Range Resources Corporation (NYSE:RRC) Receives $41.80 Average Target Price from Brokerages

Range Resources Corporation (NYSE:RRC) has been assigned an average recommendation of “Hold” from the twenty-one analysts that are covering the company, MarketBeat reports. Thirteen research analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12 month price objective among brokers that have covered the stock in the last year is $41.80.

A number of brokerages have issued reports on RRC. Piper Sandler lowered their price objective on Range Resources from $41.00 to $39.00 and set a “neutral” rating for the company in a research note on Thursday, August 14th. Roth Capital cut Range Resources from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $44.00 to $35.00 in a research note on Monday, August 18th. UBS Group lowered their price objective on Range Resources from $42.00 to $40.00 and set a “neutral” rating for the company in a research note on Wednesday, August 20th. Susquehanna lifted their price objective on Range Resources from $36.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, July 23rd. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and set a $45.00 price objective on shares of Range Resources in a research note on Tuesday, July 15th.

Range Resources Trading Down 0.9%

RRC opened at $38.24 on Friday. The stock has a market cap of $9.11 billion, a PE ratio of 19.22, a PEG ratio of 0.33 and a beta of 0.51. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.29. The business has a 50 day moving average of $35.18 and a 200-day moving average of $36.87. Range Resources has a 52 week low of $28.99 and a 52 week high of $43.50.

Range Resources (NYSE:RRC) last released its earnings results on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.01. The company had revenue of $856.28 million during the quarter, compared to analysts’ expectations of $708.38 million. Range Resources had a return on equity of 15.95% and a net margin of 17.22%.During the same quarter last year, the business posted $0.46 EPS. Equities research analysts predict that Range Resources will post 2.02 earnings per share for the current fiscal year.

Range Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 12th were issued a $0.09 dividend. The ex-dividend date of this dividend was Friday, September 12th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.9%. Range Resources’s dividend payout ratio (DPR) is presently 18.09%.

Institutional Trading of Range Resources

A number of institutional investors and hedge funds have recently modified their holdings of RRC. Invesco Ltd. increased its holdings in shares of Range Resources by 230.1% in the 2nd quarter. Invesco Ltd. now owns 4,785,940 shares of the oil and gas exploration company’s stock worth $194,644,000 after purchasing an additional 3,336,299 shares in the last quarter. Encompass Capital Advisors LLC bought a new stake in shares of Range Resources in the 2nd quarter worth $36,590,000. Peconic Partners LLC bought a new stake in shares of Range Resources in the 2nd quarter worth $32,536,000. King Luther Capital Management Corp increased its holdings in shares of Range Resources by 2,522.3% in the 1st quarter. King Luther Capital Management Corp now owns 823,650 shares of the oil and gas exploration company’s stock worth $32,888,000 after purchasing an additional 792,240 shares in the last quarter. Finally, Qube Research & Technologies Ltd increased its holdings in shares of Range Resources by 30.5% in the 2nd quarter. Qube Research & Technologies Ltd now owns 2,951,806 shares of the oil and gas exploration company’s stock worth $120,050,000 after purchasing an additional 689,212 shares in the last quarter. Institutional investors own 98.93% of the company’s stock.

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.