Range Resources (NYSE:RRC) Shares Gap Up Following Earnings Beat

Range Resources Co. (NYSE:RRC) gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $29.90, but opened at $31.39. Range Resources shares last traded at $30.79, with a volume of 1,350,007 shares.

The oil and gas exploration company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.32 by $0.16. Range Resources had a return on equity of 13.93% and a net margin of 17.62%. The business had revenue of $615.03 million during the quarter, compared to the consensus estimate of $617.90 million. During the same quarter last year, the company earned $0.43 EPS. Range Resources’s revenue was up .9% on a year-over-year basis.

Range Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a dividend of $0.08 per share. The ex-dividend date was Friday, September 13th. This represents a $0.32 dividend on an annualized basis and a yield of 1.03%. Range Resources’s dividend payout ratio is 16.24%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on RRC shares. UBS Group lowered their target price on Range Resources from $30.00 to $27.00 and set a “sell” rating for the company in a research note on Wednesday, September 18th. Royal Bank of Canada reissued a “sector perform” rating and issued a $39.00 target price on shares of Range Resources in a research note on Thursday, July 25th. Wolfe Research assumed coverage on Range Resources in a research report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Scotiabank upgraded Range Resources from a “sector perform” rating to a “sector outperform” rating and set a $45.00 price target on the stock in a research report on Tuesday, August 20th. Finally, Mizuho reduced their price target on Range Resources from $45.00 to $40.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 9th. Four analysts have rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Range Resources has a consensus rating of “Hold” and a consensus price target of $35.12.

Insider Buying and Selling at Range Resources

In other news, VP Ashley Kavanaugh sold 12,700 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $31.45, for a total transaction of $399,415.00. Following the transaction, the vice president now owns 9,670 shares in the company, valued at approximately $304,121.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.57% of the company’s stock.

Institutional Investors Weigh In On Range Resources

A number of large investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its holdings in shares of Range Resources by 25.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 28,633,567 shares of the oil and gas exploration company’s stock valued at $985,855,000 after purchasing an additional 5,759,883 shares in the last quarter. William Blair Investment Management LLC acquired a new stake in shares of Range Resources in the 2nd quarter valued at $78,223,000. Vanguard Group Inc. lifted its stake in shares of Range Resources by 4.1% in the 1st quarter. Vanguard Group Inc. now owns 24,490,639 shares of the oil and gas exploration company’s stock valued at $843,213,000 after acquiring an additional 959,011 shares during the last quarter. Herr Investment Group LLC lifted its stake in shares of Range Resources by 4,594.4% in the 1st quarter. Herr Investment Group LLC now owns 497,611 shares of the oil and gas exploration company’s stock valued at $17,133,000 after acquiring an additional 487,011 shares during the last quarter. Finally, Sagefield Capital LP lifted its stake in shares of Range Resources by 44.8% in the 2nd quarter. Sagefield Capital LP now owns 906,886 shares of the oil and gas exploration company’s stock valued at $30,408,000 after acquiring an additional 280,452 shares during the last quarter. Institutional investors and hedge funds own 98.93% of the company’s stock.

Range Resources Stock Up 3.4 %

The company has a market capitalization of $7.50 billion, a P/E ratio of 15.60 and a beta of 1.80. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.28. The stock has a 50 day moving average price of $30.19 and a 200 day moving average price of $33.09.

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.