Range Resources (NYSE:RRC) Reaches New 12-Month High on Analyst Upgrade

Shares of Range Resources Co. (NYSE:RRC) hit a new 52-week high during trading on Tuesday after Truist Financial raised their price target on the stock from $31.00 to $35.00. Truist Financial currently has a hold rating on the stock. Range Resources traded as high as $39.43 and last traded at $39.38, with a volume of 593998 shares. The stock had previously closed at $38.49.

Other equities analysts have also recently issued reports about the stock. Benchmark reissued a “hold” rating on shares of Range Resources in a research note on Wednesday, October 23rd. StockNews.com raised Range Resources to a “sell” rating in a report on Wednesday, November 27th. Royal Bank of Canada boosted their price target on Range Resources from $35.00 to $40.00 and gave the company a “sector perform” rating in a research note on Monday, November 25th. Wolfe Research raised Range Resources from a “peer perform” rating to an “outperform” rating and set a $42.00 price target for the company in a research note on Friday, January 3rd. Finally, Bank of America upgraded Range Resources from a “neutral” rating to a “buy” rating and lifted their target price for the company from $34.00 to $45.00 in a research report on Monday. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $37.16.

Insider Buying and Selling at Range Resources

In other Range Resources news, Director Charles G. Griffie purchased 1,275 shares of the company’s stock in a transaction on Thursday, October 24th. The shares were purchased at an average cost of $31.46 per share, with a total value of $40,111.50. Following the completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.57% of the company’s stock.

Hedge Funds Weigh In On Range Resources

Several institutional investors have recently added to or reduced their stakes in RRC. M&T Bank Corp grew its holdings in Range Resources by 3.1% during the third quarter. M&T Bank Corp now owns 10,790 shares of the oil and gas exploration company’s stock worth $332,000 after buying an additional 327 shares in the last quarter. Commerce Bank grew its holdings in Range Resources by 5.7% during the third quarter. Commerce Bank now owns 6,848 shares of the oil and gas exploration company’s stock worth $211,000 after buying an additional 369 shares in the last quarter. Inscription Capital LLC grew its holdings in Range Resources by 3.6% during the third quarter. Inscription Capital LLC now owns 12,536 shares of the oil and gas exploration company’s stock worth $386,000 after buying an additional 433 shares in the last quarter. Versant Capital Management Inc grew its holdings in Range Resources by 42.8% during the fourth quarter. Versant Capital Management Inc now owns 1,544 shares of the oil and gas exploration company’s stock worth $56,000 after buying an additional 463 shares in the last quarter. Finally, Orser Capital Management LLC grew its holdings in Range Resources by 1.0% during the third quarter. Orser Capital Management LLC now owns 53,993 shares of the oil and gas exploration company’s stock worth $1,661,000 after buying an additional 550 shares in the last quarter. 98.93% of the stock is owned by institutional investors and hedge funds.

Range Resources Price Performance

The company has a fifty day moving average of $35.13 and a 200-day moving average of $32.42. The firm has a market cap of $9.74 billion, a P/E ratio of 20.38 and a beta of 1.81. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.54 and a quick ratio of 0.54.

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 analysts’ consensus estimates of $0.32 by $0.16. The firm had revenue of $615.03 million during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.43 EPS. On average, sell-side 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. Stockholders of record on Friday, December 13th were paid a dividend of $0.08 per share. The ex-dividend date was Friday, December 13th. This represents a $0.32 annualized dividend and a dividend yield of 0.79%. Range Resources’s payout ratio is 16.16%.

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.