Range Resources Co. (NYSE:RRC) to Post Q3 2024 Earnings of $0.35 Per Share, Capital One Financial Forecasts

Range Resources Co. (NYSE:RRC) – Equities research analysts at Capital One Financial cut their Q3 2024 earnings per share estimates for shares of Range Resources in a research note issued on Tuesday, October 15th. Capital One Financial analyst B. Velie now forecasts that the oil and gas exploration company will post earnings per share of $0.35 for the quarter, down from their prior forecast of $0.38. The consensus estimate for Range Resources’ current full-year earnings is $1.88 per share. Capital One Financial also issued estimates for Range Resources’ FY2024 earnings at $1.95 EPS.

Range Resources (NYSE:RRC) last issued its quarterly earnings data on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.41 by $0.05. The company had revenue of $641.30 million for the quarter, compared to analyst estimates of $610.24 million. Range Resources had a return on equity of 13.93% and a net margin of 17.62%. Range Resources’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period last year, the company earned $0.27 earnings per share.

RRC has been the topic of several other research reports. The Goldman Sachs Group dropped their target price on shares of Range Resources from $40.00 to $35.00 and set a “neutral” rating on the stock in a research report on Friday, September 6th. Morgan Stanley decreased their price target on shares of Range Resources from $33.00 to $31.00 and set an “underweight” rating on the stock in a research note on Monday, September 16th. Benchmark reiterated a “hold” rating on shares of Range Resources in a research note on Wednesday, July 24th. Susquehanna decreased their target price on Range Resources from $36.00 to $31.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. Finally, Wolfe Research assumed coverage on Range Resources in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $35.41.

Range Resources Price Performance

Range Resources stock opened at $29.89 on Wednesday. The stock has a market capitalization of $7.25 billion, a P/E ratio of 15.17 and a beta of 1.80. The company’s fifty day moving average price is $30.17 and its 200 day moving average price is $33.27. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.58 and a current ratio of 0.58. Range Resources has a 1 year low of $27.29 and a 1 year high of $39.33.

Range Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.07%. The ex-dividend date was Friday, September 13th. Range Resources’s dividend payout ratio (DPR) is 16.24%.

Insider Buying and Selling

In other news, VP Ashley Kavanaugh sold 12,700 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $31.45, for a total transaction of $399,415.00. Following the transaction, the vice president now directly owns 9,670 shares in the company, valued at approximately $304,121.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 1.57% of the stock is owned by company insiders.

Institutional Trading of Range Resources

A number of hedge funds have recently added to or reduced their stakes in the stock. Fifth Third Bancorp raised its holdings in Range Resources by 21.2% during the second quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock worth $57,000 after purchasing an additional 299 shares in the last quarter. Perkins Coie Trust Co purchased a new position in shares of Range Resources during the 2nd quarter worth approximately $67,000. International Assets Investment Management LLC acquired a new stake in shares of Range Resources in the 2nd quarter valued at approximately $67,000. CWM LLC boosted its stake in shares of Range Resources by 276.8% in the third quarter. CWM LLC now owns 2,306 shares of the oil and gas exploration company’s stock valued at $71,000 after buying an additional 1,694 shares in the last quarter. Finally, nVerses Capital LLC acquired a new position in Range Resources during the second quarter worth $107,000. 98.93% of the stock is owned by institutional investors and hedge funds.

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.