Range Resources (NYSE:RRC) Cut to “Sector Perform” at Scotiabank

Scotiabank cut shares of Range Resources (NYSE:RRC) from a sector outperform rating to a sector perform rating in a research note issued to investors on Friday, Marketbeat Ratings reports. The brokerage currently has $45.00 price target on the oil and gas exploration company’s stock.

Several other analysts have also recently commented on RRC. Piper Sandler decreased their price target on shares of Range Resources from $31.00 to $30.00 and set a “neutral” rating on the stock in a research note on Monday, November 18th. UBS Group upgraded Range Resources from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $28.00 to $35.00 in a research report on Monday, December 9th. Wolfe Research upgraded Range Resources from a “peer perform” rating to an “outperform” rating and set a $42.00 price target for the company in a report on Friday, January 3rd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $40.00 price objective on shares of Range Resources in a report on Tuesday, January 14th. Finally, StockNews.com raised shares of Range Resources to a “sell” rating in a report on Wednesday, November 27th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $37.16.

Range Resources Price Performance

Shares of Range Resources stock opened at $41.09 on Friday. The company has a market capitalization of $9.91 billion, a price-to-earnings ratio of 20.75 and a beta of 1.81. 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 stock’s 50-day simple moving average is $35.62 and its 200-day simple moving average is $32.57. Range Resources has a 52 week low of $27.29 and a 52 week high of $41.65.

Range Resources (NYSE:RRC) last posted its quarterly earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.16. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The company had revenue of $615.03 million for the quarter, compared to analysts’ expectations of $617.90 million. During the same period in the previous year, the firm earned $0.43 EPS. The firm’s revenue was up .9% compared to the same quarter last year. As a group, analysts expect that Range Resources will post 2 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were given 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 0.78%. Range Resources’s dividend payout ratio (DPR) is 16.16%.

Insiders Place Their Bets

In other news, Director Charles G. Griffie purchased 1,275 shares of the business’s stock in a transaction dated Thursday, October 24th. The shares were purchased at an average price of $31.46 per share, for a total transaction of $40,111.50. Following the completion of the purchase, the director now owns 5,921 shares in the company, valued at approximately $186,274.66. This represents a 27.44 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Brooklyn Investment Group bought a new stake in shares of Range Resources in the 3rd quarter valued at about $25,000. UMB Bank n.a. increased its holdings in Range Resources by 59.0% during the fourth quarter. UMB Bank n.a. now owns 1,148 shares of the oil and gas exploration company’s stock valued at $41,000 after buying an additional 426 shares during the period. Blue Trust Inc. raised its stake in Range Resources by 107.8% in the third quarter. Blue Trust Inc. now owns 1,359 shares of the oil and gas exploration company’s stock worth $46,000 after buying an additional 705 shares in the last quarter. Bogart Wealth LLC purchased a new stake in Range Resources during the third quarter worth $49,000. Finally, Versant Capital Management Inc boosted its position in Range Resources by 42.8% during the 4th quarter. Versant Capital Management Inc now owns 1,544 shares of the oil and gas exploration company’s stock valued at $56,000 after acquiring an additional 463 shares in the last quarter. 98.93% of the stock is currently owned by institutional investors.

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.