Range Resources (NYSE:RRC) Price Target Cut to $39.00 by Analysts at Citigroup

Range Resources (NYSE:RRC) had its price target lowered by Citigroup from $40.00 to $39.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The firm currently has a neutral rating on the oil and gas exploration company’s stock.

A number of other research analysts also recently weighed in on the stock. Roth Capital downgraded shares of Range Resources from a “buy” rating to a “neutral” rating and cut their price target for the company from $44.00 to $35.00 in a report on Monday, August 18th. Scotiabank set a $46.00 target price on shares of Range Resources and gave the stock a “sector perform” rating in a report on Friday, July 11th. Susquehanna lifted their target price on shares of Range Resources from $36.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, July 23rd. Piper Sandler dropped their target price on shares of Range Resources from $41.00 to $39.00 and set a “neutral” rating on the stock in a report on Thursday, August 14th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and issued a $45.00 target price on shares of Range Resources in a report on Tuesday, July 15th. Seven equities research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $41.80.

Range Resources Stock Up 2.3%

RRC stock opened at $35.74 on Tuesday. The company has a market cap of $8.51 billion, a price-to-earnings ratio of 17.96, a PEG ratio of 0.30 and a beta of 0.55. The company has a 50 day moving average of $34.97 and a two-hundred day moving average of $36.91. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.29. Range Resources has a 12-month low of $28.99 and a 12-month high of $43.50.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 earnings per share for the quarter, beating 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 quarter last year, the firm earned $0.46 EPS. On average, equities analysts anticipate that Range Resources will post 2.02 earnings per share for the current fiscal year.

Range Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Friday, September 12th. Range Resources’s payout ratio is 18.09%.

Hedge Funds Weigh In On Range Resources

Several institutional investors have recently added to or reduced their stakes in the company. Boston Partners lifted its holdings in Range Resources by 6.1% during the 2nd quarter. Boston Partners now owns 7,419,508 shares of the oil and gas exploration company’s stock valued at $301,133,000 after purchasing an additional 425,704 shares during the last quarter. Lingotto Investment Management LLP lifted its holdings in Range Resources by 2.0% during the 2nd quarter. Lingotto Investment Management LLP now owns 7,161,614 shares of the oil and gas exploration company’s stock valued at $291,263,000 after purchasing an additional 138,877 shares during the last quarter. Invesco Ltd. lifted its holdings in Range Resources by 230.1% during the 2nd quarter. Invesco Ltd. now owns 4,785,940 shares of the oil and gas exploration company’s stock valued at $194,644,000 after purchasing an additional 3,336,299 shares during the last quarter. Qube Research & Technologies Ltd lifted its holdings in Range Resources by 30.5% during the 2nd quarter. Qube Research & Technologies Ltd now owns 2,951,806 shares of the oil and gas exploration company’s stock valued at $120,050,000 after purchasing an additional 689,212 shares during the last quarter. Finally, Kopernik Global Investors LLC lifted its holdings in Range Resources by 5.2% during the 1st quarter. Kopernik Global Investors LLC now owns 2,846,663 shares of the oil and gas exploration company’s stock valued at $113,667,000 after purchasing an additional 140,043 shares during the last quarter. 98.93% of the stock is owned by 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.