Range Resources (NYSE:RRC) Given New $42.00 Price Target at Piper Sandler

Range Resources (NYSE:RRC) had its price objective increased by Piper Sandler from $41.00 to $42.00 in a research note published on Thursday,Benzinga reports. Piper Sandler currently has a neutral rating on the oil and gas exploration company’s stock.

Other equities analysts have also recently issued reports about the stock. Citigroup upped their price target on shares of Range Resources from $36.00 to $43.00 and gave the company a “neutral” rating in a research report on Thursday, March 5th. Barclays raised shares of Range Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 18th. TD Cowen raised Range Resources to a “hold” rating in a research note on Monday, February 9th. Mizuho raised their price objective on shares of Range Resources from $46.00 to $48.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Finally, Royal Bank Of Canada decreased their price target on Range Resources from $46.00 to $44.00 and set a “sector perform” rating for the company in a report on Wednesday, January 14th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $42.13.

Range Resources Stock Up 2.0%

RRC stock opened at $42.79 on Thursday. The firm has a 50-day moving average price of $37.27 and a 200-day moving average price of $36.85. The stock has a market capitalization of $10.07 billion, a P/E ratio of 15.62, a price-to-earnings-growth ratio of 0.39 and a beta of 0.57. Range Resources has a 12 month low of $30.32 and a 12 month high of $43.55. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.28.

Range Resources (NYSE:RRC) last issued its quarterly earnings data on Tuesday, February 24th. The oil and gas exploration company reported $0.82 EPS for the quarter, beating the consensus estimate of $0.69 by $0.13. Range Resources had a net margin of 21.12% and a return on equity of 16.31%. The business had revenue of $786.89 million during the quarter, compared to the consensus estimate of $770.92 million. During the same quarter in the prior year, the firm earned $0.68 EPS. The firm’s revenue was up 30.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Range Resources will post 2.02 EPS for the current fiscal year.

Range Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Friday, March 13th. This is an increase from Range Resources’s previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.9%. Range Resources’s dividend payout ratio is 13.14%.

Hedge Funds Weigh In On Range Resources

A number of large investors have recently modified their holdings of the company. UMB Bank n.a. boosted its holdings in Range Resources by 13.0% in the 4th quarter. UMB Bank n.a. now owns 2,431 shares of the oil and gas exploration company’s stock valued at $86,000 after purchasing an additional 279 shares during the period. Profund Advisors LLC boosted its stake in Range Resources by 5.5% in the third quarter. Profund Advisors LLC now owns 5,427 shares of the oil and gas exploration company’s stock worth $204,000 after buying an additional 282 shares in the last quarter. Pinnacle Associates Ltd. boosted its stake in shares of Range Resources by 2.5% in the 3rd quarter. Pinnacle Associates Ltd. now owns 12,503 shares of the oil and gas exploration company’s stock valued at $471,000 after purchasing an additional 302 shares in the last quarter. Confluence Wealth Services Inc. grew its stake in shares of Range Resources by 3.2% during the fourth quarter. Confluence Wealth Services Inc. now owns 10,199 shares of the oil and gas exploration company’s stock valued at $360,000 after buying an additional 312 shares during the last quarter. Finally, ProShare Advisors LLC grew its position in Range Resources by 3.1% during the 2nd quarter. ProShare Advisors LLC now owns 10,596 shares of the oil and gas exploration company’s stock worth $431,000 after acquiring an additional 315 shares during the last quarter. 98.93% of the stock is currently owned by institutional investors.

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.