Range Resources (NYSE:RRC) Trading Up 5.6% After Dividend Announcement

Range Resources Corp. (NYSE:RRC) was up 5.6% on Wednesday following a dividend announcement from the company. The company traded as high as $3.63 and last traded at $3.59, approximately 8,421,166 shares traded hands during mid-day trading. A decline of 16% from the average daily volume of 10,043,098 shares. The stock had previously closed at $3.40.

The newly announced dividend which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a $0.02 dividend. The ex-dividend date is Thursday, December 12th. This represents a $0.08 annualized dividend and a dividend yield of 2.23%. Range Resources’s dividend payout ratio (DPR) is 7.08%.

Several equities research analysts have recently commented on RRC shares. Bank of America reduced their price objective on Range Resources from $8.00 to $4.00 and set an “underperform” rating for the company in a research note on Thursday, October 24th. ValuEngine upgraded Range Resources from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 2nd. LADENBURG THALM/SH SH lowered Range Resources from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $11.00 to $5.00 in a research note on Monday, August 26th. TD Securities reduced their price objective on Range Resources from $4.00 to $3.75 and set a “hold” rating for the company in a research note on Friday, October 25th. Finally, MKM Partners upgraded Range Resources from a “neutral” rating to a “buy” rating and set a $6.00 price objective for the company in a research note on Monday, August 19th. Three analysts have rated the stock with a sell rating, thirteen have given a hold rating and six have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $10.61.

The company has a market cap of $902.63 million, a P/E ratio of 3.18, a P/E/G ratio of 3.52 and a beta of 0.99. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.69 and a current ratio of 0.74. The firm’s fifty day moving average is $3.97 and its two-hundred day moving average is $5.12.

Range Resources (NYSE:RRC) last issued its earnings results on Wednesday, October 23rd. The oil and gas exploration company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.03. The company had revenue of $622.45 million during the quarter, compared to the consensus estimate of $594.94 million. Range Resources had a negative net margin of 50.85% and a positive return on equity of 3.14%. Range Resources’s quarterly revenue was down 23.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.26 EPS. On average, equities research analysts expect that Range Resources Corp. will post 0.24 EPS for the current year.

A number of institutional investors have recently modified their holdings of RRC. Aperio Group LLC boosted its holdings in shares of Range Resources by 106.1% during the 2nd quarter. Aperio Group LLC now owns 160,930 shares of the oil and gas exploration company’s stock valued at $1,123,000 after purchasing an additional 82,850 shares during the last quarter. Arizona State Retirement System boosted its holdings in shares of Range Resources by 1.5% during the 2nd quarter. Arizona State Retirement System now owns 151,291 shares of the oil and gas exploration company’s stock valued at $1,056,000 after purchasing an additional 2,197 shares during the last quarter. Advisory Services Network LLC boosted its holdings in shares of Range Resources by 195.1% during the 2nd quarter. Advisory Services Network LLC now owns 16,198 shares of the oil and gas exploration company’s stock valued at $113,000 after purchasing an additional 10,709 shares during the last quarter. Allianz Asset Management GmbH boosted its holdings in shares of Range Resources by 1,200.8% during the 2nd quarter. Allianz Asset Management GmbH now owns 3,009,562 shares of the oil and gas exploration company’s stock valued at $21,007,000 after purchasing an additional 2,778,208 shares during the last quarter. Finally, Chicago Equity Partners LLC bought a new position in shares of Range Resources during the 2nd quarter valued at about $221,000.

About Range Resources (NYSE:RRC)

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), and oil company. It engages in the exploration, development, and acquisition of natural gas and oil properties. It holds interests in developed and undeveloped natural gas and oil leases in the Appalachian and North Louisiana regions of the United States.

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