Range Resources (NYSE:RRC) Given New $41.00 Price Target at Barclays

Range Resources (NYSE:RRC) had its price target upped by Barclays from $39.00 to $41.00 in a research report released on Monday,Benzinga reports. They currently have an equal weight rating on the oil and gas exploration company’s stock.

Several other research analysts have also issued reports on RRC. Wells Fargo & Company boosted their target price on Range Resources from $43.00 to $46.00 and gave the company an “equal weight” rating in a research report on Thursday, February 26th. Mizuho increased their price target on Range Resources from $46.00 to $48.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Bank of America reissued a “neutral” rating and set a $38.00 price target (down from $44.00) on shares of Range Resources in a research note on Friday, January 16th. TD Cowen upgraded Range Resources to a “hold” rating in a report on Monday, February 9th. Finally, Morgan Stanley cut their price objective on Range Resources from $42.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Friday, January 23rd. Four analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Range Resources has a consensus rating of “Hold” and a consensus target price of $42.27.

Range Resources Trading Up 0.2%

Shares of RRC opened at $43.61 on Monday. The company’s fifty day simple moving average is $37.61 and its 200-day simple moving average is $37.03. The company has a market cap of $10.26 billion, a P/E ratio of 15.92, a P/E/G ratio of 0.40 and a beta of 0.57. 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 has a twelve month low of $30.32 and a twelve month high of $44.56.

Range Resources (NYSE:RRC) last released its quarterly 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 firm had revenue of $786.89 million during the quarter, compared to analysts’ expectations of $770.92 million. During the same period in the previous year, the company earned $0.68 EPS. The firm’s revenue for the quarter was up 30.9% compared to the same quarter last year. As a group, analysts expect that Range Resources will post 2.02 EPS for the current year.

Range Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.9%. This is a boost from Range Resources’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Friday, March 13th. Range Resources’s dividend payout ratio is 14.60%.

Institutional Trading of Range Resources

A number of large investors have recently modified their holdings of RRC. UMB Bank n.a. increased its holdings in Range Resources by 13.0% during the 4th quarter. UMB Bank n.a. now owns 2,431 shares of the oil and gas exploration company’s stock worth $86,000 after purchasing an additional 279 shares during the period. Profund Advisors LLC lifted its holdings in shares of Range Resources by 5.5% in the 3rd 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 during the period. Pinnacle Associates Ltd. lifted its holdings 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 worth $471,000 after buying an additional 302 shares during the period. Confluence Wealth Services Inc. grew its position in shares of Range Resources by 3.2% during the 4th quarter. Confluence Wealth Services Inc. now owns 10,199 shares of the oil and gas exploration company’s stock worth $360,000 after buying an additional 312 shares in the last quarter. Finally, ProShare Advisors LLC grew its position in shares of 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 buying an additional 315 shares in the last quarter. Hedge funds and other institutional investors own 98.93% of the company’s stock.

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.