Stephens Boosts Range Resources (NYSE:RRC) Price Target to $42.00

Range Resources (NYSE:RRC) had its target price increased by Stephens from $41.00 to $42.00 in a report published on Wednesday morning, Benzinga reports. They currently have an overweight rating on the oil and gas exploration company’s stock.

A number of other analysts have also issued reports on the company. Mizuho reaffirmed a buy rating and issued a $39.00 price target on shares of Range Resources in a research note on Thursday, April 11th. StockNews.com raised Range Resources to a sell rating in a research note on Wednesday, March 13th. Susquehanna boosted their price objective on Range Resources from $34.00 to $36.00 and gave the stock a neutral rating in a research note on Monday, April 22nd. Truist Financial lowered their price objective on Range Resources from $32.00 to $30.00 and set a hold rating on the stock in a research note on Friday, April 5th. Finally, Citigroup boosted their price objective on Range Resources from $33.00 to $37.00 and gave the stock a neutral rating in a research note on Wednesday, April 3rd. Five research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Hold and an average target price of $36.65.

Range Resources Stock Performance

Shares of NYSE:RRC opened at $37.32 on Wednesday. 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 business’s 50 day moving average price is $33.80 and its 200-day moving average price is $32.42. The firm has a market capitalization of $9.05 billion, a PE ratio of 18.94 and a beta of 1.83. Range Resources has a 1 year low of $23.92 and a 1 year high of $38.25.

Range Resources (NYSE:RRC) last issued its quarterly earnings results on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.21. The firm had revenue of $718.20 million for the quarter, compared to analyst estimates of $680.72 million. Range Resources had a return on equity of 13.30% and a net margin of 17.00%. The business’s revenue was down 15.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.96 earnings per share. As a group, equities research analysts expect that Range Resources will post 2 earnings per share for the current fiscal year.

Range Resources Announces Dividend

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

Insider Transactions at Range Resources

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

Institutional Trading of Range Resources

A number of large investors have recently made changes to their positions in RRC. Boston Partners boosted its position in shares of Range Resources by 1,858.7% in the 4th 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. Invesco Ltd. boosted its position in shares of Range Resources by 22.4% in the 3rd quarter. Invesco Ltd. now owns 3,796,629 shares of the oil and gas exploration company’s stock valued at $123,049,000 after purchasing an additional 693,970 shares during the period. Vaughan Nelson Investment Management L.P. acquired a new stake in shares of Range Resources in the 3rd quarter valued at about $19,704,000. Lord Abbett & CO. LLC boosted its position in shares of Range Resources by 66.6% in the 3rd quarter. Lord Abbett & CO. LLC now owns 1,463,000 shares of the oil and gas exploration company’s stock valued at $47,416,000 after purchasing an additional 585,000 shares during the period. Finally, Canoe Financial LP boosted its position in shares of Range Resources by 86.5% in the 3rd quarter. Canoe Financial LP now owns 1,195,400 shares of the oil and gas exploration company’s stock valued at $38,743,000 after purchasing an additional 554,400 shares during the period. 98.93% of the stock is owned by institutional investors and hedge funds.

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.