Range Resources’ (RRC) Sector Perform Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada restated their sector perform rating on shares of Range Resources (NYSE:RRC) in a report released on Tuesday morning,Benzinga reports. Royal Bank of Canada currently has a $40.00 target price on the oil and gas exploration company’s stock.

Several other brokerages have also recently issued reports on RRC. Citigroup boosted their price objective on Range Resources from $33.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Barclays upgraded Range Resources from an “underweight” rating to an “equal weight” rating and lowered their price objective for the stock from $35.00 to $34.00 in a research report on Wednesday, October 2nd. Wells Fargo & Company lifted their target price on shares of Range Resources from $38.00 to $40.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. Truist Financial boosted their target price on shares of Range Resources from $31.00 to $35.00 and gave the company a “hold” rating in a research note on Monday. Finally, Wolfe Research upgraded shares of Range Resources from a “peer perform” rating to an “outperform” rating and set a $42.00 price target on the stock in a research report on Friday, January 3rd. Three research 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. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $37.16.

Range Resources Price Performance

Shares of NYSE RRC opened at $41.30 on Tuesday. Range Resources has a 52 week low of $27.29 and a 52 week high of $41.65. 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 firm has a market cap of $9.96 billion, a P/E ratio of 20.86 and a beta of 1.81. The business’s 50 day moving average price is $35.28 and its 200 day moving average price is $32.48.

Range Resources (NYSE:RRC) last released its quarterly earnings data 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 firm had revenue of $615.03 million for the quarter, compared to analyst estimates 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 quarter in the prior year, the business earned $0.43 earnings per share. On average, sell-side analysts expect that Range Resources will post 2 earnings per share for the current year.

Range Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were issued a $0.08 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.32 dividend on an annualized basis and a yield of 0.77%. Range Resources’s payout ratio is currently 16.16%.

Insiders Place Their Bets

In other Range Resources news, Director Charles G. Griffie bought 1,275 shares of the firm’s stock in a transaction on Thursday, October 24th. The shares were acquired at an average cost of $31.46 per share, with a total value of $40,111.50. Following the purchase, 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 position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 1.57% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Range Resources

Hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. boosted its stake in Range Resources by 61.9% during the third quarter. JPMorgan Chase & Co. now owns 1,579,579 shares of the oil and gas exploration company’s stock worth $48,588,000 after buying an additional 604,199 shares during the last quarter. HITE Hedge Asset Management LLC purchased a new position in shares of Range Resources during the 3rd quarter worth $11,508,000. Charles Schwab Investment Management Inc. boosted its position in shares of Range Resources by 4.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,017,704 shares of the oil and gas exploration company’s stock valued at $62,065,000 after acquiring an additional 92,217 shares during the last quarter. Aptus Capital Advisors LLC grew its holdings in shares of Range Resources by 135.5% in the third quarter. Aptus Capital Advisors LLC now owns 112,008 shares of the oil and gas exploration company’s stock valued at $3,445,000 after purchasing an additional 64,443 shares during the period. Finally, HighTower Advisors LLC increased its position in Range Resources by 59.9% during the third quarter. HighTower Advisors LLC now owns 131,571 shares of the oil and gas exploration company’s stock worth $4,045,000 after purchasing an additional 49,276 shares during the last quarter. 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.