Range Resources (NYSE:RRC) Price Target Raised to $41.00

Range Resources (NYSE:RRC) had its target price boosted by Piper Sandler from $40.00 to $41.00 in a research note issued to investors on Friday, Benzinga reports. Piper Sandler currently has an overweight rating on the oil and gas exploration company’s stock.

Several other brokerages have also recently issued reports on RRC. StockNews.com upgraded Range Resources to a sell rating in a research report on Wednesday, March 13th. Raymond James lowered their price target on Range Resources from $37.00 to $36.00 and set an outperform rating on the stock in a research report on Wednesday, January 24th. Stifel Nicolaus lowered their price target on Range Resources from $38.00 to $37.00 and set a buy rating on the stock in a research report on Tuesday, January 23rd. Barclays initiated coverage on Range Resources in a research report on Wednesday, April 10th. They set an underweight rating and a $35.00 price target on the stock. Finally, Scotiabank cut Range Resources from a sector outperform rating to a sector perform rating and lifted their price target for the company from $40.00 to $45.00 in a research report on Thursday, April 11th. Five research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of Hold and an average price target of $35.80.

Range Resources Stock Up 1.4 %

RRC opened at $35.27 on Friday. Range Resources has a 12 month low of $23.92 and a 12 month high of $37.88. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.49 and a quick ratio of 1.49. The stock has a market cap of $8.54 billion, a P/E ratio of 9.96 and a beta of 1.83. The stock’s 50 day moving average price is $33.03 and its 200 day moving average price is $32.25.

Range Resources (NYSE:RRC) last posted its earnings results on Wednesday, February 21st. The oil and gas exploration company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.42 by $0.21. Range Resources had a return on equity of 15.87% and a net margin of 25.82%. The firm had revenue of $941.40 million for the quarter, compared to analysts’ expectations of $672.25 million. During the same period last year, the firm earned $1.26 EPS. The firm’s revenue was down 42.3% compared to the same quarter last year. As a group, research analysts predict that Range Resources will post 1.94 earnings per share for the current year.

Range Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a $0.08 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.32 annualized dividend and a dividend yield of 0.91%. Range Resources’s dividend payout ratio (DPR) is presently 9.04%.

Institutional Trading of Range Resources

Several hedge funds and other institutional investors have recently modified their holdings of RRC. Raleigh Capital Management Inc. acquired a new stake in shares of Range Resources in the third quarter worth $26,000. Benjamin F. Edwards & Company Inc. boosted its position in Range Resources by 333.0% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 866 shares of the oil and gas exploration company’s stock valued at $26,000 after purchasing an additional 666 shares during the last quarter. Cary Street Partners Investment Advisory LLC acquired a new stake in Range Resources during the third quarter valued at $27,000. Lazard Asset Management LLC acquired a new stake in Range Resources during the second quarter valued at $28,000. Finally, Proffitt & Goodson Inc. acquired a new stake in Range Resources during the third quarter valued at $32,000. Institutional investors and hedge funds own 98.93% of the company’s stock.

Range Resources Company Profile

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.