Susquehanna Boosts Range Resources (NYSE:RRC) Price Target to $36.00

Range Resources (NYSE:RRC) had its price target lifted by Susquehanna from $34.00 to $36.00 in a research report sent to investors on Monday, Benzinga reports. Susquehanna currently has a neutral rating on the oil and gas exploration company’s stock.

A number of other brokerages have also issued reports on RRC. Mizuho reissued a buy rating and issued a $39.00 price target on shares of Range Resources in a report on Thursday, April 11th. Barclays initiated coverage on shares of Range Resources in a report on Wednesday, April 10th. They issued an underweight rating and a $35.00 price target on the stock. Raymond James cut their price target on shares of Range Resources from $37.00 to $36.00 and set an outperform rating on the stock in a report on Wednesday, January 24th. Benchmark lowered shares of Range Resources from a buy rating to a hold rating in a report on Thursday, January 11th. Finally, Stifel Nicolaus cut their target price on shares of Range Resources from $38.00 to $37.00 and set a buy rating on the stock in a research note on Tuesday, January 23rd. Five investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of Hold and an average target price of $36.40.

Range Resources Price Performance

Shares of NYSE:RRC opened at $37.69 on Monday. The stock has a market cap of $9.13 billion, a PE ratio of 19.13 and a beta of 1.83. The company’s fifty day moving average is $33.67 and its 200 day moving average is $32.40. Range Resources has a 52 week low of $23.92 and a 52 week high of $38.25. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.47.

Range Resources (NYSE:RRC) last issued its earnings results on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.21. The company had revenue of $718.20 million for the quarter, compared to analysts’ expectations of $680.72 million. Range Resources had a net margin of 17.00% and a return on equity of 13.58%. The firm’s revenue was down 15.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.96 EPS. Research analysts anticipate that Range Resources will post 1.99 earnings per share for the current year.

Range Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a $0.08 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.32 annualized dividend and a yield of 0.85%. Range Resources’s dividend payout ratio (DPR) is presently 16.24%.

Insiders Place Their Bets

In other news, VP Ashley Kavanaugh sold 15,978 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $37.75, for a total transaction of $603,169.50. Following the completion of the transaction, the vice president now directly owns 22,370 shares of the company’s stock, valued at $844,467.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.57% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Raleigh Capital Management Inc. purchased a new position in shares of Range Resources during the third quarter valued at approximately $26,000. Cary Street Partners Investment Advisory LLC purchased a new position in shares of Range Resources during the third quarter valued at approximately $27,000. Benjamin F. Edwards & Company Inc. increased its holdings in Range Resources by 333.0% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 866 shares of the oil and gas exploration company’s stock valued at $26,000 after buying an additional 666 shares during the last quarter. Proffitt & Goodson Inc. purchased a new stake in Range Resources during the third quarter valued at approximately $32,000. Finally, Larson Financial Group LLC increased its holdings in Range Resources by 267.9% during the third quarter. Larson Financial Group LLC now owns 1,236 shares of the oil and gas exploration company’s stock valued at $40,000 after buying an additional 900 shares during the last quarter. 98.93% of the stock is owned by hedge funds and other institutional investors.

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.