Range Resources (NYSE:RRC) Announces Quarterly Earnings Results

Range Resources (NYSE:RRC) posted its quarterly earnings data on Tuesday. The oil and gas exploration company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.16, Briefing.com reports. The business had revenue of $615.03 million for the quarter, compared to analysts’ expectations of $617.90 million. Range Resources had a return on equity of 13.93% and a net margin of 17.62%. The business’s revenue was up .9% on a year-over-year basis. During the same quarter last year, the firm earned $0.43 earnings per share.

Range Resources Price Performance

RRC traded up $1.03 during trading on Wednesday, reaching $30.93. The stock had a trading volume of 5,924,428 shares, compared to its average volume of 2,362,692. The stock has a 50 day moving average of $30.19 and a two-hundred day moving average of $33.09. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $7.50 billion, a price-to-earnings ratio of 15.60 and a beta of 1.80. Range Resources has a 1-year low of $27.29 and a 1-year high of $39.33.

Range Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date of this dividend was Friday, September 13th. Range Resources’s dividend payout ratio is currently 16.24%.

Insider Activity

In other Range Resources news, VP Ashley Kavanaugh sold 12,700 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $31.45, for a total value of $399,415.00. Following the sale, the vice president now directly owns 9,670 shares in the company, valued at approximately $304,121.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.57% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on RRC shares. Wolfe Research assumed coverage on Range Resources in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. The Goldman Sachs Group dropped their price target on shares of Range Resources from $40.00 to $35.00 and set a “neutral” rating for the company in a research report on Friday, September 6th. Wells Fargo & Company raised shares of Range Resources from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $35.00 to $39.00 in a research note on Tuesday, October 1st. JPMorgan Chase & Co. lowered their price objective on shares of Range Resources from $37.00 to $31.00 and set an “underweight” rating for the company in a research note on Thursday, September 12th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $39.00 price objective on shares of Range Resources in a report on Thursday, July 25th. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Range Resources has an average rating of “Hold” and an average price target of $35.12.

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.