Range Resources (NYSE:RRC) Upgraded to Equal Weight by Barclays

Barclays upgraded shares of Range Resources (NYSE:RRC) from an underweight rating to an equal weight rating in a research report released on Wednesday, Marketbeat Ratings reports. Barclays currently has $34.00 target price on the oil and gas exploration company’s stock, down from their prior target price of $35.00.

RRC has been the subject of a number of other reports. Wolfe Research initiated coverage on Range Resources in a report on Thursday, July 18th. They set a peer perform rating for the company. Morgan Stanley lowered their target price on shares of Range Resources from $33.00 to $31.00 and set an underweight rating for the company in a research note on Monday, September 16th. 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 research note on Thursday, September 12th. Wells Fargo & Company raised shares of Range Resources from an equal weight rating to an overweight rating and increased their price objective for the stock from $35.00 to $39.00 in a research report on Tuesday. Finally, Benchmark reissued a hold rating on shares of Range Resources in a research report on Wednesday, July 24th. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $35.68.

Range Resources Stock Performance

Range Resources stock opened at $31.37 on Wednesday. The firm has a 50 day simple moving average of $30.00 and a 200-day simple moving average of $33.40. The stock has a market cap of $7.61 billion, a price-to-earnings ratio of 15.92 and a beta of 1.80. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.58 and a quick ratio of 0.58. Range Resources has a 1-year low of $27.29 and a 1-year high of $39.33.

Range Resources (NYSE:RRC) last released its quarterly earnings data on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.05. The firm had revenue of $641.30 million for 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 firm’s quarterly revenue was up 8.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.27 earnings per share. On average, analysts expect that Range Resources will post 1.87 EPS for the current year.

Range Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.02%. Range Resources’s payout ratio is 16.24%.

Insider Activity at Range Resources

In other Range Resources news, VP Ashley Kavanaugh sold 12,700 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $31.45, for a total transaction of $399,415.00. Following the completion of the transaction, the vice president now owns 9,670 shares in the company, valued at approximately $304,121.50. 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 owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Fifth Third Bancorp lifted its stake in Range Resources by 21.2% during the second quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock worth $57,000 after purchasing an additional 299 shares during the last quarter. Perkins Coie Trust Co acquired a new stake in Range Resources during the second quarter worth approximately $67,000. International Assets Investment Management LLC purchased a new stake in shares of Range Resources during the 2nd quarter worth approximately $67,000. SYSTM Wealth Solutions LLC boosted its holdings in shares of Range Resources by 17.9% in the 1st quarter. SYSTM Wealth Solutions LLC now owns 2,141 shares of the oil and gas exploration company’s stock valued at $74,000 after buying an additional 325 shares in the last quarter. Finally, nVerses Capital LLC purchased a new position in shares of Range Resources in the 2nd quarter valued at $107,000. 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.