Range Resources (NYSE:RRC) Now Covered by Truist Financial

Truist Financial initiated coverage on shares of Range Resources (NYSE:RRC) in a research note published on Tuesday, MarketBeat.com reports. The brokerage issued a hold rating and a $48.00 target price on the oil and gas exploration company’s stock.

Other research analysts have also issued reports about the company. Mizuho increased their price objective on Range Resources from $46.00 to $48.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. Barclays upped their price target on Range Resources from $39.00 to $41.00 and gave the company an “equal weight” rating in a research note on Monday, March 16th. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $39.00 price target (down from $44.00) on shares of Range Resources in a report on Monday, December 8th. UBS Group raised their price objective on Range Resources from $38.00 to $43.00 and gave the stock a “neutral” rating in a research report on Friday, December 12th. Finally, Citigroup upped their target price 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. Four investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Range Resources has a consensus rating of “Hold” and an average price target of $42.76.

Range Resources Price Performance

Shares of RRC stock opened at $45.97 on Tuesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.67 and a quick ratio of 0.67. The company has a market capitalization of $10.82 billion, a PE ratio of 16.78, a price-to-earnings-growth ratio of 0.41 and a beta of 0.57. The firm’s 50-day moving average is $38.89 and its two-hundred day moving average is $37.45. Range Resources has a 12 month low of $30.32 and a 12 month high of $46.19.

Range Resources (NYSE:RRC) last posted its quarterly earnings results 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. The business had revenue of $786.89 million during the quarter, compared to analysts’ expectations of $770.92 million. Range Resources had a net margin of 21.12% and a return on equity of 16.31%. The business’s revenue for the quarter was up 30.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.68 EPS. Analysts predict that Range Resources will post 2.02 earnings per share for the current year.

Range Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Friday, March 13th. This is a boost 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 payout ratio is presently 14.60%.

Hedge Funds Weigh In On Range Resources

Hedge funds have recently bought and sold shares of the company. Los Angeles Capital Management LLC acquired a new position in Range Resources in the 4th quarter valued at about $34,000. True Wealth Design LLC lifted its position in shares of Range Resources by 116.3% during the third quarter. True Wealth Design LLC now owns 1,006 shares of the oil and gas exploration company’s stock worth $38,000 after purchasing an additional 541 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Range Resources by 49.6% in the third quarter. Smartleaf Asset Management LLC now owns 1,013 shares of the oil and gas exploration company’s stock valued at $38,000 after purchasing an additional 336 shares during the period. SBI Okasan Asset Management Co.Ltd. purchased a new position in shares of Range Resources in the fourth quarter valued at approximately $57,000. Finally, Basepoint Wealth LLC acquired a new position in shares of Range Resources in the fourth quarter valued at approximately $61,000. Institutional investors and hedge funds 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.