Range Resources (NYSE:RRC) Sets New 1-Year High on Analyst Upgrade

Range Resources Co. (NYSE:RRC)’s share price hit a new 52-week high on Tuesday after Truist Financial raised their price target on the stock from $31.00 to $35.00. Truist Financial currently has a hold rating on the stock. Range Resources traded as high as $39.43 and last traded at $39.38, with a volume of 593998 shares trading hands. The stock had previously closed at $38.49.

RRC has been the subject of several other research reports. Mizuho upped their price objective on Range Resources from $40.00 to $47.00 and gave the company an “outperform” rating in a report on Monday, December 16th. Barclays upgraded Range Resources from an “underweight” rating to an “equal weight” rating and cut their price objective for the company from $35.00 to $34.00 in a report on Wednesday, October 2nd. UBS Group raised Range Resources from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $28.00 to $35.00 in a research report on Monday, December 9th. Stephens boosted their target price on Range Resources from $36.00 to $37.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Finally, Piper Sandler cut their target price on Range Resources from $31.00 to $30.00 and set a “neutral” rating on the stock in a research report on Monday, November 18th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $37.16.

Insider Transactions at Range Resources

In related news, Director Charles G. Griffie acquired 1,275 shares of the stock in a transaction dated Thursday, October 24th. The shares were acquired at an average price of $31.46 per share, for a total transaction of $40,111.50. Following the completion of the purchase, the director now owns 5,921 shares in the company, valued at approximately $186,274.66. The trade was a 27.44 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.57% of the stock is currently owned by corporate insiders.

Institutional Trading of Range Resources

Several hedge funds and other institutional investors have recently bought and sold shares of RRC. Brooklyn Investment Group acquired a new position in shares of Range Resources during the third quarter valued at about $25,000. Blue Trust Inc. raised its position in Range Resources by 107.8% in the third quarter. Blue Trust Inc. now owns 1,359 shares of the oil and gas exploration company’s stock worth $46,000 after purchasing an additional 705 shares in the last quarter. Versant Capital Management Inc raised its position in Range Resources by 42.8% in the fourth quarter. Versant Capital Management Inc now owns 1,544 shares of the oil and gas exploration company’s stock worth $56,000 after purchasing an additional 463 shares in the last quarter. Bogart Wealth LLC acquired a new stake in shares of Range Resources during the third quarter worth approximately $49,000. Finally, CWM LLC increased its holdings in shares of Range Resources by 276.8% during the third quarter. CWM LLC now owns 2,306 shares of the oil and gas exploration company’s stock worth $71,000 after buying an additional 1,694 shares in the last quarter. 98.93% of the stock is currently owned by institutional investors and hedge funds.

Range Resources Trading Up 2.4 %

The company has a market cap of $9.51 billion, a price-to-earnings ratio of 19.90 and a beta of 1.81. The company’s fifty day moving average price is $34.96 and its two-hundred day moving average price is $32.38. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.28.

Range Resources (NYSE:RRC) last posted its quarterly earnings data on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.16. The company had revenue of $615.03 million during 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 company’s revenue was up .9% on a year-over-year basis. During the same quarter last year, the business posted $0.43 earnings per share. Research analysts expect that Range Resources Co. will post 1.91 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. Stockholders of record on Friday, December 13th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.81%. The ex-dividend date was Friday, December 13th. Range Resources’s payout ratio is 16.16%.

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.