Range Resources (NYSE:RRC) Hits New 12-Month High on Analyst Upgrade

Range Resources Co. (NYSE:RRC) shares hit a new 52-week high during mid-day trading on Tuesday after Truist Financial raised their price target on the stock from $31.00 to $35.00. Truist Financial currently has a hold rating on the stock. Range Resources traded as high as $39.43 and last traded at $39.38, with a volume of 593998 shares traded. The stock had previously closed at $38.49.

Other research analysts also recently issued research reports about the stock. StockNews.com raised shares of Range Resources to a “sell” rating in a research note on Wednesday, November 27th. Stephens raised their target price on shares of Range Resources from $36.00 to $37.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Royal Bank of Canada lifted their price target on shares of Range Resources from $35.00 to $40.00 and gave the company a “sector perform” rating in a research note on Monday, November 25th. Bank of America raised Range Resources from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $34.00 to $45.00 in a research note on Monday. Finally, Citigroup lifted their target price on Range Resources from $33.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Range Resources has an average rating of “Hold” and a consensus target price of $37.16.

Insider Buying and Selling

In other news, Director Charles G. Griffie purchased 1,275 shares of the stock in a transaction that occurred on Thursday, October 24th. The shares were purchased at an average cost of $31.46 per share, with a total value of $40,111.50. Following the completion of the acquisition, the director now owns 5,921 shares of the company’s stock, valued at approximately $186,274.66. This represents a 27.44 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.57% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Range Resources

A number of large investors have recently added to or reduced their stakes in the stock. Brooklyn Investment Group acquired a new stake in shares of Range Resources in the third quarter worth approximately $25,000. Blue Trust Inc. lifted its holdings in Range Resources by 107.8% in the 3rd quarter. Blue Trust Inc. now owns 1,359 shares of the oil and gas exploration company’s stock valued at $46,000 after purchasing an additional 705 shares in the last quarter. Bogart Wealth LLC acquired a new stake in Range Resources during the 3rd quarter worth $49,000. Versant Capital Management Inc grew its holdings in shares of Range Resources by 42.8% during the fourth quarter. Versant Capital Management Inc now owns 1,544 shares of the oil and gas exploration company’s stock worth $56,000 after buying an additional 463 shares in the last quarter. Finally, CWM LLC raised its position in shares of Range Resources by 276.8% in the third quarter. CWM LLC now owns 2,306 shares of the oil and gas exploration company’s stock valued at $71,000 after buying an additional 1,694 shares during the last quarter. 98.93% of the stock is currently owned by institutional investors and hedge funds.

Range Resources Price Performance

The firm has a market capitalization of $9.56 billion, a price-to-earnings ratio of 20.01 and a beta of 1.81. The stock’s 50-day moving average price is $34.96 and its 200 day moving average price is $32.38. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.28.

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

Range Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Shareholders 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 annualized dividend and a yield of 0.81%. Range Resources’s payout ratio is 16.16%.

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.