FY2024 Earnings Estimate for Range Resources Co. Issued By Capital One Financial (NYSE:RRC)

Range Resources Co. (NYSE:RRC) – Investment analysts at Capital One Financial reduced their FY2024 EPS estimates for Range Resources in a research report issued to clients and investors on Tuesday, September 10th. Capital One Financial analyst B. Velie now anticipates that the oil and gas exploration company will post earnings per share of $2.25 for the year, down from their prior forecast of $2.32. The consensus estimate for Range Resources’ current full-year earnings is $2.07 per share.

Range Resources (NYSE:RRC) last posted its quarterly earnings data on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.05. The firm had revenue of $641.30 million during the quarter, compared to analysts’ expectations of $610.24 million. Range Resources had a return on equity of 13.93% and a net margin of 17.62%. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.27 EPS.

Other equities analysts also recently issued reports about the stock. Wolfe Research started coverage on shares of Range Resources in a research note on Thursday, July 18th. They set a “peer perform” rating for the company. Piper Sandler cut Range Resources from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $43.00 to $31.00 in a research note on Thursday, August 15th. Benchmark reissued a “hold” rating on shares of Range Resources in a research report on Wednesday, July 24th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $39.00 price target on shares of Range Resources in a research note on Thursday, July 25th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Range Resources from $37.00 to $31.00 and set an “underweight” rating on the stock in a research note on Thursday. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $36.68.

Range Resources Price Performance

RRC stock opened at $29.04 on Thursday. Range Resources has a 52 week low of $27.29 and a 52 week high of $39.33. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.58 and a current ratio of 0.58. The firm’s fifty day moving average is $30.80 and its 200 day moving average is $33.55. The firm has a market cap of $7.03 billion, a P/E ratio of 14.74 and a beta of 1.80.

Range Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 1.10%. The ex-dividend date is Friday, September 13th. Range Resources’s payout ratio is currently 16.24%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its stake in Range Resources by 25.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 28,633,567 shares of the oil and gas exploration company’s stock valued at $985,855,000 after buying an additional 5,759,883 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Range Resources by 4.1% during the 1st quarter. Vanguard Group Inc. now owns 24,490,639 shares of the oil and gas exploration company’s stock valued at $843,213,000 after buying an additional 959,011 shares in the last quarter. Boston Partners raised its position in Range Resources by 2.1% during the first quarter. Boston Partners now owns 6,531,086 shares of the oil and gas exploration company’s stock valued at $224,912,000 after purchasing an additional 133,565 shares during the period. Lingotto Investment Management LLP raised its holdings in Range Resources by 1.5% during the 2nd quarter. Lingotto Investment Management LLP now owns 6,451,726 shares of the oil and gas exploration company’s stock valued at $216,326,000 after buying an additional 93,782 shares during the period. Finally, KGH Ltd raised its holdings in Range Resources by 3.2% during the 2nd quarter. KGH Ltd now owns 6,080,000 shares of the oil and gas exploration company’s stock valued at $203,862,000 after buying an additional 190,000 shares during the period. Hedge funds and other institutional investors own 98.93% of the company’s stock.

Range Resources Company Profile

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.