Range Resources (NYSE:RRC) Reaches New 1-Year High Following Better-Than-Expected Earnings

Range Resources Co. (NYSE:RRC) shares hit a new 52-week high during trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $37.89 and last traded at $37.65, with a volume of 2630581 shares traded. The stock had previously closed at $36.58.

The oil and gas exploration company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.21. The company had revenue of $718.20 million during the quarter, compared to the consensus estimate of $680.72 million. Range Resources had a return on equity of 15.87% and a net margin of 25.82%. Range Resources’s revenue was down 15.7% on a year-over-year basis. During the same period last year, the business posted $0.96 earnings per share.

Range Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date was Thursday, March 14th. Range Resources’s payout ratio is 9.04%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on RRC. Piper Sandler raised their target price on Range Resources from $40.00 to $41.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. Benchmark reissued a “hold” rating on shares of Range Resources in a research report on Wednesday. Mizuho reissued a “buy” rating and issued a $39.00 target price on shares of Range Resources in a research report on Thursday, April 11th. StockNews.com raised Range Resources to a “sell” rating in a research report on Wednesday, March 13th. Finally, Stifel Nicolaus lifted their price objective on Range Resources from $36.00 to $39.00 and gave the company a “buy” rating in a research note on Tuesday. Five analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Range Resources currently has a consensus rating of “Hold” and a consensus target price of $36.40.

Institutional Investors Weigh In On Range Resources

Hedge funds have recently added to or reduced their stakes in the stock. Cary Street Partners Investment Advisory LLC purchased a new stake in shares of Range Resources in the 3rd quarter worth $27,000. Schroder Investment Management Group increased its stake in Range Resources by 23.7% in the 3rd quarter. Schroder Investment Management Group now owns 456,752 shares of the oil and gas exploration company’s stock worth $14,803,000 after buying an additional 87,624 shares in the last quarter. Kennedy Capital Management LLC increased its stake in Range Resources by 17.7% in the 3rd quarter. Kennedy Capital Management LLC now owns 224,573 shares of the oil and gas exploration company’s stock worth $7,278,000 after buying an additional 33,793 shares in the last quarter. Vaughan Nelson Investment Management L.P. purchased a new stake in Range Resources in the 3rd quarter worth $19,704,000. Finally, Cambria Investment Management L.P. increased its stake in Range Resources by 8.5% in the 3rd quarter. Cambria Investment Management L.P. now owns 264,965 shares of the oil and gas exploration company’s stock worth $8,588,000 after buying an additional 20,685 shares in the last quarter. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Range Resources Price Performance

The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.47. The firm has a market cap of $9.14 billion, a PE ratio of 10.50 and a beta of 1.83. The stock has a 50 day simple moving average of $33.34 and a 200-day simple moving average of $32.33.

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.