Range Resources Co. (NYSE:RRC) Given Average Rating of “Hold” by Brokerages

Range Resources Co. (NYSE:RRC) has been assigned an average rating of “Hold” from the twenty ratings firms that are currently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating on the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $36.32.

Several research firms recently issued reports on RRC. Piper Sandler cut their target price on Range Resources from $31.00 to $30.00 and set a “neutral” rating on the stock in a research report on Monday, November 18th. Barclays upgraded Range Resources from an “underweight” rating to an “equal weight” rating and reduced their price objective for the stock from $35.00 to $34.00 in a research note on Wednesday, October 2nd. StockNews.com upgraded Range Resources to a “sell” rating in a research report on Wednesday, November 27th. Stephens increased their price target on shares of Range Resources from $36.00 to $37.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Finally, Wolfe Research upgraded shares of Range Resources from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a research note on Friday, January 3rd.

Range Resources Price Performance

Shares of NYSE RRC opened at $36.74 on Wednesday. Range Resources has a fifty-two week low of $27.29 and a fifty-two week high of $39.33. The company has a market cap of $8.87 billion, a PE ratio of 18.56 and a beta of 1.81. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.54 and a current ratio of 0.54. The business has a 50-day simple moving average of $34.37 and a two-hundred day simple moving average of $32.27.

Range Resources (NYSE:RRC) last released its earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.16. The company had revenue of $615.03 million during the quarter, compared to analysts’ expectations of $617.90 million. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. Range Resources’s revenue for the quarter was up .9% on a year-over-year basis. During the same period last year, the business earned $0.43 EPS. As a group, equities analysts expect that Range Resources will post 1.91 EPS for the current fiscal year.

Range Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 13th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.87%. The ex-dividend date was Friday, December 13th. Range Resources’s payout ratio is 16.16%.

Insider Activity at Range Resources

In related news, Director Charles G. Griffie purchased 1,275 shares of the firm’s stock in a transaction that occurred on Thursday, October 24th. The shares were purchased at an average cost of $31.46 per share, with a total value of $40,111.50. Following the purchase, the director now owns 5,921 shares of the company’s stock, valued at $186,274.66. This represents a 27.44 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Range Resources

A number of hedge funds have recently made changes to their positions in the company. Brooklyn Investment Group acquired a new stake in shares of Range Resources in the third quarter worth approximately $25,000. Blue Trust Inc. boosted its stake in Range Resources by 107.8% during the 3rd quarter. Blue Trust Inc. now owns 1,359 shares of the oil and gas exploration company’s stock worth $46,000 after purchasing an additional 705 shares during the last quarter. Bogart Wealth LLC purchased a new stake in shares of Range Resources during the third quarter worth $49,000. Versant Capital Management Inc raised its position in shares of Range Resources by 42.8% in the fourth quarter. Versant Capital Management Inc now owns 1,544 shares of the oil and gas exploration company’s stock valued at $56,000 after buying an additional 463 shares during the last quarter. Finally, International Assets Investment Management LLC purchased a new position in shares of Range Resources in the second quarter worth about $67,000. Institutional investors and hedge funds own 98.93% of the company’s stock.

About Range Resources

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.