Range Resources Co. Declares Quarterly Dividend of $0.08 (NYSE:RRC)

Range Resources Co. (NYSE:RRC) announced a quarterly dividend on Friday, August 30th, Zacks reports. Stockholders of record on Friday, September 13th will be paid a dividend of 0.08 per share by the oil and gas exploration company on Friday, September 27th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date is Friday, September 13th.

Range Resources has a payout ratio of 9.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Range Resources to earn $3.04 per share next year, which means the company should continue to be able to cover its $0.32 annual dividend with an expected future payout ratio of 10.5%.

Range Resources Stock Down 0.4 %

RRC stock opened at $29.87 on Friday. The company’s 50 day moving average is $31.86 and its 200 day moving average is $33.69. The stock has a market cap of $7.25 billion, a price-to-earnings ratio of 15.16 and a beta of 1.88. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.28. Range Resources has a 1-year low of $27.29 and a 1-year high of $39.33.

Range Resources (NYSE:RRC) last issued its quarterly earnings results on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.05. The firm had revenue of $641.30 million for the quarter, compared to analyst estimates of $610.24 million. Range Resources had a net margin of 17.62% and a return on equity of 13.93%. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.27 EPS. Sell-side analysts predict that Range Resources will post 2.08 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on RRC shares. Susquehanna dropped their price target on Range Resources from $38.00 to $36.00 and set a “neutral” rating for the company in a research note on Monday, July 22nd. Jefferies Financial Group raised their price target on Range Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a research report on Monday, July 8th. Piper Sandler downgraded Range Resources from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $43.00 to $31.00 in a research report on Thursday, August 15th. Benchmark restated a “hold” rating on shares of Range Resources in a report on Wednesday, July 24th. Finally, Scotiabank upgraded shares of Range Resources from a “sector perform” rating to a “sector outperform” rating and set a $45.00 price target for the company in a report on Tuesday, August 20th. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $37.11.

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.