Range Resources Co. (NYSE:RRC) Plans $0.08 Quarterly Dividend

Range Resources Co. (NYSE:RRC) announced a quarterly dividend on Friday, August 30th, Zacks reports. Investors of record on Friday, September 13th will be paid a dividend of 0.08 per share by the oil and gas exploration company on Friday, September 27th. This represents a $0.32 annualized dividend and a yield of 1.10%. The ex-dividend date is Friday, September 13th.

Range Resources has a payout ratio of 9.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Range Resources to earn $2.95 per share next year, which means the company should continue to be able to cover its $0.32 annual dividend with an expected future payout ratio of 10.8%.

Range Resources Trading Up 3.6 %

Shares of Range Resources stock opened at $29.12 on Thursday. Range Resources has a 12-month low of $27.29 and a 12-month high of $39.33. The firm’s 50-day moving average price is $31.00 and its two-hundred day moving average price is $33.60. 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 company has a market capitalization of $7.07 billion, a price-to-earnings ratio of 14.78 and a beta of 1.80.

Range Resources (NYSE:RRC) last released its earnings results on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.05. Range Resources had a net margin of 17.62% and a return on equity of 13.93%. The business had revenue of $641.30 million during the quarter, compared to the consensus estimate of $610.24 million. During the same quarter in the prior year, the firm posted $0.27 EPS. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. On average, analysts forecast that Range Resources will post 2.08 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on RRC shares. Wells Fargo & Company cut their price target on Range Resources from $37.00 to $35.00 and set an “equal weight” rating for the company in a research note on Monday, July 29th. Royal Bank of Canada restated a “sector perform” rating and set a $39.00 price target on shares of Range Resources in a research note on Thursday, July 25th. Susquehanna lowered their target price on shares of Range Resources from $36.00 to $31.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. The Goldman Sachs Group decreased their price objective on Range Resources from $40.00 to $35.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. Finally, Jefferies Financial Group raised their target price on Range Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a research note on Monday, July 8th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $36.74.

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.