Range Resources (NYSE:RRC) Upgraded by Wolfe Research to “Outperform” Rating

Wolfe Research upgraded shares of Range Resources (NYSE:RRC) from a peer perform rating to an outperform rating in a research note published on Friday, Marketbeat.com reports. They currently have $42.00 price objective on the oil and gas exploration company’s stock.

Several other brokerages have also recently commented on RRC. Stephens increased their target price on shares of Range Resources from $36.00 to $37.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Royal Bank of Canada increased their price objective on shares of Range Resources from $35.00 to $40.00 and gave the stock a “sector perform” rating in a research note on Monday, November 25th. Wells Fargo & Company lifted their target price on Range Resources from $38.00 to $40.00 and gave the company an “overweight” rating in a research report on Tuesday, December 17th. Piper Sandler reduced their price target on Range Resources from $31.00 to $30.00 and set a “neutral” rating for the company in a research report on Monday, November 18th. Finally, JPMorgan Chase & Co. lowered their price target 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. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Range Resources currently has a consensus rating of “Hold” and an average target price of $36.32.

Range Resources Stock Performance

RRC opened at $35.91 on Friday. The company has a market capitalization of $8.67 billion, a price-to-earnings ratio of 18.14 and a beta of 1.81. The business’s 50-day moving average price is $34.13 and its two-hundred day moving average price is $32.23. Range Resources has a 1 year low of $27.29 and a 1 year high of $39.33. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.54 and a quick ratio of 0.54.

Range Resources (NYSE:RRC) last announced its earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.16. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The business had revenue of $615.03 million for the quarter, compared to analyst estimates of $617.90 million. During the same quarter last year, the firm earned $0.43 EPS. Range Resources’s revenue for the quarter was up .9% compared to the same quarter last year. Equities analysts expect that Range Resources will post 1.91 EPS for the current fiscal year.

Range Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.32 annualized dividend and a yield of 0.89%. Range Resources’s dividend payout ratio (DPR) is presently 16.16%.

Insider Transactions at Range Resources

In other news, Director Charles G. Griffie bought 1,275 shares of the company’s stock in a transaction dated Thursday, October 24th. The stock was bought at an average price of $31.46 per share, with a total value of $40,111.50. Following the completion of the acquisition, the director now owns 5,921 shares of the company’s stock, valued at $186,274.66. This represents a 27.44 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.57% of the company’s stock.

Hedge Funds Weigh In On Range Resources

Institutional investors and hedge funds have recently modified their holdings of the business. Farther Finance Advisors LLC grew its position in shares of Range Resources by 2,052.6% during the 2nd quarter. Farther Finance Advisors LLC now owns 7,491 shares of the oil and gas exploration company’s stock worth $250,000 after purchasing an additional 7,143 shares in the last quarter. Natixis Advisors LLC increased its stake in Range Resources by 9.0% during the 2nd quarter. Natixis Advisors LLC now owns 141,906 shares of the oil and gas exploration company’s stock worth $4,758,000 after acquiring an additional 11,761 shares during the period. CIBC Asset Management Inc raised its holdings in Range Resources by 5.4% in the 2nd quarter. CIBC Asset Management Inc now owns 6,801 shares of the oil and gas exploration company’s stock valued at $228,000 after acquiring an additional 350 shares in the last quarter. Foster & Motley Inc. lifted its position in shares of Range Resources by 21.9% during the 2nd quarter. Foster & Motley Inc. now owns 19,540 shares of the oil and gas exploration company’s stock valued at $655,000 after acquiring an additional 3,510 shares during the period. Finally, Arizona State Retirement System grew its holdings in shares of Range Resources by 2.2% during the 2nd quarter. Arizona State Retirement System now owns 67,781 shares of the oil and gas exploration company’s stock worth $2,273,000 after purchasing an additional 1,465 shares in the last quarter. 98.93% of the stock is currently 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.