Range Resources (NYSE:RRC) Reaches New 52-Week High – Here’s Why

Range Resources Corporation (NYSE:RRC) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $46.27 and last traded at $46.1410, with a volume of 533378 shares trading hands. The stock had previously closed at $45.94.

Analyst Ratings Changes

RRC has been the subject of several recent analyst reports. TD Cowen raised their price objective on shares of Range Resources from $40.00 to $45.00 and gave the stock a “hold” rating in a report on Tuesday, March 17th. JPMorgan Chase & Co. restated an “underweight” rating and issued a $39.00 target price (down from $44.00) on shares of Range Resources in a research note on Monday, December 8th. Citigroup increased their price target on shares of Range Resources from $36.00 to $43.00 and gave the stock a “neutral” rating in a research report on Thursday, March 5th. UBS Group lifted their price target on Range Resources from $38.00 to $43.00 and gave the stock a “neutral” rating in a research note on Friday, December 12th. Finally, Mizuho upped their price objective on Range Resources from $46.00 to $48.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Four research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $42.76.

Range Resources Stock Performance

The stock’s 50-day moving average price is $39.42 and its 200-day moving average price is $37.58. 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 company has a market capitalization of $11.01 billion, a P/E ratio of 17.07, a P/E/G ratio of 0.43 and a beta of 0.57.

Range Resources (NYSE:RRC) last announced its quarterly earnings data on Tuesday, February 24th. The oil and gas exploration company reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.13. Range Resources had a net margin of 21.12% and a return on equity of 16.31%. The business had revenue of $786.89 million during the quarter, compared to the consensus estimate of $770.92 million. During the same quarter in the prior year, the firm earned $0.68 EPS. The company’s revenue for the quarter was up 30.9% compared to the same quarter last year. As a group, equities analysts expect that Range Resources Corporation will post 2.02 EPS for the current year.

Range Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.9%. This is a boost from Range Resources’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Friday, March 13th. Range Resources’s dividend payout ratio is currently 14.60%.

Institutional Trading of Range Resources

Several hedge funds have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD grew its stake in Range Resources by 1.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 27,660,494 shares of the oil and gas exploration company’s stock worth $975,311,000 after buying an additional 326,748 shares during the last quarter. Vanguard Group Inc. lifted its stake in Range Resources by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 25,553,637 shares of the oil and gas exploration company’s stock valued at $901,021,000 after buying an additional 701,751 shares during the last quarter. Boston Partners boosted its holdings in shares of Range Resources by 14.0% during the fourth quarter. Boston Partners now owns 13,467,808 shares of the oil and gas exploration company’s stock valued at $474,585,000 after acquiring an additional 1,650,258 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Range Resources by 8.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 8,965,029 shares of the oil and gas exploration company’s stock valued at $316,123,000 after acquiring an additional 673,827 shares during the period. Finally, Lingotto Investment Management LLP grew its position in shares of Range Resources by 2.0% during the second quarter. Lingotto Investment Management LLP now owns 7,161,614 shares of the oil and gas exploration company’s stock worth $291,263,000 after acquiring an additional 138,877 shares during the last quarter. Institutional investors own 98.93% of the company’s stock.

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.