Range Resources (NYSE:RRC) Shares Gap Up – Here’s What Happened

Range Resources Co. (NYSE:RRC)’s share price gapped up prior to trading on Monday . The stock had previously closed at $34.79, but opened at $35.92. Range Resources shares last traded at $35.85, with a volume of 322,250 shares traded.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on RRC. Citigroup raised their target price on shares of Range Resources from $33.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Wells Fargo & Company raised their price objective on shares of Range Resources from $38.00 to $40.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. Morgan Stanley cut their price objective on Range Resources from $33.00 to $31.00 and set an “underweight” rating for the company in a research report on Monday, September 16th. Royal Bank of Canada increased their target price on Range Resources from $35.00 to $40.00 and gave the company a “sector perform” rating in a report on Monday, November 25th. Finally, Stephens boosted their price target on Range Resources from $36.00 to $37.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Range Resources presently has a consensus rating of “Hold” and a consensus target price of $36.00.

Range Resources Trading Down 1.2 %

The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.28. The business’s fifty day moving average is $33.85 and its 200-day moving average is $32.19. The stock has a market capitalization of $8.68 billion, a PE ratio of 18.17 and a beta of 1.85.

Range Resources (NYSE:RRC) last announced its quarterly earnings data on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 17.63% and a return on equity of 13.69%. The business’s quarterly revenue was up .9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.43 EPS. As a group, analysts anticipate that Range Resources Co. will post 1.91 EPS for the current fiscal year.

Range Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.32 annualized dividend and a yield of 0.89%. Range Resources’s dividend payout ratio is presently 16.16%.

Insider Activity

In other Range Resources news, Director Charles G. Griffie acquired 1,275 shares of the firm’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 purchase, the director now directly owns 5,921 shares in the company, valued at $186,274.66. This represents a 27.44 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On Range Resources

Hedge funds and other institutional investors have recently made changes to their positions in the business. Brooklyn Investment Group purchased a new position in Range Resources in the third quarter valued at about $25,000. Blue Trust Inc. raised its holdings in shares of 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 buying an additional 705 shares during the period. Bogart Wealth LLC purchased a new stake in shares of Range Resources during the 3rd quarter valued at about $49,000. International Assets Investment Management LLC acquired a new position in Range Resources during the 2nd quarter worth approximately $67,000. Finally, CWM LLC boosted its holdings in Range Resources by 276.8% in the 3rd quarter. CWM LLC now owns 2,306 shares of the oil and gas exploration company’s stock worth $71,000 after acquiring an additional 1,694 shares during the period. Institutional investors and hedge funds own 98.93% of the company’s stock.

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.