Range Resources (NYSE:RRC) Price Target Raised to $39.00

Range Resources (NYSE:RRC) had its price target boosted by Stifel Nicolaus from $36.00 to $39.00 in a report released on Tuesday, Benzinga reports. Stifel Nicolaus currently has a buy rating on the oil and gas exploration company’s stock.

A number of other analysts have also recently commented on RRC. Mizuho reiterated a buy rating and set a $39.00 price objective on shares of Range Resources in a research report on Thursday, April 11th. Royal Bank of Canada reiterated an outperform rating and issued a $36.00 price objective on shares of Range Resources in a research note on Tuesday, April 9th. Raymond James reduced their target price on shares of Range Resources from $37.00 to $36.00 and set an outperform rating for the company in a report on Wednesday, January 24th. Citigroup lifted their price target on shares of Range Resources from $33.00 to $37.00 and gave the stock a neutral rating in a research note on Wednesday, April 3rd. Finally, Truist Financial reduced their price objective on Range Resources from $32.00 to $30.00 and set a hold rating for the company in a research note on Friday, April 5th. Five analysts have rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $36.40.

Range Resources Price Performance

RRC opened at $37.69 on Tuesday. The company’s 50-day simple moving average is $33.67 and its two-hundred day simple moving average is $32.40. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.49 and a current ratio of 1.35. The stock has a market capitalization of $9.14 billion, a P/E ratio of 19.13 and a beta of 1.83. Range Resources has a 52-week low of $23.92 and a 52-week high of $38.25.

Range Resources (NYSE:RRC) last issued its quarterly earnings data on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.21. Range Resources had a net margin of 17.00% and a return on equity of 13.30%. The company had revenue of $718.20 million for the quarter, compared to the consensus estimate of $680.72 million. During the same quarter in the prior year, the firm earned $0.96 earnings per share. The firm’s revenue for the quarter was down 15.7% compared to the same quarter last year. As a group, analysts predict that Range Resources will post 2 EPS for the current year.

Range Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were paid a $0.08 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.85%. Range Resources’s payout ratio is currently 16.24%.

Insiders Place Their Bets

In other Range Resources news, VP Ashley Kavanaugh sold 15,978 shares of the business’s 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 $844,467.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.57% of the stock is currently owned by insiders.

Institutional Trading of Range Resources

Hedge funds and other institutional investors have recently bought and sold shares of the business. Raleigh Capital Management Inc. purchased a new position in shares of Range Resources during the third quarter worth approximately $26,000. Benjamin F. Edwards & Company Inc. raised its holdings 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 purchasing an additional 666 shares in the last quarter. Cary Street Partners Investment Advisory LLC purchased a new stake in Range Resources during the third quarter valued at approximately $27,000. Proffitt & Goodson Inc. acquired a new stake in shares of Range Resources in the 3rd quarter worth $32,000. Finally, Larson Financial Group LLC boosted its holdings in Range Resources by 267.9% in the third quarter. Larson Financial Group LLC now owns 1,236 shares of the oil and gas exploration company’s stock worth $40,000 after acquiring an additional 900 shares in the last quarter. Hedge funds and other institutional investors 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.