Range Resources (NYSE:RRC) Research Coverage Started at Bank of America

Bank of America started coverage on shares of Range Resources (NYSE:RRC) in a report released on Monday morning, StockNewsAPI reports. The firm issued a neutral rating and a $34.00 target price on the oil and gas exploration company’s stock.

Other research analysts have also recently issued research reports about the stock. Scotiabank upgraded shares of Range Resources from a “sector perform” rating to a “sector outperform” rating and set a $45.00 target price on the stock in a research note on Tuesday, August 20th. Morgan Stanley reduced their price target on shares of Range Resources from $33.00 to $31.00 and set an “underweight” rating on the stock in a report on Monday, September 16th. Piper Sandler downgraded shares of Range Resources from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $43.00 to $31.00 in a report on Thursday, August 15th. UBS Group reduced their price target on shares of Range Resources from $30.00 to $27.00 and set a “sell” rating on the stock in a report on Wednesday, September 18th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Range Resources from $37.00 to $31.00 and set an “underweight” rating on the stock in a report on Thursday, September 12th. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Range Resources has an average rating of “Hold” and an average price target of $35.00.

Range Resources Stock Up 1.6 %

RRC opened at $31.49 on Monday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.58 and a current ratio of 0.58. Range Resources has a fifty-two week low of $27.29 and a fifty-two week high of $39.33. The firm’s fifty day moving average is $30.26 and its 200 day moving average is $32.91. The stock has a market cap of $7.64 billion, a price-to-earnings ratio of 15.98 and a beta of 1.80.

Range Resources (NYSE:RRC) last released its earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.16. Range Resources had a net margin of 17.63% and a return on equity of 13.73%. The company had revenue of $615.03 million for the quarter, compared to analysts’ expectations of $617.90 million. During the same quarter in the previous year, the company earned $0.43 EPS. Range Resources’s revenue for the quarter was up .9% on a year-over-year basis. On average, sell-side analysts forecast that Range Resources will post 1.89 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued a $0.08 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.02%. Range Resources’s dividend payout ratio (DPR) is presently 16.24%.

Insider Activity at Range Resources

In related news, VP Ashley Kavanaugh sold 12,700 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $31.45, for a total transaction of $399,415.00. Following the transaction, the vice president now directly owns 9,670 shares in the company, valued at approximately $304,121.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, VP Ashley Kavanaugh sold 12,700 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $31.45, for a total transaction of $399,415.00. Following the transaction, the vice president now directly owns 9,670 shares in the company, valued at approximately $304,121.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Charles G. Griffie purchased 1,275 shares of the business’s stock in a transaction that occurred on Thursday, October 24th. The shares were purchased at an average price of $31.46 per share, for a total transaction of $40,111.50. Following the completion of the acquisition, the director now directly owns 5,921 shares in the company, valued at $186,274.66. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. 1.57% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Range Resources

Hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. grew its holdings 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 valued at $46,000 after purchasing an additional 705 shares during the last quarter. Bogart Wealth LLC purchased a new stake in Range Resources in the 3rd quarter valued at about $49,000. Fifth Third Bancorp boosted its position in Range Resources by 21.2% in the 2nd quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock valued at $57,000 after buying an additional 299 shares during the period. Perkins Coie Trust Co purchased a new stake in Range Resources in the 2nd quarter valued at about $67,000. Finally, International Assets Investment Management LLC purchased a new stake in Range Resources in the 2nd quarter valued at about $67,000. 98.93% of the stock is currently owned by institutional investors.

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.