Range Resources (NYSE:RRC) Shares Gap Up on Analyst Upgrade

Range Resources Co. (NYSE:RRC)’s stock price gapped up prior to trading on Wednesday after Stephens raised their price target on the stock from $36.00 to $37.00. The stock had previously closed at $29.90, but opened at $31.39. Stephens currently has an overweight rating on the stock. Range Resources shares last traded at $30.79, with a volume of 1,350,007 shares changing hands.

A number of other research analysts 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. Morgan Stanley cut their price target on shares of Range Resources from $33.00 to $31.00 and set an “underweight” rating on the stock in a research note on Monday, September 16th. 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. Barclays raised shares of Range Resources from an “underweight” rating to an “equal weight” rating and cut their price objective for the company from $35.00 to $34.00 in a research report on Wednesday, October 2nd. Finally, Wells Fargo & Company raised Range Resources from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $35.00 to $39.00 in a research note on Tuesday, October 1st. Four equities research analysts have rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $35.12.

Insider Activity at Range Resources

In other Range Resources news, VP Ashley Kavanaugh sold 12,700 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $31.45, for a total value of $399,415.00. Following the completion of the sale, the vice president now owns 9,670 shares in the company, valued at approximately $304,121.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.57% of the stock is owned by insiders.

Institutional Investors Weigh In On Range Resources

Several hedge funds have recently bought and sold shares of the business. Blue Trust Inc. grew its stake in shares of Range Resources by 107.8% in the 3rd quarter. Blue Trust Inc. now owns 1,359 shares of the oil and gas exploration company’s stock worth $46,000 after buying an additional 705 shares during the last quarter. Bogart Wealth LLC bought a new stake in Range Resources during the third quarter valued at approximately $49,000. Fifth Third Bancorp increased its holdings in Range Resources by 21.2% during the second quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock valued at $57,000 after buying an additional 299 shares during the last quarter. Perkins Coie Trust Co bought a new position in Range Resources in the second quarter worth approximately $67,000. Finally, International Assets Investment Management LLC purchased a new position in shares of Range Resources during the 2nd quarter worth $67,000. Institutional investors own 98.93% of the company’s stock.

Range Resources Stock Performance

The business’s 50-day moving average price is $30.19 and its 200-day moving average price is $33.09. The stock has a market cap of $7.45 billion, a P/E ratio of 15.63 and a beta of 1.80. 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 (NYSE:RRC) last issued its quarterly earnings results on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.05. The business had revenue of $641.30 million during the quarter, compared to analysts’ expectations of $610.24 million. Range Resources had a return on equity of 13.93% and a net margin of 17.62%. The business’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.27 earnings per share. As a group, sell-side analysts expect that Range Resources Co. will post 1.88 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were given a $0.08 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.04%. Range Resources’s payout ratio is currently 16.24%.

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.