Research Analysts Offer Predictions for Range Resources Co.’s Q2 2024 Earnings (NYSE:RRC)

Range Resources Co. (NYSE:RRC) – Stock analysts at Zacks Research increased their Q2 2024 EPS estimates for Range Resources in a research note issued to investors on Tuesday, June 11th. Zacks Research analyst R. Department now forecasts that the oil and gas exploration company will post earnings of $0.33 per share for the quarter, up from their prior forecast of $0.32. The consensus estimate for Range Resources’ current full-year earnings is $2.11 per share. Zacks Research also issued estimates for Range Resources’ Q3 2024 earnings at $0.41 EPS, Q3 2025 earnings at $0.78 EPS, Q4 2025 earnings at $0.81 EPS and FY2025 earnings at $3.09 EPS.

Range Resources (NYSE:RRC) last issued its earnings results on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.21. Range Resources had a net margin of 17.00% and a return on equity of 13.30%. The company had revenue of $718.20 million for the quarter, compared to the consensus estimate of $680.72 million. During the same period in the previous year, the firm earned $0.96 earnings per share. Range Resources’s quarterly revenue was down 15.7% compared to the same quarter last year.

Other equities research analysts also recently issued reports about the stock. Benchmark reissued a “hold” rating on shares of Range Resources in a research note on Wednesday, April 24th. Susquehanna boosted their price target on shares of Range Resources from $34.00 to $36.00 and gave the company a “neutral” rating in a research note on Monday, April 22nd. Stifel Nicolaus boosted their price target on shares of Range Resources from $36.00 to $39.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. StockNews.com raised shares of Range Resources to a “sell” rating in a research note on Wednesday, March 13th. Finally, Morgan Stanley upped their target price on shares of Range Resources from $23.00 to $33.00 and gave the stock an “underweight” rating in a research note on Wednesday, April 17th. Five equities research analysts have rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $37.10.

Range Resources Price Performance

Range Resources stock opened at $35.25 on Friday. The company’s 50 day simple moving average is $36.40 and its 200-day simple moving average is $32.94. The company has a market capitalization of $8.55 billion, a price-to-earnings ratio of 17.89 and a beta of 1.81. Range Resources has a 1 year low of $26.29 and a 1 year high of $39.33. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.35 and a current ratio of 1.35.

Range Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.91%. The ex-dividend date is Friday, June 14th. Range Resources’s payout ratio is 16.24%.

Insider Activity

In related news, Director Charles G. Griffie bought 1,500 shares of the stock in a transaction dated Thursday, May 2nd. The stock was acquired at an average price of $34.65 per share, for a total transaction of $51,975.00. Following the acquisition, the director now owns 4,646 shares in the company, valued at approximately $160,983.90. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Range Resources news, Director Charles G. Griffie purchased 1,500 shares of Range Resources stock in a transaction that occurred on Thursday, May 2nd. The stock was purchased at an average price of $34.65 per share, for a total transaction of $51,975.00. Following the transaction, the director now directly owns 4,646 shares in the company, valued at $160,983.90. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Ashley Kavanaugh sold 15,978 shares of the company’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $37.75, for a total transaction of $603,169.50. Following the completion of the sale, the vice president now owns 22,370 shares of the company’s stock, valued at approximately $844,467.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 197,107 shares of company stock worth $7,379,095. Corporate insiders own 1.57% of the company’s stock.

Institutional Trading of Range Resources

Several institutional investors and hedge funds have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD raised its position in Range Resources by 25.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 28,633,567 shares of the oil and gas exploration company’s stock worth $985,855,000 after buying an additional 5,759,883 shares during the last quarter. Vanguard Group Inc. raised its position in Range Resources by 4.1% during the 1st quarter. Vanguard Group Inc. now owns 24,490,639 shares of the oil and gas exploration company’s stock worth $843,213,000 after buying an additional 959,011 shares during the last quarter. Boston Partners raised its position in Range Resources by 2.1% during the 1st quarter. Boston Partners now owns 6,531,086 shares of the oil and gas exploration company’s stock worth $224,912,000 after buying an additional 133,565 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Range Resources by 1.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,931,670 shares of the oil and gas exploration company’s stock worth $180,568,000 after buying an additional 90,028 shares during the last quarter. Finally, Invesco Ltd. raised its position in Range Resources by 22.4% during the 3rd quarter. Invesco Ltd. now owns 3,796,629 shares of the oil and gas exploration company’s stock worth $123,049,000 after buying an additional 693,970 shares during the last quarter. Hedge funds and other institutional investors own 98.93% of the company’s stock.

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.