Range Resources (NYSE:RRC) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of Range Resources (NYSE:RRC) from a sell rating to a hold rating in a research note published on Thursday.

A number of other brokerages have also recently issued reports on RRC. UBS Group raised their price objective on shares of Range Resources from $39.00 to $41.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Barclays set a $43.00 price target on Range Resources and gave the stock an “equal weight” rating in a research report on Thursday, February 27th. Scotiabank downgraded Range Resources from a “sector outperform” rating to a “sector perform” rating and set a $45.00 price objective for the company. in a report on Friday, January 17th. Truist Financial raised their target price on Range Resources from $35.00 to $37.00 and gave the stock a “hold” rating in a report on Monday, March 17th. Finally, Mizuho upped their price target on Range Resources from $40.00 to $47.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Range Resources has an average rating of “Hold” and a consensus price target of $40.89.

Range Resources Price Performance

Range Resources stock opened at $39.19 on Thursday. The company has a market capitalization of $9.46 billion, a PE ratio of 19.79, a price-to-earnings-growth ratio of 5.11 and a beta of 1.80. The business has a 50 day simple moving average of $38.52 and a 200 day simple moving average of $35.17. Range Resources has a one year low of $27.29 and a one year high of $41.95. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.54 and a quick ratio of 0.54.

Range Resources (NYSE:RRC) last announced its earnings results on Tuesday, February 25th. The oil and gas exploration company reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.13. The company had revenue of $626.42 million for the quarter, compared to analyst estimates of $676.53 million. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. During the same period in the prior year, the business earned $0.63 earnings per share. On average, sell-side analysts forecast that Range Resources will post 2.02 EPS for the current fiscal year.

Range Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were given a dividend of $0.09 per share. This is a boost from Range Resources’s previous quarterly dividend of $0.08. This represents a $0.36 annualized dividend and a dividend yield of 0.92%. The ex-dividend date was Friday, March 14th. Range Resources’s dividend payout ratio is currently 32.73%.

Institutional Investors Weigh In On Range Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of RRC. Brooklyn Investment Group bought a new position in shares of Range Resources during the 3rd quarter worth approximately $25,000. Smartleaf Asset Management LLC boosted its holdings in Range Resources by 87.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,012 shares of the oil and gas exploration company’s stock worth $37,000 after purchasing an additional 471 shares during the last quarter. UMB Bank n.a. grew its position in Range Resources by 59.0% in the fourth quarter. UMB Bank n.a. now owns 1,148 shares of the oil and gas exploration company’s stock valued at $41,000 after purchasing an additional 426 shares in the last quarter. Headlands Technologies LLC acquired a new stake in Range Resources in the 4th quarter valued at $42,000. Finally, Geneos Wealth Management Inc. bought a new stake in Range Resources during the 4th quarter worth about $46,000. Institutional investors and hedge funds 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.