Range Resources (NYSE:RRC) Cut to Strong Sell at Zacks Research

Zacks Research downgraded shares of Range Resources (NYSE:RRC) from a hold rating to a strong sell rating in a report issued on Thursday,Zacks.com reports.

A number of other research firms also recently issued reports on RRC. Piper Sandler decreased their target price on Range Resources from $41.00 to $39.00 and set a “neutral” rating for the company in a research report on Thursday, August 14th. Morgan Stanley decreased their target price on Range Resources from $44.00 to $42.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 14th. Raymond James Financial decreased their target price on Range Resources from $45.00 to $41.00 and set an “outperform” rating for the company in a research report on Friday, September 19th. Royal Bank Of Canada raised their target price on Range Resources from $45.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 8th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Range Resources in a research report on Wednesday, October 8th. Eight investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $42.05.

Range Resources Stock Performance

Shares of RRC opened at $35.96 on Thursday. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $8.57 billion, a price-to-earnings ratio of 18.07, a PEG ratio of 0.32 and a beta of 0.51. The stock has a 50 day moving average of $35.56 and a 200 day moving average of $36.72. Range Resources has a 12 month low of $28.99 and a 12 month high of $43.50.

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

Range Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 12th were issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Friday, September 12th. Range Resources’s dividend payout ratio (DPR) is presently 18.09%.

Hedge Funds Weigh In On Range Resources

A number of large investors have recently made changes to their positions in the stock. GAMMA Investing LLC boosted its holdings in shares of Range Resources by 4.7% in the second quarter. GAMMA Investing LLC now owns 6,013 shares of the oil and gas exploration company’s stock worth $245,000 after acquiring an additional 270 shares during the period. Public Employees Retirement System of Ohio boosted its stake in Range Resources by 0.4% during the second quarter. Public Employees Retirement System of Ohio now owns 73,294 shares of the oil and gas exploration company’s stock valued at $2,981,000 after buying an additional 299 shares during the period. Bessemer Group Inc. boosted its stake in Range Resources by 48.0% during the first quarter. Bessemer Group Inc. now owns 971 shares of the oil and gas exploration company’s stock valued at $39,000 after buying an additional 315 shares during the period. ProShare Advisors LLC boosted its stake in Range Resources by 3.1% during the second quarter. ProShare Advisors LLC now owns 10,596 shares of the oil and gas exploration company’s stock valued at $431,000 after buying an additional 315 shares during the period. Finally, Xponance Inc. boosted its stake in Range Resources by 1.2% during the first quarter. Xponance Inc. now owns 27,512 shares of the oil and gas exploration company’s stock valued at $1,099,000 after buying an additional 326 shares during the period. 98.93% of the stock is owned by institutional investors.

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.