Range Resources (NYSE:RRC) Downgraded by Royal Bank of Canada

Royal Bank of Canada cut shares of Range Resources (NYSE:RRC) from an outperform rating to a sector perform rating in a report issued on Friday, Marketbeat.com reports. They currently have $39.00 price target on the oil and gas exploration company’s stock, up from their previous price target of $36.00.

RRC has been the topic of a number of other research reports. Susquehanna upped their price objective on shares of Range Resources from $34.00 to $36.00 and gave the stock a neutral rating in a report on Monday, April 22nd. Morgan Stanley upped their price objective on shares of Range Resources from $23.00 to $33.00 and gave the stock an underweight rating in a report on Wednesday, April 17th. Scotiabank cut shares of Range Resources from a sector outperform rating to a sector perform rating and upped their price objective for the stock from $40.00 to $45.00 in a report on Thursday, April 11th. Stephens upped their price objective on shares of Range Resources from $41.00 to $42.00 and gave the stock an overweight rating in a report on Wednesday. Finally, Citigroup increased their price target on shares of Range Resources from $33.00 to $37.00 and gave the company a neutral rating in a report on Wednesday, April 3rd. Five investment analysts have rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Range Resources has a consensus rating of Hold and a consensus target price of $36.65.

Range Resources Price Performance

Shares of NYSE RRC opened at $37.32 on Friday. Range Resources has a 1 year low of $23.92 and a 1 year high of $38.25. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.35 and a quick ratio of 1.49. The company’s 50-day moving average is $33.80 and its 200 day moving average is $32.42. The stock has a market capitalization of $9.05 billion, a P/E ratio of 18.94 and a beta of 1.83.

Range Resources (NYSE:RRC) last announced its quarterly earnings results on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.21. The company had revenue of $718.20 million for the quarter, compared to analysts’ expectations of $680.72 million. Range Resources had a net margin of 17.00% and a return on equity of 13.30%. Range Resources’s quarterly revenue was down 15.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.96 earnings per share. On average, sell-side analysts expect that Range Resources will post 2 earnings per share for the current year.

Range Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.86%. The ex-dividend date of this dividend was Thursday, March 14th. Range Resources’s dividend payout ratio is presently 16.24%.

Insider Transactions at Range Resources

In related news, VP Ashley Kavanaugh sold 15,978 shares of Range Resources stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $37.75, for a total transaction of $603,169.50. Following the transaction, the vice president now owns 22,370 shares in the company, valued at approximately $844,467.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 1.57% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Raleigh Capital Management Inc. bought a new stake in Range Resources in the 3rd quarter valued at $26,000. Benjamin F. Edwards & Company Inc. increased its holdings in Range Resources by 333.0% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 866 shares of the oil and gas exploration company’s stock valued at $26,000 after acquiring an additional 666 shares during the last quarter. Cary Street Partners Investment Advisory LLC bought a new stake in Range Resources in the 3rd quarter valued at $27,000. Larson Financial Group LLC increased its holdings in Range Resources by 267.9% in the 3rd quarter. Larson Financial Group LLC now owns 1,236 shares of the oil and gas exploration company’s stock valued at $40,000 after acquiring an additional 900 shares during the last quarter. Finally, Fifth Third Bancorp increased its holdings in Range Resources by 57.7% in the 3rd quarter. Fifth Third Bancorp now owns 1,339 shares of the oil and gas exploration company’s stock valued at $43,000 after acquiring an additional 490 shares during the last quarter. Hedge funds and other institutional investors own 98.93% of the company’s stock.

Range Resources Company Profile

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.