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

Range Resources Co. (NYSE:RRC) – Stock analysts at Capital One Financial decreased their Q3 2024 EPS estimates for shares of Range Resources in a note issued to investors on Tuesday, October 15th. Capital One Financial analyst B. Velie now expects that the oil and gas exploration company will earn $0.35 per share for the quarter, down from their prior forecast of $0.38. The consensus estimate for Range Resources’ current full-year earnings is $1.88 per share. Capital One Financial also issued estimates for Range Resources’ FY2024 earnings at $1.95 EPS.

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

Several other analysts have also issued reports on RRC. Jefferies Financial Group increased their price target on shares of Range Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a research report on Monday, July 8th. UBS Group cut their target price on shares of Range Resources from $30.00 to $27.00 and set a “sell” rating on the stock in a research report on Wednesday, September 18th. Wells Fargo & Company raised shares of Range Resources from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $35.00 to $39.00 in a research note on Tuesday, October 1st. Susquehanna dropped their price target on shares of Range Resources from $36.00 to $31.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Finally, Barclays raised shares of Range Resources from an “underweight” rating to an “equal weight” rating and lowered their target price for the stock from $35.00 to $34.00 in a research note on Wednesday, October 2nd. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $35.41.

Range Resources Stock Performance

Shares of NYSE:RRC opened at $29.78 on Wednesday. The company’s 50 day moving average price is $30.19 and its two-hundred day moving average price is $33.25. Range Resources has a 12-month low of $27.29 and a 12-month high of $39.33. The firm has a market cap of $7.23 billion, a PE ratio of 15.12 and a beta of 1.80. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.28.

Range Resources Dividend Announcement

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

Insider Transactions at Range Resources

In other news, VP Ashley Kavanaugh sold 12,700 shares of Range Resources stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $31.45, for a total value of $399,415.00. Following the transaction, the vice president now owns 9,670 shares in the company, valued at approximately $304,121.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.57% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Fifth Third Bancorp increased its holdings in Range Resources by 21.2% during the 2nd quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock valued at $57,000 after purchasing an additional 299 shares during the period. Perkins Coie Trust Co bought a new stake in Range Resources during the 2nd quarter valued at approximately $67,000. International Assets Investment Management LLC bought a new stake in Range Resources during the 2nd quarter valued at approximately $67,000. CWM LLC boosted its position in shares of Range Resources by 276.8% in the 3rd quarter. CWM LLC now owns 2,306 shares of the oil and gas exploration company’s stock worth $71,000 after purchasing an additional 1,694 shares in the last quarter. Finally, nVerses Capital LLC bought a new stake in shares of 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.