Range Resources (NYSE:RRC) Posts Earnings Results, Beats Estimates By $0.16 EPS

Range Resources (NYSE:RRC) released its quarterly earnings results on Tuesday. The oil and gas exploration company reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.16, Briefing.com reports. The firm had revenue of $615.03 million for the quarter, compared to analysts’ expectations of $617.90 million. Range Resources had a net margin of 17.62% and a return on equity of 13.93%. The business’s quarterly revenue was up .9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.43 earnings per share.

Range Resources Stock Performance

Shares of RRC stock opened at $30.93 on Thursday. The firm has a market capitalization of $7.50 billion, a price-to-earnings ratio of 15.70 and a beta of 1.80. The stock has a fifty day moving average of $30.21 and a 200 day moving average of $33.08. Range Resources has a 52 week low of $27.29 and a 52 week high of $39.33. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.28.

Range Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.03%. Range Resources’s dividend payout ratio is presently 16.24%.

Insider Buying and Selling at Range Resources

In other news, VP Ashley Kavanaugh sold 12,700 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were 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 directly owns 9,670 shares of the company’s stock, valued at approximately $304,121.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.57% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Piper Sandler lowered Range Resources from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $43.00 to $31.00 in a research note on Thursday, August 15th. Morgan Stanley lowered their target price 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. Scotiabank raised shares of Range Resources from a “sector perform” rating to a “sector outperform” rating and set a $45.00 price target for the company in a research note on Tuesday, August 20th. JPMorgan Chase & Co. reduced their price objective on Range Resources from $37.00 to $31.00 and set an “underweight” rating on the stock in a research report on Thursday, September 12th. Finally, Mizuho cut their price objective on shares of Range Resources from $45.00 to $40.00 and set an “outperform” rating for the company in a research note on Wednesday, October 9th. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $35.12.

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.