 2.2 %

NYSE:RRC opened at $34.58 on Monday. The firm has a market cap of $8.34 billion, a PE ratio of 17.46 and a beta of 1.85. The stock has a fifty day moving average price of $32.97 and a 200 day moving average price of $32.36. Range Resources has a 12-month low of $27.29 and a 12-month high of $39.33. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.28.

Range Resources (NYSE:RRC) last posted its quarterly earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.16. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The company had revenue of $615.03 million for the quarter, compared to analysts’ expectations of $617.90 million. During the same period last year, the firm earned $0.43 earnings per share. Range Resources’s quarterly revenue was up .9% on a year-over-year basis. Sell-side analysts anticipate that Range Resources will post 1.91 earnings per share for the current fiscal year.

Range Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.32 annualized dividend and a yield of 0.93%. Range Resources’s dividend payout ratio (DPR) is presently 16.16%.

Insider Buying and Selling at Range Resources

In other news, VP Ashley Kavanaugh sold 12,700 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $31.45, for a total transaction of $399,415.00. Following the completion of the sale, the vice president now directly owns 9,670 shares in the company, valued at $304,121.50. This represents a 56.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Charles G. Griffie purchased 1,275 shares of the firm’s stock in a transaction that occurred on Thursday, October 24th. The shares were acquired at an average cost of $31.46 per share, with a total value of $40,111.50. Following the completion of the transaction, the director now owns 5,921 shares in the company, valued at $186,274.66. This trade represents a 27.44 % increase in their position. The disclosure for this purchase can be found here. 1.57% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Range Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Brooklyn Investment Group bought a new position in shares of Range Resources during the third quarter worth about $25,000. Blue Trust Inc. lifted its position in shares of Range Resources by 107.8% during the third quarter. Blue Trust Inc. now owns 1,359 shares of the oil and gas exploration company’s stock worth $46,000 after purchasing an additional 705 shares during the last quarter. Bogart Wealth LLC bought a new position in shares of Range Resources during the third quarter worth about $49,000. Fifth Third Bancorp raised its stake in Range Resources by 21.2% during the second quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock worth $57,000 after acquiring an additional 299 shares during the period. Finally, International Assets Investment Management LLC acquired a new stake in Range Resources during the second quarter worth about $67,000. 98.93% of the stock is owned by hedge funds and other institutional investors.

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.