Piper Sandler Cuts Range Resources (NYSE:RRC) Price Target to $39.00

Range Resources (NYSE:RRC) had its price target lowered by Piper Sandler from $41.00 to $39.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a neutral rating on the oil and gas exploration company’s stock.

A number of other brokerages also recently commented on RRC. Barclays upped their target price on shares of Range Resources from $39.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Monday, July 7th. UBS Group upped their target price on shares of Range Resources from $40.00 to $42.00 and gave the stock a “neutral” rating in a research note on Monday, July 28th. Susquehanna upped their target price on shares of Range Resources from $36.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 23rd. Bank of America increased their price objective on shares of Range Resources from $45.00 to $47.00 and gave the company a “buy” rating in a research note on Friday, May 23rd. Finally, Wall Street Zen downgraded shares of Range Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, May 21st. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $43.26.

Range Resources Stock Performance

Range Resources stock opened at $34.42 on Thursday. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.55 and a quick ratio of 0.55. The firm has a market capitalization of $8.20 billion, a P/E ratio of 17.30, a price-to-earnings-growth ratio of 0.27 and a beta of 0.60. The company’s 50-day moving average is $38.01 and its 200 day moving average is $37.58. Range Resources has a 1-year low of $27.55 and a 1-year high of $43.50.

Range Resources (NYSE:RRC) last issued its earnings results on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.01. The business had revenue of $856.28 million for the quarter, compared to the consensus estimate of $708.38 million. Range Resources had a net margin of 17.22% and a return on equity of 15.95%. During the same period in the prior year, the firm earned $0.46 EPS. Research analysts forecast that Range Resources will post 2.02 EPS for the current year.

Range Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 13th were paid a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 1.0%. The ex-dividend date was Friday, June 13th. Range Resources’s dividend payout ratio (DPR) is 18.09%.

Insiders Place Their Bets

In other Range Resources news, Director Reginal Spiller sold 4,200 shares of the firm’s stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $40.16, for a total value of $168,672.00. Following the completion of the sale, the director directly owned 13,663 shares in the company, valued at $548,706.08. This trade represents a 23.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in RRC. Wells Fargo & Company MN raised its holdings in shares of Range Resources by 17.1% in the fourth quarter. Wells Fargo & Company MN now owns 151,050 shares of the oil and gas exploration company’s stock worth $5,435,000 after buying an additional 22,013 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Range Resources by 11.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 106,034 shares of the oil and gas exploration company’s stock worth $3,815,000 after buying an additional 11,254 shares during the last quarter. Sterling Capital Management LLC raised its holdings in shares of Range Resources by 55.4% in the fourth quarter. Sterling Capital Management LLC now owns 14,051 shares of the oil and gas exploration company’s stock worth $506,000 after buying an additional 5,012 shares during the last quarter. Rockefeller Capital Management L.P. raised its holdings in shares of Range Resources by 5.7% in the fourth quarter. Rockefeller Capital Management L.P. now owns 56,678 shares of the oil and gas exploration company’s stock worth $2,039,000 after buying an additional 3,041 shares during the last quarter. Finally, Mariner LLC raised its holdings in shares of Range Resources by 6.1% in the fourth quarter. Mariner LLC now owns 16,575 shares of the oil and gas exploration company’s stock worth $596,000 after buying an additional 960 shares during the last quarter. Hedge funds and other institutional investors own 98.93% of the company’s stock.

About Range Resources

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.