Range Resources (NYSE:RRC) Price Target Raised to $44.00

Range Resources (NYSE:RRC) had its price objective increased by Susquehanna from $41.00 to $44.00 in a research note released on Tuesday morning, Marketbeat reports. They currently have a neutral rating on the oil and gas exploration company’s stock.

Several other research firms have also commented on RRC. The Goldman Sachs Group decreased their price objective on shares of Range Resources from $44.00 to $39.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 30th. Raymond James Financial set a $45.00 price objective on shares of Range Resources in a research note on Monday, July 27th. UBS Group dropped their target price on shares of Range Resources from $49.00 to $44.00 and set a “neutral” rating for the company in a report on Friday, October 2nd. Truist Financial dropped their target price on shares of Range Resources from $45.00 to $43.00 and set a “hold” rating for the company in a report on Monday, October 5th. Finally, Zacks Research upgraded shares of Range Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, seventeen have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $44.06.

Range Resources Stock Performance

Shares of RRC stock opened at $43.76 on Tuesday. The stock has a fifty day moving average price of $40.64 and a 200 day moving average price of $39.98. The stock has a market cap of $10.22 billion, a PE ratio of 12.09 and a beta of 0.71. Range Resources has a 1 year low of $32.68 and a 1 year high of $48.31. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.65 and a current ratio of 0.65.

Range Resources (NYSE:RRC) last posted its earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.13. Range Resources had a return on equity of 18.63% and a net margin of 25.04%. The company had revenue of $759.58 million for the quarter, compared to the consensus estimate of $744.78 million. During the same period in the previous year, the business earned $0.66 earnings per share. Range Resources’s quarterly revenue was down 2.7% compared to the same quarter last year. Sell-side analysts forecast that Range Resources will post 3.78 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 11th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Friday, September 11th. Range Resources’s dividend payout ratio is 11.05%.

Insiders Place Their Bets

In other news, Director Reginal Spiller sold 3,500 shares of the business’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $40.00, for a total value of $140,000.00. Following the completion of the transaction, the director directly owned 13,421 shares of the company’s stock, valued at $536,840. The trade was a 20.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 1.10% of the company’s stock.

Institutional Trading of Range Resources

Several institutional investors and hedge funds have recently made changes to their positions in RRC. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Range Resources during the 2nd quarter worth about $26,000. Northwestern Mutual Wealth Management Co. acquired a new position in Range Resources in the 2nd quarter valued at about $31,000. Root Financial Partners LLC acquired a new position in Range Resources in the 3rd quarter valued at about $35,000. Ameritas Advisory Services LLC purchased a new position in Range Resources in the 2nd quarter valued at about $44,000. Finally, Trust Co. of Vermont purchased a new position in Range Resources in the 2nd quarter valued at about $45,000. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

About Range Resources

Range Resources Corporation is an independent natural gas, natural gas liquids and oil exploration and production company. Its operations are concentrated in the Appalachian Basin, particularly the Marcellus Shale in southwestern Pennsylvania, where the company develops unconventional wells and produces natural gas, condensate and natural gas liquids.

The company’s activities include leasing and developing mineral properties, drilling and completing horizontal wells, and producing and marketing hydrocarbons.