Brokerages Set Range Resources Co. (NYSE:RRC) Price Target at $35.00

Shares of Range Resources Co. (NYSE:RRC) have been assigned a consensus rating of “Hold” from the twenty brokerages that are covering the company, MarketBeat reports. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $35.00.

Several research firms have commented on RRC. The Goldman Sachs Group lowered their price target on Range Resources from $40.00 to $35.00 and set a “neutral” rating for the company in a report on Friday, September 6th. StockNews.com raised shares of Range Resources to a “sell” rating in a research note on Tuesday, November 12th. Piper Sandler cut shares of Range Resources from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $43.00 to $31.00 in a research note on Thursday, August 15th. JPMorgan Chase & Co. cut their target price on Range Resources from $37.00 to $31.00 and set an “underweight” rating on the stock in a research report on Thursday, September 12th. Finally, Scotiabank raised Range Resources from a “sector perform” rating to a “sector outperform” rating and set a $45.00 price target for the company in a research report on Tuesday, August 20th.

Range Resources Price Performance

Shares of NYSE RRC opened at $33.44 on Tuesday. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.28. The company’s 50-day moving average price is $30.97 and its 200 day moving average price is $32.60. Range Resources has a 52 week low of $27.29 and a 52 week high of $39.33. The stock has a market cap of $8.07 billion, a price-to-earnings ratio of 16.89 and a beta of 1.80.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.16. The company had revenue of $615.03 million during the quarter, compared to analysts’ expectations of $617.90 million. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The business’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.43 earnings per share. As a group, research 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 disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date was Friday, September 13th. Range Resources’s dividend payout ratio is presently 16.16%.

Insiders Place Their Bets

In related news, VP Ashley Kavanaugh sold 12,700 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was 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 $304,121.50. The trade was a 56.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Charles G. Griffie bought 1,275 shares of the company’s stock in a transaction on Thursday, October 24th. The stock was bought at an average cost of $31.46 per share, for a total transaction of $40,111.50. Following the completion of the transaction, the director now directly owns 5,921 shares of the company’s stock, valued at $186,274.66. This trade represents a 27.44 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.57% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Brooklyn Investment Group acquired a new stake in shares of Range Resources in the third quarter valued at approximately $25,000. Blue Trust Inc. increased its position in Range Resources by 107.8% in 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 acquiring an additional 705 shares during the period. Bogart Wealth LLC bought a new stake in Range Resources during the 3rd quarter valued at $49,000. Fifth Third Bancorp raised its stake in Range Resources by 21.2% during 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 acquiring an additional 299 shares in the last quarter. Finally, Perkins Coie Trust Co bought a new position in shares of Range Resources in the second quarter worth $67,000. 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.