FY2024 Earnings Forecast for Range Resources Co. Issued By Capital One Financial (NYSE:RRC)

Range Resources Co. (NYSE:RRC) – Equities researchers at Capital One Financial lowered their FY2024 earnings per share estimates for Range Resources in a research report issued on Tuesday, September 17th. Capital One Financial analyst B. Velie now anticipates that the oil and gas exploration company will post earnings of $1.98 per share for the year, down from their prior estimate of $2.25. The consensus estimate for Range Resources’ current full-year earnings is $2.07 per share. Capital One Financial also issued estimates for Range Resources’ Q4 2024 earnings at $0.52 EPS.

Several other brokerages have also issued reports on RRC. Wells Fargo & Company cut their price target on Range Resources from $37.00 to $35.00 and set an “equal weight” rating on the stock in a report on Monday, July 29th. Wolfe Research assumed coverage on Range Resources in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Piper Sandler lowered shares of Range Resources from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $43.00 to $31.00 in a research note on Thursday, August 15th. Morgan Stanley dropped their price objective 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. Finally, UBS Group decreased their target price on shares of Range Resources from $30.00 to $27.00 and set a “sell” rating for the company in a research report on Wednesday. Five investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $36.10.

Range Resources Price Performance

RRC stock opened at $29.99 on Thursday. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.58 and a quick ratio of 0.58. The company’s 50-day moving average is $30.63 and its 200-day moving average is $33.55. The stock has a market capitalization of $7.28 billion, a PE ratio of 15.22 and a beta of 1.80. Range Resources has a 1 year low of $27.29 and a 1 year high of $39.33.

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

Range Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.07%. The ex-dividend date is Friday, September 13th. Range Resources’s payout ratio is 16.24%.

Hedge Funds Weigh In On Range Resources

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Fifth Third Bancorp grew its position in Range Resources by 21.2% in the second quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock worth $57,000 after acquiring an additional 299 shares in the last quarter. Perkins Coie Trust Co purchased a new position in shares of Range Resources in the 2nd quarter worth about $67,000. International Assets Investment Management LLC bought a new position in shares of Range Resources during the 2nd quarter valued at about $67,000. SYSTM Wealth Solutions LLC raised its holdings in shares of Range Resources by 17.9% during 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 buying an additional 325 shares in the last quarter. Finally, nVerses Capital LLC bought a new stake in Range Resources in the 2nd quarter worth approximately $107,000. 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.