Zacks Research Lifts Earnings Estimates for Range Resources

Range Resources Co. (NYSE:RRC) – Investment analysts at Zacks Research raised their FY2024 earnings estimates for shares of Range Resources in a research report issued on Thursday, January 16th. Zacks Research analyst R. Department now anticipates that the oil and gas exploration company will post earnings per share of $1.97 for the year, up from their previous estimate of $1.96. The consensus estimate for Range Resources’ current full-year earnings is $2.00 per share. Zacks Research also issued estimates for Range Resources’ Q4 2024 earnings at $0.43 EPS, Q1 2025 earnings at $0.74 EPS and Q4 2025 earnings at $0.84 EPS.

A number of other brokerages have also recently issued reports on RRC. Piper Sandler decreased their price objective on shares of Range Resources from $31.00 to $30.00 and set a “neutral” rating on the stock in a research note on Monday, November 18th. Scotiabank lowered shares of Range Resources from a “sector outperform” rating to a “sector perform” rating and set a $45.00 target price on the stock. in a research report on Friday. UBS Group upgraded shares of Range Resources from a “sell” rating to a “neutral” rating and raised their target price for the company from $28.00 to $35.00 in a research report on Monday, December 9th. StockNews.com upgraded shares of Range Resources to a “sell” rating in a report on Wednesday, November 27th. Finally, Citigroup lifted their price target on shares of Range Resources from $33.00 to $38.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Range Resources currently has a consensus rating of “Hold” and a consensus target price of $37.16.

Range Resources Stock Down 0.5 %

Shares of RRC opened at $41.09 on Monday. Range Resources has a 12 month low of $27.29 and a 12 month high of $41.65. The firm’s 50 day moving average is $35.62 and its 200-day moving average is $32.57. The stock has a market capitalization of $9.91 billion, a PE ratio of 20.75 and a beta of 1.81. 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 issued its earnings results 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 business had revenue of $615.03 million during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period last year, the business posted $0.43 EPS.

Range Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.78%. The ex-dividend date was Friday, December 13th. Range Resources’s payout ratio is 16.16%.

Insider Activity

In other news, Director Charles G. Griffie purchased 1,275 shares of the business’s stock in a transaction on Thursday, October 24th. The shares were acquired at an average price of $31.46 per share, with a total value of $40,111.50. Following the acquisition, the director now directly owns 5,921 shares in the company, valued at approximately $186,274.66. The trade was 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 the SEC website. Corporate insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On Range Resources

Several hedge funds have recently bought and sold shares of the business. Brooklyn Investment Group purchased a new position in Range Resources in the third quarter worth about $25,000. UMB Bank n.a. raised its holdings in shares of Range Resources by 59.0% during the fourth quarter. UMB Bank n.a. now owns 1,148 shares of the oil and gas exploration company’s stock valued at $41,000 after purchasing an additional 426 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of Range Resources by 107.8% during the third quarter. Blue Trust Inc. now owns 1,359 shares of the oil and gas exploration company’s stock valued at $46,000 after purchasing an additional 705 shares during the last quarter. Bogart Wealth LLC purchased a new position in shares of Range Resources during the third quarter valued at approximately $49,000. Finally, Versant Capital Management Inc raised its holdings in shares of 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 valued at $56,000 after purchasing an additional 463 shares during the last quarter. 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.