Range Resources Co. (NYSE:RRC) Receives Average Rating of “Hold” from Brokerages

Shares of Range Resources Co. (NYSE:RRC) have been given an average recommendation of “Hold” by the nineteen research firms that are currently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, eleven have given a hold recommendation and six have issued a buy recommendation on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $37.22.

Several analysts have commented on RRC shares. StockNews.com upgraded shares of Range Resources to a “sell” rating in a report on Wednesday, November 27th. Mizuho increased their price objective on Range Resources from $40.00 to $47.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. Wells Fargo & Company upped their target price on shares of Range Resources from $38.00 to $40.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 17th. UBS Group upgraded Range Resources from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $28.00 to $35.00 in a research note on Monday, December 9th. Finally, Stephens lifted their target price on Range Resources from $36.00 to $37.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd.

Institutional Investors Weigh In On Range Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Canoe Financial LP lifted its holdings in Range Resources by 114.9% during the third quarter. Canoe Financial LP now owns 2,660,309 shares of the oil and gas exploration company’s stock valued at $81,299,000 after purchasing an additional 1,422,200 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Range Resources by 61.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,579,579 shares of the oil and gas exploration company’s stock worth $48,588,000 after purchasing an additional 604,199 shares during the period. HITE Hedge Asset Management LLC purchased a new stake in Range Resources during the 3rd quarter valued at approximately $11,508,000. Verition Fund Management LLC raised its position in shares of Range Resources by 379.3% during the third quarter. Verition Fund Management LLC now owns 409,427 shares of the oil and gas exploration company’s stock valued at $12,594,000 after buying an additional 324,011 shares during the last quarter. Finally, KGH Ltd lifted its holdings in shares of Range Resources by 3.2% in the second 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. 98.93% of the stock is owned by hedge funds and other institutional investors.

Range Resources Price Performance

Shares of RRC stock opened at $40.16 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.54 and a current ratio of 0.54. The firm has a market cap of $9.69 billion, a P/E ratio of 20.28 and a beta of 1.81. The business’s 50 day moving average price is $36.30 and its 200-day moving average price is $32.82. Range Resources has a fifty-two week low of $27.29 and a fifty-two week high of $41.95.

Range Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 13th were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.80%. The ex-dividend date of this dividend was Friday, December 13th. Range Resources’s dividend payout ratio (DPR) 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.