Range Resources Co. (RRC) to Issue Quarterly Dividend of $0.09 on March 28th

Range Resources Co. (NYSE:RRC) announced a quarterly dividend on Friday, February 28th, RTT News reports. Stockholders of record on Friday, March 14th will be given a dividend of 0.09 per share by the oil and gas exploration company on Friday, March 28th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date of this dividend is Friday, March 14th. This is a 12.5% increase from Range Resources’s previous quarterly dividend of $0.08.

Range Resources has a payout ratio of 9.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Range Resources to earn $2.99 per share next year, which means the company should continue to be able to cover its $0.36 annual dividend with an expected future payout ratio of 12.0%.

Range Resources Price Performance

NYSE:RRC opened at $37.67 on Wednesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.54 and a current ratio of 0.54. The firm has a market cap of $9.09 billion, a price-to-earnings ratio of 19.02, a P/E/G ratio of 5.11 and a beta of 1.80. The firm’s 50-day simple moving average is $38.20 and its 200 day simple moving average is $34.28. Range Resources has a 52 week low of $27.29 and a 52 week high of $41.95.

Range Resources (NYSE:RRC) last issued its quarterly earnings results on Tuesday, February 25th. The oil and gas exploration company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.13. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The company had revenue of $626.42 million during the quarter, compared to the consensus estimate of $676.53 million. During the same period in the previous year, the firm posted $0.63 EPS. As a group, sell-side analysts predict that Range Resources will post 2.02 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have issued reports on RRC. UBS Group raised their price target on Range Resources from $39.00 to $41.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Benchmark restated a “hold” rating on shares of Range Resources in a report on Friday, January 17th. Mizuho upped their price target on shares of Range Resources from $40.00 to $47.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Wolfe Research raised Range Resources from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a research report on Friday, January 3rd. Finally, Barclays set a $43.00 price target on Range Resources and gave the stock an “equal weight” rating in a research note on Thursday, February 27th. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Range Resources presently has a consensus rating of “Hold” and an average target price of $39.11.

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.