Range Resources (NYSE:RRC) Given New $50.00 Price Target at Citigroup

Range Resources (NYSE:RRC) had its price target raised by Citigroup from $43.00 to $50.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The firm currently has a neutral rating on the oil and gas exploration company’s stock.

A number of other equities analysts have also issued reports on the stock. 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 report on Friday, December 12th. Weiss Ratings upgraded shares of Range Resources from a “hold (c)” rating to a “buy (b)” rating in a research report on Friday, February 27th. Wells Fargo & Company upped their price objective on Range Resources from $43.00 to $46.00 and gave the stock an “equal weight” rating in a report on Thursday, February 26th. Truist Financial assumed coverage on Range Resources in a research report on Tuesday, March 24th. They issued a “hold” rating and a $48.00 price objective on the stock. Finally, Zacks Research raised Range Resources from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 18th. Four research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Range Resources has an average rating of “Hold” and an average price target of $43.18.

Range Resources Stock Performance

Range Resources stock opened at $45.13 on Tuesday. The stock has a 50-day simple moving average of $40.12 and a 200 day simple moving average of $37.86. 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 12-month low of $30.32 and a 12-month high of $48.31. The stock has a market capitalization of $10.62 billion, a price-to-earnings ratio of 16.47, a P/E/G ratio of 0.41 and a beta of 0.57.

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

Range Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 27th. Investors of record on Friday, March 13th were paid 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 positive change from Range Resources’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Friday, March 13th. Range Resources’s payout ratio is presently 14.60%.

Hedge Funds Weigh In On Range Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of RRC. Price T Rowe Associates Inc. MD raised its position in shares of Range Resources by 1.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 27,660,494 shares of the oil and gas exploration company’s stock valued at $975,311,000 after acquiring an additional 326,748 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Range Resources by 2.8% in the 4th quarter. Vanguard Group Inc. now owns 25,553,637 shares of the oil and gas exploration company’s stock worth $901,021,000 after purchasing an additional 701,751 shares during the last quarter. Boston Partners boosted its position in shares of Range Resources by 14.0% in the 4th quarter. Boston Partners now owns 13,467,808 shares of the oil and gas exploration company’s stock worth $474,585,000 after purchasing an additional 1,650,258 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Range Resources by 8.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 8,965,029 shares of the oil and gas exploration company’s stock worth $316,123,000 after purchasing an additional 673,827 shares during the period. Finally, Lingotto Investment Management LLP grew its stake in shares of Range Resources by 2.0% during the second quarter. Lingotto Investment Management LLP now owns 7,161,614 shares of the oil and gas exploration company’s stock worth $291,263,000 after purchasing an additional 138,877 shares during the period. 98.93% of the stock is 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.