Zacks Research Lifts Earnings Estimates for Range Resources

Range Resources Co. (NYSE:RRC) – Equities researchers at Zacks Research increased their FY2024 earnings estimates for Range Resources in a research report issued to clients and investors on Thursday, January 16th. Zacks Research analyst R. Department now forecasts that the oil and gas exploration company will post earnings of $1.97 per share for the year, up from their prior forecast of $1.96. The consensus estimate for Range Resources’ current full-year earnings is $2.00 per share. Zacks Research also issued estimates for Range Resources’ Q4 2024 earnings at $0.43 EPS, Q1 2025 earnings at $0.74 EPS and Q4 2025 earnings at $0.84 EPS.

A number of other analysts have also weighed in on RRC. Barclays raised shares of Range Resources from an “underweight” rating to an “equal weight” rating and lowered their price objective for the stock from $35.00 to $34.00 in a research note on Wednesday, October 2nd. StockNews.com raised shares of Range Resources to a “sell” rating in a research report on Wednesday, November 27th. Truist Financial increased their price target on shares of Range Resources from $31.00 to $35.00 and gave the company a “hold” rating in a research report on Monday, January 13th. Scotiabank lowered shares of Range Resources from a “sector outperform” rating to a “sector perform” rating and set a $45.00 price target for the company. in a research report on Friday. Finally, Citigroup upped their price objective on shares of Range Resources from $33.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $37.16.

Range Resources Trading Down 0.5 %

RRC stock opened at $41.09 on Monday. 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 has a twelve month low of $27.29 and a twelve month high of $41.65. The stock has a market capitalization of $9.91 billion, a price-to-earnings ratio of 20.75 and a beta of 1.81. The firm’s fifty day simple moving average is $35.62 and its two-hundred day simple moving average is $32.57.

Range Resources (NYSE:RRC) last released its quarterly earnings data on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.16. The firm had revenue of $615.03 million for the quarter, compared to analysts’ expectations of $617.90 million. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. The company’s revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter last year, the business posted $0.43 earnings per share.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. KGH Ltd raised its stake in shares of Range Resources by 3.2% in 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 buying an additional 190,000 shares in the last quarter. Geode Capital Management LLC raised its holdings in Range Resources by 0.9% in the 3rd 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 acquiring an additional 35,344 shares in the last quarter. Canoe Financial LP raised its holdings in shares of Range Resources by 9.4% in the 4th quarter. Canoe Financial LP now owns 2,911,509 shares of the oil and gas exploration company’s stock worth $104,595,000 after buying an additional 251,200 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Range Resources by 4.8% during 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 acquiring an additional 92,217 shares during the period. Finally, JPMorgan Chase & Co. raised its position in shares of Range Resources by 61.9% during the 3rd 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 acquiring an additional 604,199 shares during the last quarter. Institutional investors and hedge funds own 98.93% of the company’s stock.

Insiders Place Their Bets

In other Range Resources news, Director Charles G. Griffie acquired 1,275 shares of the company’s stock in a transaction on Thursday, October 24th. The shares were bought at an average cost of $31.46 per share, for a total transaction of $40,111.50. Following the acquisition, the director now directly owns 5,921 shares of the company’s stock, valued at $186,274.66. This trade represents a 27.44 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.50% of the stock is owned by corporate insiders.

Range Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 13th were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.78%. The ex-dividend date was Friday, December 13th. Range Resources’s payout ratio is currently 16.16%.

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.