Range Resources (NYSE:RRC) Earns Hold Rating from Analysts at Truist Financial

Truist Financial started coverage on shares of Range Resources (NYSE:RRC) in a report issued on Tuesday morning, MarketBeat Ratings reports. The firm issued a hold rating and a $48.00 price objective on the oil and gas exploration company’s stock.

Several other research firms have also recently issued reports on RRC. Wells Fargo & Company increased their price objective on Range Resources from $43.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 26th. UBS Group boosted their target price on shares of Range Resources from $38.00 to $43.00 and gave the stock a “neutral” rating in a research report on Friday, December 12th. TD Cowen increased their price target on shares of Range Resources from $40.00 to $45.00 and gave the company a “hold” rating in a report on Tuesday, March 17th. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $39.00 price objective (down from $44.00) on shares of Range Resources in a research note on Monday, December 8th. Finally, Weiss Ratings raised shares of Range Resources from a “hold (c)” rating to a “buy (b)” rating in a report on Friday, February 27th. Four analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $42.76.

Range Resources Price Performance

Shares of RRC opened at $46.79 on Tuesday. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.28. The stock’s 50 day moving average is $39.42 and its two-hundred day moving average is $37.58. Range Resources has a twelve month low of $30.32 and a twelve month high of $47.75. The firm has a market capitalization of $11.01 billion, a PE ratio of 17.07, a P/E/G ratio of 0.43 and a beta of 0.57.

Range Resources (NYSE:RRC) last issued its earnings results on Tuesday, February 24th. The oil and gas exploration company reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.13. The business had revenue of $786.89 million during the quarter, compared to the consensus estimate of $770.92 million. Range Resources had a return on equity of 16.31% and a net margin of 21.12%.The company’s revenue for the quarter was up 30.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.68 EPS. Research analysts anticipate that Range Resources will post 2.02 earnings per share for the current year.

Range Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be given a $0.10 dividend. This is an increase from Range Resources’s previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Friday, March 13th. Range Resources’s dividend payout ratio (DPR) is 14.60%.

Institutional Investors Weigh In On Range Resources

Several institutional investors and hedge funds have recently made changes to their positions in the business. CWA Asset Management Group LLC increased its stake in shares of Range Resources by 43.5% during the 3rd quarter. CWA Asset Management Group LLC now owns 388,569 shares of the oil and gas exploration company’s stock worth $14,626,000 after purchasing an additional 117,722 shares in the last quarter. Oppenheimer & Co. Inc. lifted its stake in Range Resources by 753.5% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 90,179 shares of the oil and gas exploration company’s stock valued at $3,394,000 after buying an additional 79,613 shares in the last quarter. Citigroup Inc. lifted its stake in Range Resources by 71.0% in the 3rd quarter. Citigroup Inc. now owns 307,604 shares of the oil and gas exploration company’s stock valued at $11,578,000 after buying an additional 127,753 shares in the last quarter. Congress Asset Management Co. grew its holdings in Range Resources by 12.1% during the 3rd quarter. Congress Asset Management Co. now owns 539,285 shares of the oil and gas exploration company’s stock valued at $20,299,000 after buying an additional 58,335 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in Range Resources by 3.3% during the 3rd quarter. Vanguard Group Inc. now owns 24,851,886 shares of the oil and gas exploration company’s stock valued at $935,425,000 after buying an additional 799,574 shares during the last quarter. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Range Resources Company Profile

Range Resources Corporation, headquartered in Fort Worth, Texas, is an independent energy company engaged in the exploration, development and production of natural gas, oil and natural gas liquids. The company focuses its core operations on the Appalachian Basin, with a significant presence in Pennsylvania’s Marcellus Shale. Through its drilling and completion activities, Range Resources seeks to optimize production efficiency while maintaining a disciplined approach to capital allocation and cost management.

The company’s technical expertise centers on advanced horizontal drilling and hydraulic fracturing techniques, which it applies to unlock unconventional resources.