TD Cowen Issues Positive Forecast for Range Resources (NYSE:RRC) Stock Price

Range Resources (NYSE:RRC) had its target price hoisted by TD Cowen from $40.00 to $45.00 in a report published on Tuesday morning, Marketbeat Ratings reports. The brokerage currently has a hold rating on the oil and gas exploration company’s stock.

Other equities research analysts also recently issued research reports about the stock. Morgan Stanley decreased their price target on shares of Range Resources from $42.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Friday, January 23rd. Weiss Ratings upgraded shares of Range Resources from a “hold (c)” rating to a “buy (b)” rating in a research note on Friday, February 27th. Bank of America reaffirmed a “neutral” rating and set a $38.00 price objective (down from $44.00) on shares of Range Resources in a report on Friday, January 16th. Zacks Research lowered shares of Range Resources from a “hold” rating to a “strong sell” rating in a research report on Wednesday, January 21st. Finally, JPMorgan Chase & Co. reissued an “underweight” rating and issued a $39.00 target price (down from $44.00) on shares of Range Resources in a research note on Monday, December 8th. Four research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Range Resources presently has a consensus rating of “Hold” and an average target price of $42.44.

Range Resources Price Performance

Shares of NYSE:RRC opened at $43.39 on Tuesday. Range Resources has a 1-year low of $30.32 and a 1-year high of $44.56. The firm has a market capitalization of $10.21 billion, a PE ratio of 15.83, a PEG ratio of 0.40 and a beta of 0.57. The business’s 50 day moving average is $37.79 and its 200-day moving average is $37.09. 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 released its quarterly earnings data on Tuesday, February 24th. The oil and gas exploration company reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.13. The business had revenue of $786.89 million for the quarter, compared to analysts’ expectations of $770.92 million. Range Resources had a return on equity of 16.31% and a net margin of 21.12%.Range Resources’s quarterly revenue was up 30.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.68 earnings per share. Sell-side analysts predict that Range Resources will post 2.02 earnings per share for the current year.

Range Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a 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 payout ratio is presently 14.60%.

Hedge Funds Weigh In On Range Resources

Hedge funds and other institutional investors have recently made changes to their positions in the company. Empowered Funds LLC lifted its holdings in shares of Range Resources by 2.1% during the 1st quarter. Empowered Funds LLC now owns 75,851 shares of the oil and gas exploration company’s stock worth $3,029,000 after acquiring an additional 1,563 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Range Resources by 1.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 466,796 shares of the oil and gas exploration company’s stock valued at $18,639,000 after purchasing an additional 8,816 shares in the last quarter. Focus Partners Wealth bought a new stake in Range Resources during the first quarter worth $285,000. ProShare Advisors LLC lifted 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 worth $431,000 after purchasing an additional 315 shares during the last quarter. Finally, Allworth Financial LP boosted its holdings in shares of Range Resources by 196.5% in the 2nd quarter. Allworth Financial LP now owns 1,103 shares of the oil and gas exploration company’s stock valued at $45,000 after purchasing an additional 731 shares in the last quarter. 98.93% of the stock is currently 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.