Royal Bank of Canada Reaffirms “Outperform” Rating for Range Resources (NYSE:RRC)

Royal Bank of Canada restated their outperform rating on shares of Range Resources (NYSE:RRC – Get Rating) in a report released on Wednesday morning, Benzinga reports. They currently have a $40.00 target price on the oil and gas exploration company’s stock.

A number of other equities analysts also recently weighed in on RRC. Wells Fargo & Company boosted their target price on Range Resources from $28.00 to $30.00 and gave the stock an equal weight rating in a research note on Monday, March 6th. Mizuho cut their target price on Range Resources from $32.00 to $29.00 in a research note on Friday, March 10th. Morgan Stanley dropped their price objective on Range Resources from $26.00 to $24.00 and set an underweight rating on the stock in a research note on Tuesday, January 24th. Benchmark downgraded Range Resources from a buy rating to a hold rating in a research report on Monday, January 23rd. Finally, Roth Capital reaffirmed a neutral rating on shares of Range Resources in a research report on Wednesday, February 8th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $34.00.

Range Resources Price Performance

Shares of NYSE RRC opened at $22.88 on Wednesday. Range Resources has a twelve month low of $22.61 and a twelve month high of $37.44. The stock’s 50 day moving average price is $25.36 and its 200-day moving average price is $26.90. The company has a market capitalization of $5.51 billion, a PE ratio of 4.86, a PEG ratio of 0.32 and a beta of 2.12. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.64.

Range Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Investors of record on Wednesday, March 15th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 1.40%. The ex-dividend date of this dividend is Tuesday, March 14th. Range Resources’s dividend payout ratio (DPR) is 6.79%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Ronald Blue Trust Inc. increased its position in shares of Range Resources by 75.6% in the fourth quarter. Ronald Blue Trust Inc. now owns 1,187 shares of the oil and gas exploration company’s stock worth $30,000 after purchasing an additional 511 shares during the last quarter. Belpointe Asset Management LLC purchased a new stake in Range Resources in the fourth quarter worth approximately $40,000. Tobam purchased a new stake in Range Resources in the third quarter worth approximately $53,000. FourThought Financial LLC purchased a new stake in Range Resources in the third quarter worth approximately $69,000. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Range Resources in the third quarter worth approximately $72,000. 87.32% of the stock is currently owned by institutional investors.

About Range Resources

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Range Resources Corp. engages in the exploration, development and acquisition of natural gas and oil properties in the Appalachian and Midcontinent regions. The company was founded in 1976 and is headquartered in Fort Worth, TX.