Range Resources (NYSE:RRC) Price Target Raised to $51.00

Range Resources (NYSE:RRC) had its price target increased by Truist Financial from $43.00 to $51.00 in a research report released on Monday,Benzinga reports. The brokerage currently has a hold rating on the oil and gas exploration company’s stock.

Other equities analysts also recently issued research reports about the company. Citigroup reiterated a “neutral” rating on shares of Range Resources in a research report on Thursday, July 23rd. BMO Capital Markets reissued a “market perform” rating on shares of Range Resources in a research note on Monday, October 5th. Mizuho upped their target price on Range Resources from $52.00 to $67.00 and gave the company an “outperform” rating in a report on Monday, October 26th. Stifel Nicolaus began coverage on Range Resources in a research note on Thursday, September 10th. They issued a “hold” rating and a $46.00 target price for the company. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $37.00 target price on shares of Range Resources in a research note on Tuesday, October 20th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, nineteen have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Range Resources presently has an average rating of “Hold” and an average price target of $46.22.

Range Resources Stock Down 3.8%

RRC stock opened at $51.97 on Monday. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The firm has a 50-day moving average of $42.92 and a two-hundred day moving average of $40.62. Range Resources has a 12 month low of $32.68 and a 12 month high of $56.90. The company has a market cap of $12.14 billion, a price-to-earnings ratio of 13.79 and a beta of 0.64.

Range Resources (NYSE:RRC) last issued its earnings results on Tuesday, October 27th. The oil and gas exploration company reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.06. The business had revenue of $842.83 million for the quarter, compared to analysts’ expectations of $795.19 million. Range Resources had a return on equity of 19.15% and a net margin of 25.25%. The business’s revenue for the quarter was up 12.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.57 EPS. As a group, analysts forecast that Range Resources will post 3.85 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 11th were issued a $0.10 dividend. The ex-dividend date was Friday, September 11th. This represents a $0.40 dividend on an annualized basis and a yield of 0.8%. Range Resources’s dividend payout ratio is currently 10.61%.

Institutional Investors Weigh In On Range Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RRC. BlackRock Inc. acquired a new position in shares of Range Resources in the 2nd quarter worth approximately $868,085,000. Dimensional Fund Advisors LP boosted its position in shares of Range Resources by 2.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,192,740 shares of the oil and gas exploration company’s stock worth $415,354,000 after purchasing an additional 227,711 shares during the period. Canoe Financial LP boosted its position in shares of Range Resources by 19.3% during the 3rd quarter. Canoe Financial LP now owns 3,953,091 shares of the oil and gas exploration company’s stock worth $148,403,000 after purchasing an additional 639,200 shares during the period. Goehring & Rozencwajg Associates LLC boosted its position in shares of Range Resources by 35.9% during the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 2,721,749 shares of the oil and gas exploration company’s stock worth $122,969,000 after purchasing an additional 718,648 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Range Resources by 1.1% in the first quarter. Bank of New York Mellon Corp now owns 1,962,499 shares of the oil and gas exploration company’s stock valued at $88,666,000 after purchasing an additional 22,278 shares during the period. Institutional investors and hedge funds own 98.93% of the company’s stock.

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.