Range Resources Corp. (NYSE:RRC)’s share price traded up 5.6% during trading on Wednesday after the company announced a dividend. The company traded as high as $3.63 and last traded at $3.59, 8,421,166 shares traded hands during trading. A decline of 16% from the average session volume of 10,043,098 shares. The stock had previously closed at $3.40.
The newly announced dividend which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date of this dividend is Thursday, December 12th. Range Resources’s dividend payout ratio (DPR) is presently 7.08%.
A number of research firms have recently issued reports on RRC. Credit Suisse Group downgraded shares of Range Resources from an “outperform” rating to a “neutral” rating in a research note on Friday, October 4th. MKM Partners upgraded shares of Range Resources from a “neutral” rating to a “buy” rating and set a $6.00 price objective on the stock in a research note on Monday, August 19th. LADENBURG THALM/SH SH downgraded shares of Range Resources from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $11.00 to $5.00 in a research note on Monday, August 26th. Citigroup dropped their price objective on shares of Range Resources from $6.00 to $5.00 and set a “neutral” rating on the stock in a research note on Monday, September 23rd. Finally, Bank of America dropped their price objective on shares of Range Resources from $8.00 to $4.00 and set an “underperform” rating on the stock in a research note on Thursday, October 24th. Three equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $10.61.
The company has a market capitalization of $902.63 million, a price-to-earnings ratio of 3.18, a P/E/G ratio of 3.52 and a beta of 0.99. The company has a quick ratio of 0.69, a current ratio of 0.74 and a debt-to-equity ratio of 0.75. The company’s 50 day simple moving average is $3.97 and its two-hundred day simple moving average is $5.12.
Range Resources (NYSE:RRC) last announced its earnings results on Wednesday, October 23rd. The oil and gas exploration company reported ($0.07) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.10) by $0.03. The company had revenue of $622.45 million during the quarter, compared to the consensus estimate of $594.94 million. Range Resources had a negative net margin of 50.85% and a positive return on equity of 3.14%. Range Resources’s revenue was down 23.3% compared to the same quarter last year. During the same period last year, the firm earned $0.26 earnings per share. Analysts anticipate that Range Resources Corp. will post 0.24 EPS for the current year.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in Range Resources by 11.5% in the second quarter. Vanguard Group Inc. now owns 24,971,010 shares of the oil and gas exploration company’s stock valued at $174,297,000 after acquiring an additional 2,574,615 shares in the last quarter. BlackRock Inc. boosted its stake in Range Resources by 1.7% in the second quarter. BlackRock Inc. now owns 19,504,968 shares of the oil and gas exploration company’s stock valued at $136,144,000 after acquiring an additional 324,328 shares in the last quarter. State Street Corp boosted its stake in Range Resources by 36.8% in the third quarter. State Street Corp now owns 17,398,629 shares of the oil and gas exploration company’s stock valued at $66,463,000 after acquiring an additional 4,680,815 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in Range Resources by 10.3% in the third quarter. Russell Investments Group Ltd. now owns 6,529,672 shares of the oil and gas exploration company’s stock valued at $24,987,000 after acquiring an additional 607,521 shares in the last quarter. Finally, Nuveen Asset Management LLC boosted its stake in Range Resources by 95.5% in the second quarter. Nuveen Asset Management LLC now owns 4,636,249 shares of the oil and gas exploration company’s stock valued at $32,361,000 after acquiring an additional 2,264,638 shares in the last quarter.
Range Resources Company Profile (NYSE:RRC)
Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), and oil company. It engages in the exploration, development, and acquisition of natural gas and oil properties. It holds interests in developed and undeveloped natural gas and oil leases in the Appalachian and North Louisiana regions of the United States.
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