Range Resources (NYSE:RRC) Price Target Raised to $46.00

Range Resources (NYSE:RRC) had its price objective upped by Mizuho from $45.00 to $46.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have an outperform rating on the oil and gas exploration company’s stock.

A number of other research firms also recently commented on RRC. Citigroup downgraded shares of Range Resources from a “neutral” rating to a “reduce” rating in a research report on Wednesday, March 5th. The Goldman Sachs Group raised their target price on shares of Range Resources from $39.00 to $43.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 12th. Stephens reiterated an “overweight” rating and issued a $49.00 price objective on shares of Range Resources in a research note on Wednesday, April 23rd. Raymond James lifted their target price on shares of Range Resources from $46.00 to $55.00 and gave the stock an “outperform” rating in a research report on Monday, March 31st. Finally, Bank of America upgraded shares of Range Resources from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $34.00 to $45.00 in a research report on Monday, January 13th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $41.85.

Range Resources Stock Down 0.4%

Shares of NYSE RRC opened at $40.25 on Tuesday. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.28. The stock has a market cap of $9.62 billion, a PE ratio of 20.33, a P/E/G ratio of 5.11 and a beta of 0.60. The company has a 50-day moving average of $36.51 and a 200 day moving average of $36.31. Range Resources has a 12-month low of $27.29 and a 12-month high of $41.95.

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

Range Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were given a dividend of $0.09 per share. This is a boost from Range Resources’s previous quarterly dividend of $0.08. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.89%. The ex-dividend date of this dividend was Friday, March 14th. Range Resources’s payout ratio is presently 32.14%.

Insider Transactions at Range Resources

In other Range Resources news, CEO Dennis Degner sold 35,850 shares of the business’s stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $40.42, for a total transaction of $1,449,057.00. Following the completion of the sale, the chief executive officer now owns 58,431 shares in the company, valued at $2,361,781.02. The trade was a 38.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Erin W. Mcdowell sold 9,568 shares of the business’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $40.62, for a total transaction of $388,652.16. Following the sale, the senior vice president now owns 13,800 shares of the company’s stock, valued at approximately $560,556. The trade was a 40.94% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 71,880 shares of company stock valued at $2,815,807. Corporate insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Range Resources

Institutional investors have recently modified their holdings of the company. Hollencrest Capital Management bought a new position in Range Resources in the 1st quarter valued at about $33,000. Bessemer Group Inc. lifted its stake in Range Resources by 48.0% during the first quarter. Bessemer Group Inc. now owns 971 shares of the oil and gas exploration company’s stock valued at $39,000 after buying an additional 315 shares in the last quarter. Cullen Frost Bankers Inc. purchased a new stake in Range Resources during the first quarter valued at about $39,000. Smartleaf Asset Management LLC lifted its stake in Range Resources by 87.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,012 shares of the oil and gas exploration company’s stock valued at $37,000 after buying an additional 471 shares in the last quarter. Finally, UMB Bank n.a. increased its holdings in shares of Range Resources by 59.0% in the 4th quarter. UMB Bank n.a. now owns 1,148 shares of the oil and gas exploration company’s stock valued at $41,000 after purchasing an additional 426 shares during the period. Institutional investors own 98.93% of the company’s stock.

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.