Range Resources (NYSE:RRC) Receives “Buy” Rating from Mizuho

Mizuho reaffirmed their buy rating on shares of Range Resources (NYSE:RRC) in a research note released on Friday morning, Benzinga reports. The brokerage currently has a $41.00 target price on the oil and gas exploration company’s stock, up from their previous target price of $39.00.

A number of other brokerages have also commented on RRC. Stifel Nicolaus increased their price target on shares of Range Resources from $36.00 to $39.00 and gave the stock a buy rating in a report on Tuesday. Scotiabank cut Range Resources from a sector outperform rating to a sector perform rating and increased their target price for the company from $40.00 to $45.00 in a research note on Thursday, April 11th. Stephens lifted their price target on Range Resources from $41.00 to $42.00 and gave the stock an overweight rating in a research note on Wednesday. Royal Bank of Canada lowered Range Resources from an outperform rating to a sector perform rating and increased their price objective for the company from $36.00 to $39.00 in a research report on Friday. Finally, Truist Financial dropped their target price on Range Resources from $32.00 to $30.00 and set a hold rating for the company in a research report on Friday, April 5th. Five equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Hold and an average price target of $36.65.

Range Resources Price Performance

Range Resources stock opened at $37.32 on Friday. The stock has a market cap of $9.05 billion, a price-to-earnings ratio of 18.94 and a beta of 1.83. The company has a quick ratio of 1.49, a current ratio of 1.35 and a debt-to-equity ratio of 0.46. The business has a 50-day simple moving average of $33.80 and a 200 day simple moving average of $32.42. Range Resources has a 52 week low of $23.92 and a 52 week high of $38.25.

Range Resources (NYSE:RRC) last issued its quarterly earnings results on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.21. The firm had revenue of $718.20 million during the quarter, compared to the consensus estimate of $680.72 million. Range Resources had a return on equity of 13.30% and a net margin of 17.00%. The company’s revenue for the quarter was down 15.7% on a year-over-year basis. During the same quarter last year, the company posted $0.96 EPS. On average, research analysts forecast that Range Resources will post 2 earnings per share for the current fiscal year.

Range Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date of this dividend was Thursday, March 14th. Range Resources’s dividend payout ratio is 16.24%.

Insiders Place Their Bets

In related news, VP Ashley Kavanaugh sold 15,978 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $37.75, for a total transaction of $603,169.50. Following the completion of the sale, the vice president now owns 22,370 shares of the company’s stock, valued at $844,467.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.57% of the company’s stock.

Institutional Trading of Range Resources

A number of institutional investors and hedge funds have recently modified their holdings of the business. Glenorchy Capital Ltd purchased a new stake in shares of Range Resources during the fourth quarter valued at $1,799,000. Cary Street Partners Investment Advisory LLC bought a new stake in shares of Range Resources in the third quarter worth approximately $27,000. Schroder Investment Management Group raised its holdings in shares of Range Resources by 23.7% during the third quarter. Schroder Investment Management Group now owns 456,752 shares of the oil and gas exploration company’s stock valued at $14,803,000 after purchasing an additional 87,624 shares during the last quarter. Kennedy Capital Management LLC lifted its position in Range Resources by 17.7% during the third quarter. Kennedy Capital Management LLC now owns 224,573 shares of the oil and gas exploration company’s stock valued at $7,278,000 after purchasing an additional 33,793 shares during the period. Finally, Vaughan Nelson Investment Management L.P. purchased a new stake in Range Resources in the third quarter worth approximately $19,704,000. 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.