Q3 2024 EPS Estimates for Range Resources Co. (NYSE:RRC) Raised by Analyst

Range Resources Co. (NYSE:RRC) – Zacks Research boosted their Q3 2024 earnings per share estimates for Range Resources in a research note issued on Wednesday, June 26th. Zacks Research analyst R. Department now expects that the oil and gas exploration company will post earnings of $0.43 per share for the quarter, up from their prior forecast of $0.41. The consensus estimate for Range Resources’ current full-year earnings is $2.11 per share. Zacks Research also issued estimates for Range Resources’ FY2024 earnings at $1.99 EPS.

Range Resources (NYSE:RRC) last posted its earnings results on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.21. The company had revenue of $718.20 million during the quarter, compared to the consensus estimate of $680.72 million. Range Resources had a net margin of 17.00% and a return on equity of 13.30%. The firm’s quarterly revenue was down 15.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.96 earnings per share.

Several other equities research analysts have also commented on the stock. Susquehanna boosted their price target on shares of Range Resources from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Monday, April 22nd. Truist Financial reduced their price target on shares of Range Resources from $32.00 to $30.00 and set a “hold” rating for the company in a research report on Friday, April 5th. Stephens lifted their price objective on Range Resources from $41.00 to $42.00 and gave the stock an “overweight” rating in a report on Wednesday, April 24th. Royal Bank of Canada cut Range Resources from an “outperform” rating to a “sector perform” rating and increased their target price for the company from $36.00 to $39.00 in a report on Friday, April 26th. Finally, Barclays began coverage on Range Resources in a research note on Wednesday, April 10th. They issued an “underweight” rating and a $35.00 price target on the stock. Five investment analysts have rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $37.10.

Range Resources Stock Performance

Shares of RRC stock opened at $33.52 on Friday. The stock has a market cap of $8.13 billion, a PE ratio of 17.02 and a beta of 1.81. Range Resources has a 52-week low of $27.60 and a 52-week high of $39.33. The business has a 50-day simple moving average of $36.13 and a 200-day simple moving average of $33.11. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.46.

Range Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a dividend of $0.08 per share. The ex-dividend date is Friday, June 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.95%. Range Resources’s dividend payout ratio (DPR) is presently 16.24%.

Insider Activity

In other Range Resources news, Director Charles G. Griffie purchased 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was purchased at an average price of $34.65 per share, for a total transaction of $51,975.00. Following the purchase, the director now directly owns 4,646 shares in the company, valued at $160,983.90. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Reginal Spiller sold 1,460 shares of Range Resources stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $38.68, for a total value of $56,472.80. Following the transaction, the director now directly owns 15,253 shares in the company, valued at approximately $589,986.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Charles G. Griffie acquired 1,500 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was purchased at an average cost of $34.65 per share, for a total transaction of $51,975.00. Following the completion of the purchase, the director now directly owns 4,646 shares in the company, valued at approximately $160,983.90. The disclosure for this purchase can be found here. Insiders have sold 197,107 shares of company stock valued at $7,379,095 in the last ninety days. 1.57% of the stock is currently owned by company insiders.

Institutional Trading of Range Resources

Hedge funds and other institutional investors have recently made changes to their positions in the company. SYSTM Wealth Solutions LLC boosted its holdings in Range Resources by 17.9% in the 1st quarter. SYSTM Wealth Solutions LLC now owns 2,141 shares of the oil and gas exploration company’s stock valued at $74,000 after purchasing an additional 325 shares in the last quarter. Orser Capital Management LLC boosted its stake in shares of Range Resources by 0.8% in the first quarter. Orser Capital Management LLC now owns 54,223 shares of the oil and gas exploration company’s stock valued at $1,867,000 after buying an additional 427 shares in the last quarter. Alliance Wealth Advisors LLC UT grew its holdings in Range Resources by 4.3% during the fourth quarter. Alliance Wealth Advisors LLC UT now owns 10,403 shares of the oil and gas exploration company’s stock worth $317,000 after acquiring an additional 431 shares during the period. Lmcg Investments LLC raised its position in Range Resources by 0.4% in the fourth quarter. Lmcg Investments LLC now owns 154,245 shares of the oil and gas exploration company’s stock worth $4,695,000 after acquiring an additional 546 shares in the last quarter. Finally, Xponance Inc. lifted its holdings in Range Resources by 2.0% in the fourth quarter. Xponance Inc. now owns 29,187 shares of the oil and gas exploration company’s stock valued at $888,000 after acquiring an additional 579 shares during the period. Hedge funds and other institutional investors own 98.93% of the company’s stock.

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.