Capital One Financial Analysts Cut Earnings Estimates for Range Resources Co. (NYSE:RRC)

Range Resources Co. (NYSE:RRC) – Capital One Financial cut their Q2 2024 earnings estimates for shares of Range Resources in a research report issued on Monday, July 8th. Capital One Financial analyst B. Velie now expects that the oil and gas exploration company will earn $0.39 per share for the quarter, down from their prior forecast of $0.47. The consensus estimate for Range Resources’ current full-year earnings is $2.12 per share. Capital One Financial also issued estimates for Range Resources’ Q3 2024 earnings at $0.61 EPS, Q4 2024 earnings at $0.66 EPS, Q1 2025 earnings at $0.97 EPS, Q2 2025 earnings at $1.01 EPS, Q3 2025 earnings at $1.06 EPS, Q4 2025 earnings at $1.09 EPS and FY2025 earnings at $4.13 EPS.

Several other analysts have also recently weighed in on the company. Jefferies Financial Group boosted their price target on Range Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a report on Monday. Susquehanna upped their price target on shares of Range Resources from $34.00 to $36.00 and gave the company a “neutral” rating in a research report on Monday, April 22nd. Benchmark reiterated a “hold” rating on shares of Range Resources in a report on Tuesday. Morgan Stanley increased their price objective on Range Resources from $23.00 to $33.00 and gave the company an “underweight” rating in a report on Wednesday, April 17th. Finally, Scotiabank downgraded Range Resources from a “sector outperform” rating to a “sector perform” rating and lifted their target price for the stock from $40.00 to $45.00 in a report on Thursday, April 11th. Five analysts have rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Range Resources presently has a consensus rating of “Hold” and an average price target of $37.15.

Range Resources Price Performance

Shares of RRC opened at $34.08 on Wednesday. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.46. The stock has a market cap of $8.27 billion, a PE ratio of 17.30 and a beta of 1.87. Range Resources has a 12-month low of $27.60 and a 12-month high of $39.33. The business has a 50-day simple moving average of $35.63 and a two-hundred day simple moving average of $33.38.

Range Resources (NYSE:RRC) last announced its quarterly earnings results on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $680.72 million. During the same period in the prior year, the business earned $0.96 earnings per share. The company’s revenue for the quarter was down 15.7% compared to the same quarter last year.

Institutional Investors Weigh In On Range Resources

Several hedge funds and other institutional investors have recently made changes to their positions in RRC. Raleigh Capital Management Inc. acquired a new position in Range Resources during the 3rd quarter valued at about $26,000. Benjamin F. Edwards & Company Inc. boosted its position in shares of Range Resources by 333.0% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 866 shares of the oil and gas exploration company’s stock valued at $26,000 after buying an additional 666 shares during the last quarter. Delos Wealth Advisors LLC bought a new stake in Range Resources during the fourth quarter worth $52,000. Private Wealth Management Group LLC purchased a new stake in Range Resources in the 4th quarter valued at $73,000. Finally, SYSTM Wealth Solutions LLC lifted its stake in Range Resources by 17.9% during the 1st quarter. SYSTM Wealth Solutions LLC now owns 2,141 shares of the oil and gas exploration company’s stock valued at $74,000 after acquiring an additional 325 shares in the last quarter. 98.93% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Reginal Spiller sold 1,460 shares of the stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $38.68, for a total transaction of $56,472.80. Following the transaction, the director now owns 15,253 shares of the company’s stock, valued at approximately $589,986.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Range Resources news, CEO Dennis Degner sold 101,000 shares of the business’s stock in a transaction on Friday, May 17th. The shares were sold at an average price of $37.78, for a total transaction of $3,815,780.00. Following the completion of the sale, the chief executive officer now owns 198,154 shares in the company, valued at approximately $7,486,258.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Reginal Spiller sold 1,460 shares of the company’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $38.68, for a total transaction of $56,472.80. Following the transaction, the director now owns 15,253 shares in the company, valued at approximately $589,986.04. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 197,107 shares of company stock worth $7,379,095. 2.50% of the stock is currently owned by company insiders.

Range Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.94%. The ex-dividend date of this dividend was Friday, June 14th. Range Resources’s dividend payout ratio is presently 16.24%.

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.