Range Resources Co. (NYSE:RRC) Announces Dividend Increase – $0.09 Per Share

Range Resources Co. (NYSE:RRC) declared a quarterly dividend on Friday, February 28th, RTT News reports. Stockholders of record on Friday, March 14th will be given a dividend of 0.09 per share by the oil and gas exploration company on Friday, March 28th. This represents a $0.36 annualized dividend and a dividend yield of 0.97%. This is a positive change from Range Resources’s previous quarterly dividend of $0.08.

Range Resources has a dividend payout ratio of 8.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Range Resources to earn $2.99 per share next year, which means the company should continue to be able to cover its $0.32 annual dividend with an expected future payout ratio of 10.7%.

Range Resources Trading Up 2.0 %

Shares of RRC traded up $0.71 during mid-day trading on Friday, reaching $37.11. The stock had a trading volume of 4,294,829 shares, compared to its average volume of 2,813,790. Range Resources has a 52-week low of $27.29 and a 52-week high of $41.95. The firm has a market cap of $8.96 billion, a price-to-earnings ratio of 18.74, a P/E/G ratio of 5.11 and a beta of 1.77. The business’s fifty day moving average is $37.89 and its 200 day moving average is $33.88. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.54 and a quick ratio of 0.54.

Range Resources (NYSE:RRC) last posted its quarterly earnings results on Tuesday, February 25th. The oil and gas exploration company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.13. The business had revenue of $626.42 million during the quarter, compared to analysts’ expectations of $676.53 million. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. During the same quarter in the prior year, the company posted $0.63 EPS. On average, sell-side analysts predict that Range Resources will post 2.02 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Royal Bank of Canada reissued a “sector perform” rating and set a $40.00 price objective on shares of Range Resources in a research report on Tuesday, January 14th. Citigroup lifted their price target on shares of Range Resources from $33.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Mizuho upped their price target on Range Resources from $40.00 to $47.00 and gave the company an “outperform” rating in a report on Monday, December 16th. Truist Financial raised their price target on Range Resources from $31.00 to $35.00 and gave the stock a “hold” rating in a research note on Monday, January 13th. Finally, Scotiabank lowered shares of Range Resources from a “sector outperform” rating to a “sector perform” rating and set a $45.00 price objective on the stock. in a research note on Friday, January 17th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Range Resources has an average rating of “Hold” and an average price target of $39.00.

About Range Resources

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), crude oil, and condensate company in the United States. The company engages in the exploration, development, and acquisition of natural gas and crude oil properties located in the Appalachian region. It sells natural gas to utilities, marketing and midstream companies, and industrial users; NGLs to petrochemical end users, marketers/traders, and natural gas processors; and oil and condensate to crude oil processors, transporters, and refining and marketing companies.