Range Resources (NYSE:RRC) Posts Earnings Results, Beats Expectations By $0.05 EPS

Range Resources (NYSE:RRC) announced its earnings results on Tuesday. The oil and gas exploration company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.05, Briefing.com reports. The firm had revenue of $641.30 million during the quarter, compared to the consensus estimate of $610.24 million. Range Resources had a net margin of 17.62% and a return on equity of 14.10%. The firm’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.27 EPS.

Range Resources Stock Performance

RRC traded down $0.48 during trading on Thursday, reaching $31.31. 68,872 shares of the company were exchanged, compared to its average volume of 2,472,365. Range Resources has a 52 week low of $27.60 and a 52 week high of $39.33. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.46. The firm has a 50 day moving average of $35.10 and a 200 day moving average of $33.57. The stock has a market cap of $7.60 billion, a P/E ratio of 16.14 and a beta of 1.87.

Range Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a $0.08 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.32 dividend on an annualized basis and a yield of 1.02%. Range Resources’s payout ratio is currently 16.24%.

Insider Buying and Selling

In other Range Resources news, CEO Dennis Degner sold 101,000 shares of the firm’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $37.78, for a total value of $3,815,780.00. Following the sale, the chief executive officer now owns 198,154 shares in the company, valued at $7,486,258.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Mark Scucchi sold 49,569 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $36.91, for a total value of $1,829,591.79. Following the completion of the transaction, the chief financial officer now owns 94,713 shares in the company, valued at approximately $3,495,856.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Dennis Degner sold 101,000 shares of the business’s stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $37.78, for a total transaction of $3,815,780.00. Following the sale, the chief executive officer now owns 198,154 shares in the company, valued at $7,486,258.12. The disclosure for this sale can be found here. Insiders have sold a total of 181,129 shares of company stock valued at $6,775,926 in the last quarter. Company insiders own 1.57% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on RRC shares. Morgan Stanley lifted 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. Citigroup increased their target price on Range Resources from $33.00 to $37.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 3rd. Mizuho boosted their price target on Range Resources from $41.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Jefferies Financial Group raised their price objective on Range Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a report on Monday, July 8th. Finally, Susquehanna dropped their target price on shares of Range Resources from $38.00 to $36.00 and set a “neutral” rating for the company in a research report on Monday. Five investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Range Resources presently has a consensus rating of “Hold” and an average price target of $37.15.

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.