Range Resources (NYSE:RRC) Hits New 1-Year High on Analyst Upgrade

Range Resources Corporation (NYSE:RRC) shares reached a new 52-week high during mid-day trading on Thursday after Piper Sandler raised their price target on the stock from $41.00 to $42.00. Piper Sandler currently has a neutral rating on the stock. Range Resources traded as high as $43.55 and last traded at $42.9820, with a volume of 2709811 shares traded. The stock had previously closed at $41.95.

Several other analysts also recently weighed in on the company. Barclays upgraded Range Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 18th. Royal Bank Of Canada decreased their target price on shares of Range Resources from $46.00 to $44.00 and set a “sector perform” rating on the stock in a research note on Wednesday, January 14th. Weiss Ratings upgraded shares of Range Resources from a “hold (c)” rating to a “buy (b)” rating in a report on Friday, February 27th. UBS Group increased their price target on shares of Range Resources from $38.00 to $43.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. Finally, Morgan Stanley cut 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 report on Friday, January 23rd. One equities research analyst has rated the stock with a Strong Buy rating, four have issued 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 an average rating of “Hold” and a consensus price target of $42.13.

Institutional Trading of Range Resources

Several large investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD raised its holdings in Range Resources by 1.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 27,660,494 shares of the oil and gas exploration company’s stock worth $975,311,000 after purchasing an additional 326,748 shares in the last quarter. Vanguard Group Inc. lifted 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 period. Boston Partners boosted its stake in shares of Range Resources by 14.0% during the 4th quarter. Boston Partners now owns 13,467,808 shares of the oil and gas exploration company’s stock valued at $474,585,000 after purchasing an additional 1,650,258 shares in the last quarter. Dimensional Fund Advisors LP increased its position 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 valued at $316,123,000 after buying an additional 673,827 shares during the period. Finally, Lingotto Investment Management LLP increased its position 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 valued at $291,263,000 after buying an additional 138,877 shares during the period. Institutional investors own 98.93% of the company’s stock.

Range Resources Trading Up 2.0%

The company has a market capitalization of $10.07 billion, a P/E ratio of 15.62, a P/E/G ratio of 0.39 and a beta of 0.57. The stock’s 50 day moving average is $37.27 and its 200-day moving average is $36.85. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.67 and a quick ratio of 0.67.

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

Range Resources Increases Dividend

The company also recently declared 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 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Friday, March 13th. Range Resources’s dividend payout ratio is presently 13.14%.

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.