Range Resources (NYSE:RRC) Price Target Raised to $41.00

Range Resources (NYSE:RRC) had its price target hoisted by Piper Sandler from $37.00 to $41.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a neutral rating on the oil and gas exploration company’s stock.

Other research analysts have also recently issued reports about the company. Wells Fargo & Company boosted their target price on Range Resources from $43.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 26th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $39.00 price target (down from $44.00) on shares of Range Resources in a research report on Monday, December 8th. Morgan Stanley lowered their price objective on Range Resources from $42.00 to $40.00 and set an “equal weight” rating for the company in a research report on Friday, January 23rd. UBS Group upped their target price on shares of Range Resources from $38.00 to $43.00 and gave the stock a “neutral” rating in a research note on Friday, December 12th. Finally, Citigroup reduced their target price on shares of Range Resources from $39.00 to $36.00 and set a “neutral” rating on the stock in a report on Monday, January 12th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Range Resources has an average rating of “Hold” and an average target price of $42.06.

Range Resources Stock Performance

Shares of RRC stock opened at $41.57 on Thursday. The firm has a 50 day moving average of $36.77 and a two-hundred day moving average of $36.63. The stock has a market capitalization of $9.78 billion, a PE ratio of 15.17, a P/E/G ratio of 0.38 and a beta of 0.57. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.28. Range Resources has a 52 week low of $30.32 and a 52 week high of $43.50.

Range Resources (NYSE:RRC) last posted its quarterly earnings data on Tuesday, February 24th. The oil and gas exploration company reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.13. The business had revenue of $786.89 million for the quarter, compared to analyst estimates of $770.92 million. Range Resources had a return on equity of 16.31% and a net margin of 21.12%.The company’s revenue was up 30.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.68 earnings per share. On average, research analysts predict that Range Resources will post 2.02 EPS for the current fiscal year.

Range Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be paid a $0.10 dividend. This is a boost from Range Resources’s previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Friday, March 13th. Range Resources’s payout ratio is 13.14%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Hsbc Holdings PLC raised its position in shares of Range Resources by 22.8% during the 4th quarter. Hsbc Holdings PLC now owns 427,713 shares of the oil and gas exploration company’s stock worth $14,966,000 after acquiring an additional 79,533 shares in the last quarter. Fearnley Asset Management AS purchased a new stake in Range Resources during the fourth quarter worth approximately $17,927,000. Virtu Financial LLC acquired a new position in Range Resources in the fourth quarter valued at approximately $319,000. Invesco Ltd. boosted its holdings in Range Resources by 1.7% in the fourth quarter. Invesco Ltd. now owns 4,255,287 shares of the oil and gas exploration company’s stock valued at $150,041,000 after purchasing an additional 71,351 shares in the last quarter. Finally, Corient Private Wealth LLC increased its stake in Range Resources by 34.9% in the fourth quarter. Corient Private Wealth LLC now owns 9,870 shares of the oil and gas exploration company’s stock valued at $348,000 after purchasing an additional 2,552 shares during the last quarter. 98.93% of the stock is owned by institutional investors and hedge funds.

About Range Resources

Range Resources Corporation, headquartered in Fort Worth, Texas, is an independent energy company engaged in the exploration, development and production of natural gas, oil and natural gas liquids. The company focuses its core operations on the Appalachian Basin, with a significant presence in Pennsylvania’s Marcellus Shale. Through its drilling and completion activities, Range Resources seeks to optimize production efficiency while maintaining a disciplined approach to capital allocation and cost management.

The company’s technical expertise centers on advanced horizontal drilling and hydraulic fracturing techniques, which it applies to unlock unconventional resources.