Range Resources (NYSE:RRC) Price Target Raised to $34.00

Range Resources (NYSE:RRC) had its price target raised by Jefferies Financial Group from $32.00 to $34.00 in a report released on Thursday, Benzinga reports. Jefferies Financial Group currently has a hold rating on the oil and gas exploration company’s stock.

A number of other research firms have also weighed in on RRC. Scotiabank lowered Range Resources from a sector outperform rating to a sector perform rating and increased their price objective for the company from $40.00 to $45.00 in a research note on Thursday, April 11th. Stephens upped their price objective on shares of Range Resources from $41.00 to $42.00 and gave the company an overweight rating in a research note on Wednesday, April 24th. Mizuho reiterated a buy rating and set a $41.00 target price (up from $39.00) on shares of Range Resources in a report on Friday, April 26th. Royal Bank of Canada downgraded Range Resources from an outperform rating to a sector perform rating and boosted their price target for the company from $36.00 to $39.00 in a report on Friday, April 26th. Finally, Piper Sandler increased their price objective on Range Resources from $41.00 to $43.00 and gave the stock an overweight rating in a report on Tuesday, April 30th. Five research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Range Resources presently has a consensus rating of Hold and an average target price of $36.62.

Range Resources Trading Up 2.1 %

Shares of RRC opened at $35.71 on Thursday. Range Resources has a fifty-two week low of $23.92 and a fifty-two week high of $38.25. The firm has a market cap of $8.66 billion, a price-to-earnings ratio of 18.13 and a beta of 1.85. The firm has a 50 day moving average price of $34.23 and a 200-day moving average price of $32.44. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.35 and a current ratio of 1.35.

Range Resources (NYSE:RRC) last posted 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 business had revenue of $718.20 million during the quarter, compared to analyst estimates of $680.72 million. Range Resources had a net margin of 17.00% and a return on equity of 13.30%. The company’s revenue was down 15.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.96 earnings per share. As a group, equities research analysts forecast 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 $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.90%. The ex-dividend date was Thursday, March 14th. Range Resources’s dividend payout ratio is currently 16.24%.

Insider Buying and Selling

In other news, VP Ashley Kavanaugh sold 15,978 shares of the firm’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $37.75, for a total transaction of $603,169.50. Following the sale, the vice president now owns 22,370 shares of the company’s stock, valued at approximately $844,467.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.57% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Range Resources

A number of hedge funds have recently added to or reduced their stakes in the stock. Raleigh Capital Management Inc. bought a new position in shares of Range Resources in the 3rd quarter worth approximately $26,000. Benjamin F. Edwards & Company Inc. raised its position in Range Resources by 333.0% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 866 shares of the oil and gas exploration company’s stock worth $26,000 after acquiring an additional 666 shares during the period. Cary Street Partners Investment Advisory LLC purchased a new position in shares of Range Resources during the 3rd quarter worth $27,000. Larson Financial Group LLC increased its stake in shares of 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 worth $40,000 after purchasing an additional 900 shares in the last quarter. Finally, Fifth Third Bancorp raised 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 worth $43,000 after purchasing an additional 490 shares during the period. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

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.