Truist Financial Raises Range Resources (NYSE:RRC) Price Target to $35.00

Range Resources (NYSE:RRC) had its target price hoisted by Truist Financial from $31.00 to $35.00 in a research report report published on Monday morning,Benzinga reports. Truist Financial currently has a hold rating on the oil and gas exploration company’s stock.

RRC has been the topic of a number of other research reports. Royal Bank of Canada increased their price target on shares of Range Resources from $35.00 to $40.00 and gave the company a “sector perform” rating in a report on Monday, November 25th. UBS Group raised Range Resources from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $28.00 to $35.00 in a report on Monday, December 9th. Mizuho upped their price target on Range Resources from $40.00 to $47.00 and gave the company an “outperform” rating in a report on Monday, December 16th. Morgan Stanley reduced their price objective on Range Resources from $33.00 to $31.00 and set an “underweight” rating for the company in a report on Monday, September 16th. Finally, Wolfe Research raised Range Resources from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a research report on Friday, January 3rd. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $37.16.

Range Resources Stock Up 0.7 %

Shares of NYSE:RRC opened at $38.42 on Monday. Range Resources has a 12-month low of $27.29 and a 12-month high of $39.33. The stock has a market capitalization of $9.27 billion, a price-to-earnings ratio of 19.40 and a beta of 1.81. The stock has a fifty day simple moving average of $34.96 and a two-hundred day simple moving average of $32.38. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.28.

Range Resources (NYSE:RRC) last announced its quarterly earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.16. The company had revenue of $615.03 million for 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%. Range Resources’s revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.43 EPS. On average, research analysts anticipate that Range Resources will post 1.91 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 13th were given a dividend of $0.08 per share. The ex-dividend date was Friday, December 13th. This represents a $0.32 annualized dividend and a yield of 0.83%. Range Resources’s dividend payout ratio (DPR) is presently 16.16%.

Insider Buying and Selling at Range Resources

In other news, Director Charles G. Griffie bought 1,275 shares of the stock in a transaction that occurred on Thursday, October 24th. The shares were bought at an average price of $31.46 per share, for a total transaction of $40,111.50. Following the purchase, the director now 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 acquisition was disclosed in a document filed with the SEC, which is available through this link. 1.57% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Range Resources

A number of institutional investors have recently bought and sold shares of the business. Canoe Financial LP boosted its stake in shares of Range Resources by 114.9% in the third quarter. Canoe Financial LP now owns 2,660,309 shares of the oil and gas exploration company’s stock worth $81,299,000 after acquiring an additional 1,422,200 shares during the period. JPMorgan Chase & Co. lifted its holdings in Range Resources by 61.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,579,579 shares of the oil and gas exploration company’s stock worth $48,588,000 after purchasing an additional 604,199 shares in the last quarter. HITE Hedge Asset Management LLC bought a new position in Range Resources in the 3rd quarter worth approximately $11,508,000. Verition Fund Management LLC grew its holdings in Range Resources by 379.3% during the 3rd quarter. Verition Fund Management LLC now owns 409,427 shares of the oil and gas exploration company’s stock valued at $12,594,000 after buying an additional 324,011 shares in the last quarter. Finally, Sagefield Capital LP raised its position in shares of Range Resources by 44.8% during the second quarter. Sagefield Capital LP now owns 906,886 shares of the oil and gas exploration company’s stock valued at $30,408,000 after buying an additional 280,452 shares during the last quarter. Hedge funds and other institutional investors 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.