JPMorgan Chase & Co. Lowers Range Resources (NYSE:RRC) Price Target to $31.00

Range Resources (NYSE:RRC) had its target price decreased by JPMorgan Chase & Co. from $37.00 to $31.00 in a report issued on Thursday morning, Benzinga reports. JPMorgan Chase & Co. currently has an underweight rating on the oil and gas exploration company’s stock.

A number of other brokerages have also commented on RRC. 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 report on Friday, September 6th. Susquehanna lowered their price objective on Range Resources from $36.00 to $31.00 and set a neutral rating for the company in a research report on Wednesday, September 4th. Wells Fargo & Company cut their target price on shares of Range Resources from $37.00 to $35.00 and set an equal weight rating on the stock in a research report on Monday, July 29th. Benchmark reiterated a hold rating on shares of Range Resources in a research report on Wednesday, July 24th. Finally, Wolfe Research initiated coverage on shares of Range Resources in a report on Thursday, July 18th. They issued a peer perform rating on the stock. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Range Resources currently has an average rating of Hold and an average price target of $36.68.

Range Resources Price Performance

Shares of RRC stock opened at $29.03 on Thursday. The stock’s fifty day moving average is $30.80 and its 200-day moving average is $33.58. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.58 and a current ratio of 0.58. Range Resources has a 52 week low of $27.29 and a 52 week high of $39.33. The stock has a market capitalization of $7.03 billion, a PE ratio of 14.74 and a beta of 1.80.

Range Resources (NYSE:RRC) last posted its quarterly earnings data on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.05. Range Resources had a net margin of 17.62% and a return on equity of 13.93%. The firm had revenue of $641.30 million during the quarter, compared to analysts’ expectations of $610.24 million. During the same quarter last year, the company posted $0.27 EPS. The company’s quarterly revenue was up 8.7% compared to the same quarter last year. Equities research analysts expect that Range Resources will post 2.07 EPS for the current fiscal year.

Range Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be given a $0.08 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.32 annualized dividend and a yield of 1.10%. Range Resources’s dividend payout ratio is currently 16.24%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. TFO Wealth Partners LLC lifted its stake in Range Resources by 302,571.4% in the 4th quarter. TFO Wealth Partners LLC now owns 21,187 shares of the oil and gas exploration company’s stock valued at $645,000 after acquiring an additional 21,180 shares in the last quarter. DRW Securities LLC grew its position in Range Resources by 150.0% in the fourth quarter. DRW Securities LLC now owns 50,000 shares of the oil and gas exploration company’s stock valued at $1,522,000 after purchasing an additional 30,000 shares in the last quarter. Norden Group LLC increased its stake in Range Resources by 1,599.9% in the 1st quarter. Norden Group LLC now owns 149,697 shares of the oil and gas exploration company’s stock valued at $5,154,000 after buying an additional 140,891 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Range Resources by 1.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,931,670 shares of the oil and gas exploration company’s stock valued at $180,568,000 after acquiring an additional 90,028 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System increased its position in shares of Range Resources by 11.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 159,729 shares of the oil and gas exploration company’s stock valued at $5,499,000 after acquiring an additional 16,619 shares during the last quarter. 98.93% of the stock is owned by institutional investors and hedge funds.

Range Resources Company Profile

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.