Range Resources (NYSE:RRC) Price Target Raised to $43.00

Range Resources (NYSE:RRC) had its price objective increased by Citigroup from $36.00 to $43.00 in a report issued on Thursday morning,Benzinga reports. They currently have a neutral rating on the oil and gas exploration company’s stock.

Several other equities research analysts also recently commented on RRC. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $39.00 price objective (down from $44.00) on shares of Range Resources in a research note on Monday, December 8th. TD Cowen raised Range Resources to a “hold” rating in a research report on Monday, February 9th. Morgan Stanley reduced their target price on Range Resources from $42.00 to $40.00 and set an “equal weight” rating for the company in a research note on Friday, January 23rd. Bank of America reaffirmed a “neutral” rating and set a $38.00 price target (down from $44.00) on shares of Range Resources in a research report on Friday, January 16th. Finally, Weiss Ratings upgraded Range Resources from a “hold (c)” rating to a “buy (b)” rating in a research note on Friday, February 27th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $42.06.

Range Resources Stock Performance

Shares of Range Resources stock opened at $41.57 on Thursday. The firm has a market capitalization of $9.78 billion, a P/E ratio of 15.17, a PEG 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. The company has a 50 day moving average price of $36.77 and a 200 day moving average price of $36.63. Range Resources has a 52 week low of $30.32 and a 52 week high of $43.50.

Range Resources (NYSE:RRC) last released its earnings results on Tuesday, February 24th. The oil and gas exploration company reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.13. Range Resources had a net margin of 21.12% and a return on equity of 16.31%. The company had revenue of $786.89 million during the quarter, compared to analysts’ expectations of $770.92 million. During the same period last year, the business earned $0.68 EPS. Range Resources’s revenue for the quarter was up 30.9% on a year-over-year basis. Sell-side analysts expect that Range Resources will post 2.02 EPS for the current year.

Range Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be given a dividend of $0.10 per share. 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 presently 13.14%.

Institutional Investors Weigh In On Range Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CWA Asset Management Group LLC raised its stake in shares of Range Resources by 43.5% during the 3rd quarter. CWA Asset Management Group LLC now owns 388,569 shares of the oil and gas exploration company’s stock worth $14,626,000 after buying an additional 117,722 shares during the period. Laffer Tengler Investments Inc. purchased a new position in shares of Range Resources during the 2nd quarter valued at approximately $370,000. Congress Asset Management Co. grew its stake in Range Resources by 12.1% in the 3rd quarter. Congress Asset Management Co. now owns 539,285 shares of the oil and gas exploration company’s stock valued at $20,299,000 after acquiring an additional 58,335 shares during the period. Oppenheimer & Co. Inc. increased its holdings in Range Resources by 753.5% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 90,179 shares of the oil and gas exploration company’s stock worth $3,394,000 after acquiring an additional 79,613 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in Range Resources by 48.3% in the 3rd quarter. Envestnet Asset Management Inc. now owns 135,125 shares of the oil and gas exploration company’s stock worth $5,086,000 after acquiring an additional 44,004 shares in 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.