Range Resources (NYSE:RRC) Reaches New 1-Year High Following Better-Than-Expected Earnings

Shares of Range Resources Co. (NYSE:RRC) reached a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $37.89 and last traded at $37.65, with a volume of 2630581 shares changing hands. The stock had previously closed at $36.58.

The oil and gas exploration company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.48 by $0.21. Range Resources had a net margin of 25.82% and a return on equity of 15.87%. The company had revenue of $718.20 million for the quarter, compared to analyst estimates of $680.72 million. During the same period in the prior year, the company earned $0.96 earnings per share. The firm’s revenue was down 15.7% on a year-over-year basis.

Range Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.85%. The ex-dividend date of this dividend was Thursday, March 14th. Range Resources’s payout ratio is 9.04%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on RRC shares. Piper Sandler upped their price target on Range Resources from $40.00 to $41.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Royal Bank of Canada reiterated an “outperform” rating and set a $36.00 target price on shares of Range Resources in a research report on Tuesday, April 9th. Citigroup boosted their price target on shares of Range Resources from $33.00 to $37.00 and gave the stock a “neutral” rating in a report on Wednesday, April 3rd. StockNews.com raised shares of Range Resources to a “sell” rating in a report on Wednesday, March 13th. Finally, Mizuho reaffirmed a “buy” rating and set a $39.00 price objective on shares of Range Resources in a report on Thursday, April 11th. Five investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Range Resources presently has a consensus rating of “Hold” and an average price target of $36.40.

Institutional Trading of Range Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Boston Partners raised its position in Range Resources by 1,858.7% in the fourth quarter. Boston Partners now owns 6,397,521 shares of the oil and gas exploration company’s stock valued at $194,722,000 after purchasing an additional 6,070,900 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Range Resources by 1.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,931,670 shares of the oil and gas exploration company’s stock worth $180,568,000 after acquiring an additional 90,028 shares during the period. Invesco Ltd. increased its position in shares of Range Resources by 22.4% during the third quarter. Invesco Ltd. now owns 3,796,629 shares of the oil and gas exploration company’s stock worth $123,049,000 after acquiring an additional 693,970 shares during the period. Kopernik Global Investors LLC increased its position in shares of Range Resources by 2.7% during the fourth quarter. Kopernik Global Investors LLC now owns 3,106,518 shares of the oil and gas exploration company’s stock worth $94,562,000 after acquiring an additional 82,095 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Range Resources by 3.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,780,804 shares of the oil and gas exploration company’s stock worth $54,208,000 after acquiring an additional 64,810 shares during the period. Hedge funds and other institutional investors own 98.93% of the company’s stock.

Range Resources Stock Up 3.2 %

The business has a 50-day moving average price of $33.34 and a two-hundred day moving average price of $32.33. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.47. The firm has a market cap of $9.14 billion, a PE ratio of 10.50 and a beta of 1.83.

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.