Range Resources (NYSE:RRC) Given New $31.00 Price Target at Morgan Stanley

Range Resources (NYSE:RRC) had its target price trimmed by Morgan Stanley from $33.00 to $31.00 in a research report report published on Monday morning, Benzinga reports. The firm currently has an underweight rating on the oil and gas exploration company’s stock.

RRC has been the topic of a number of other research reports. Benchmark reiterated a hold rating on shares of Range Resources in a research note on Wednesday, July 24th. Jefferies Financial Group upped their price target on Range Resources from $34.00 to $35.00 and gave the company a hold rating in a research report on Monday, July 8th. Piper Sandler cut shares of Range Resources from an overweight rating to a neutral rating and cut their target price for the stock from $43.00 to $31.00 in a report on Thursday, August 15th. Wolfe Research began coverage on shares of Range Resources in a report on Thursday, July 18th. They set a peer perform rating for the company. Finally, Wells Fargo & Company reduced their price objective on Range Resources from $37.00 to $35.00 and set an equal weight rating for the company in a research report on Monday, July 29th. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Range Resources currently has a consensus rating of Hold and a consensus price target of $36.58.

Range Resources Stock Performance

NYSE:RRC opened at $29.52 on Monday. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.28. The company has a market cap of $7.16 billion, a P/E ratio of 14.98 and a beta of 1.80. The firm’s 50 day moving average is $30.71 and its two-hundred day moving average is $33.56. Range Resources has a fifty-two week low of $27.29 and a fifty-two week high of $39.33.

Range Resources (NYSE:RRC) last posted its quarterly earnings results on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.41 by $0.05. The firm had revenue of $641.30 million for the quarter, compared to analyst estimates of $610.24 million. Range Resources had a net margin of 17.62% and a return on equity of 13.93%. Range Resources’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.27 earnings per share. Analysts expect that Range Resources will post 2.07 EPS for the current year.

Range Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be given a $0.08 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.08%. Range Resources’s dividend payout ratio (DPR) is 16.24%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in RRC. Fifth Third Bancorp boosted its position in shares of Range Resources by 21.2% in the second quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock worth $57,000 after buying an additional 299 shares during the period. Perkins Coie Trust Co bought a new stake in Range Resources in the second quarter worth approximately $67,000. International Assets Investment Management LLC bought a new stake in Range Resources in the second quarter worth $67,000. SYSTM Wealth Solutions LLC increased its holdings in shares of Range Resources by 17.9% during the 1st quarter. SYSTM Wealth Solutions LLC now owns 2,141 shares of the oil and gas exploration company’s stock valued at $74,000 after acquiring an additional 325 shares during the last quarter. Finally, nVerses Capital LLC acquired a new position in Range Resources during the second quarter valued at approximately $107,000. 98.93% of the stock is owned by hedge funds and other institutional investors.

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.