Range Resources (NYSE:RRC) Upgraded to Outperform at Wolfe Research

Wolfe Research upgraded shares of Range Resources (NYSE:RRC) from a peer perform rating to an outperform rating in a research note issued to investors on Friday, MarketBeat.com reports. They currently have $42.00 price target on the oil and gas exploration company’s stock.

Several other research analysts also recently issued reports on RRC. Piper Sandler lowered their price objective on shares of Range Resources from $31.00 to $30.00 and set a “neutral” rating on the stock in a research report on Monday, November 18th. The Goldman Sachs Group dropped their price target on Range Resources from $40.00 to $35.00 and set a “neutral” rating on the stock in a research report on Friday, September 6th. Barclays raised Range Resources from an “underweight” rating to an “equal weight” rating and decreased their price objective for the stock from $35.00 to $34.00 in a research report on Wednesday, October 2nd. Mizuho boosted their target price on Range Resources from $40.00 to $47.00 and gave the company an “outperform” rating in a report on Monday, December 16th. Finally, StockNews.com raised Range Resources to a “sell” rating in a report on Wednesday, November 27th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Range Resources currently has a consensus rating of “Hold” and a consensus price target of $36.32.

Range Resources Stock Performance

NYSE:RRC opened at $35.91 on Friday. The company has a fifty day simple moving average of $34.13 and a two-hundred day simple moving average of $32.26. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.28. The company has a market cap of $8.67 billion, a price-to-earnings ratio of 18.14 and a beta of 1.85. Range Resources has a 52 week low of $27.29 and a 52 week high of $39.33.

Range Resources (NYSE:RRC) last issued its earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.16. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The business had revenue of $615.03 million for the quarter, compared to analyst estimates of $617.90 million. During the same quarter last year, the company earned $0.43 EPS. The business’s quarterly revenue was up .9% on a year-over-year basis. As a group, equities analysts anticipate that Range Resources will post 1.91 earnings per share for the current fiscal year.

Range Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 13th were issued a $0.08 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.89%. Range Resources’s dividend payout ratio (DPR) is 16.16%.

Insider Activity at Range Resources

In other Range Resources news, Director Charles G. Griffie purchased 1,275 shares of Range Resources stock in a transaction on Thursday, October 24th. The shares were bought at an average price of $31.46 per share, with a total value of $40,111.50. Following the purchase, the director now directly owns 5,921 shares in the company, valued at $186,274.66. This trade represents a 27.44 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RRC. Lingotto Investment Management LLP raised its holdings in shares of Range Resources by 1.5% in the 2nd quarter. Lingotto Investment Management LLP now owns 6,451,726 shares of the oil and gas exploration company’s stock worth $216,326,000 after purchasing an additional 93,782 shares during the period. KGH Ltd increased its position in Range Resources by 3.2% during the 2nd quarter. KGH Ltd now owns 6,080,000 shares of the oil and gas exploration company’s stock worth $203,862,000 after purchasing an additional 190,000 shares in the last quarter. Geode Capital Management LLC lifted its position in Range Resources by 0.9% during the third quarter. Geode Capital Management LLC now owns 4,003,299 shares of the oil and gas exploration company’s stock valued at $123,174,000 after buying an additional 35,344 shares in the last quarter. Canoe Financial LP lifted its position in Range Resources by 114.9% during the third quarter. Canoe Financial LP now owns 2,660,309 shares of the oil and gas exploration company’s stock valued at $81,299,000 after buying an additional 1,422,200 shares in the last quarter. Finally, William Blair Investment Management LLC purchased a new stake in Range Resources during the 2nd quarter worth $78,223,000. Institutional investors and hedge funds own 98.93% of the company’s stock.

Range Resources Company Profile

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.