Range Resources’ (RRC) “Hold” Rating Reiterated at Benchmark

Benchmark reiterated their hold rating on shares of Range Resources (NYSE:RRC) in a research report released on Friday morning,Benzinga reports.

RRC has been the topic of several other research reports. Barclays raised Range Resources from an “underweight” rating to an “equal weight” rating and decreased their target price for the company from $35.00 to $34.00 in a research report on Wednesday, October 2nd. Scotiabank lowered Range Resources from a “sector outperform” rating to a “sector perform” rating and set a $45.00 price objective on the stock. in a report on Friday. Piper Sandler dropped their target price on Range Resources from $31.00 to $30.00 and set a “neutral” rating for the company in a report on Monday, November 18th. UBS Group upgraded shares of Range Resources from a “sell” rating to a “neutral” rating and upped their price target for the company from $28.00 to $35.00 in a research note on Monday, December 9th. Finally, Stephens raised their price target 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. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Range Resources currently has a consensus rating of “Hold” and a consensus price target of $37.16.

Range Resources Stock Down 0.5 %

RRC opened at $41.09 on Friday. The stock’s fifty day simple moving average is $35.62 and its 200 day simple moving average is $32.57. Range Resources has a 1-year low of $27.29 and a 1-year high of $41.65. The stock has a market cap of $9.91 billion, a PE ratio of 20.75 and a beta of 1.81. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.28.

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

Range Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.78%. The ex-dividend date of this dividend was Friday, December 13th. Range Resources’s dividend payout ratio is presently 16.16%.

Insider Transactions at Range Resources

In related news, Director Charles G. Griffie purchased 1,275 shares of the stock in a transaction dated Thursday, October 24th. The stock was bought at an average cost of $31.46 per share, for a total transaction 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On Range Resources

Several hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. raised its position in Range Resources by 61.9% in the third quarter. JPMorgan Chase & Co. now owns 1,579,579 shares of the oil and gas exploration company’s stock valued at $48,588,000 after purchasing an additional 604,199 shares during the last quarter. HITE Hedge Asset Management LLC acquired a new position in shares of Range Resources in the third quarter valued at approximately $11,508,000. Charles Schwab Investment Management Inc. increased its stake in shares of Range Resources by 4.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,017,704 shares of the oil and gas exploration company’s stock valued at $62,065,000 after buying an additional 92,217 shares during the period. Radnor Capital Management LLC raised its holdings in Range Resources by 156.2% in the 4th quarter. Radnor Capital Management LLC now owns 42,993 shares of the oil and gas exploration company’s stock valued at $1,547,000 after buying an additional 26,213 shares during the last quarter. Finally, Aptus Capital Advisors LLC boosted its position in Range Resources by 135.5% during the 3rd quarter. Aptus Capital Advisors LLC now owns 112,008 shares of the oil and gas exploration company’s stock worth $3,445,000 after buying an additional 64,443 shares during the period. Institutional investors and hedge funds 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.