Range Resources (NYSE:RRC) announced its earnings results on Thursday. The oil and gas exploration company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01, Briefing.com reports. Range Resources had a positive return on equity of 5.23% and a negative net margin of 54.57%. The firm had revenue of $851.43 million for the quarter, compared to analyst estimates of $672.93 million. During the same quarter last year, the firm posted $0.20 EPS. The business’s revenue was up 29.8% on a year-over-year basis.
Shares of NYSE:RRC traded up $0.04 during midday trading on Friday, reaching $5.17. 15,529,400 shares of the company’s stock were exchanged, compared to its average volume of 8,227,454. The stock has a 50 day moving average price of $6.37. The company has a current ratio of 0.58, a quick ratio of 0.54 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $1.40 billion, a PE ratio of 4.58, a price-to-earnings-growth ratio of 0.94 and a beta of 0.97. Range Resources has a fifty-two week low of $4.92 and a fifty-two week high of $18.59.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date of this dividend was Thursday, June 13th. Range Resources’s payout ratio is 7.08%.
In other Range Resources news, Director Steven D. Gray acquired 20,000 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was purchased at an average cost of $8.77 per share, with a total value of $175,400.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Mark Scucchi acquired 11,100 shares of the business’s stock in a transaction that occurred on Tuesday, April 30th. The shares were acquired at an average cost of $9.04 per share, with a total value of $100,344.00. Following the completion of the transaction, the chief financial officer now directly owns 3,068 shares in the company, valued at approximately $27,734.72. The disclosure for this purchase can be found here. 0.35% of the stock is currently owned by company insiders.
Several large investors have recently modified their holdings of the stock. Quadrant Capital Group LLC boosted its holdings in Range Resources by 667.8% during the 1st quarter. Quadrant Capital Group LLC now owns 2,242 shares of the oil and gas exploration company’s stock valued at $25,000 after acquiring an additional 1,950 shares during the period. Machina Capital S.A.S. purchased a new position in shares of Range Resources in the 2nd quarter valued at about $46,000. Reilly Financial Advisors LLC purchased a new position in shares of Range Resources in the 2nd quarter valued at about $70,000. Mercer Global Advisors Inc. ADV purchased a new position in shares of Range Resources in the 1st quarter valued at about $105,000. Finally, Quantitative Systematic Strategies LLC purchased a new position in shares of Range Resources in the 2nd quarter valued at about $113,000.
RRC has been the subject of several recent research reports. Zacks Investment Research downgraded Horiba from a “hold” rating to a “sell” rating in a research note on Wednesday, May 22nd. Guggenheim downgraded Range Resources from a “buy” rating to a “neutral” rating in a research note on Thursday, April 25th. Morgan Stanley set a $23.00 price objective on Cabot Oil & Gas and gave the company a “hold” rating in a research note on Monday, June 24th. Jefferies Financial Group set a $189.00 price objective on salesforce.com and gave the company a “buy” rating in a research note on Monday, July 15th. Finally, Cowen set a $27.00 price objective on Schnitzer Steel Industries and gave the company a “hold” rating in a research note on Tuesday, April 9th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $15.39.
About Range Resources
Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), and oil company. It engages in the exploration, development, and acquisition of natural gas and oil properties. It holds interests in developed and undeveloped natural gas and oil leases in the Appalachian and North Louisiana regions of the United States.
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