Range Resources (NYSE:RRC) Receives “Sector Perform” Rating from Royal Bank of Canada

Royal Bank of Canada reaffirmed their sector perform rating on shares of Range Resources (NYSE:RRCFree Report) in a research report released on Tuesday,Benzinga reports. Royal Bank of Canada currently has a $40.00 price objective on the oil and gas exploration company’s stock.

Other analysts have also recently issued reports about the stock. StockNews.com upgraded shares of Range Resources to a “sell” rating in a research note on Wednesday, November 27th. UBS Group upgraded Range Resources from a “sell” rating to a “neutral” rating and increased their target price for the stock from $28.00 to $35.00 in a research report on Monday, December 9th. Stephens raised their price target on Range Resources from $36.00 to $37.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Barclays upgraded Range Resources from an “underweight” rating to an “equal weight” rating and decreased their price objective for the company from $35.00 to $34.00 in a research note on Wednesday, October 2nd. Finally, Wells Fargo & Company raised their target price on Range Resources from $38.00 to $40.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Range Resources presently has an average rating of “Hold” and an average price target of $37.16.

Read Our Latest Analysis on Range Resources

Range Resources Trading Up 2.9 %

Shares of RRC stock opened at $39.61 on Tuesday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.28. The firm has a market cap of $9.56 billion, a P/E ratio of 20.01 and a beta of 1.81. The company has a 50 day moving average of $34.96 and a 200-day moving average of $32.38. Range Resources has a 12-month low of $27.29 and a 12-month high of $39.76.

Range Resources (NYSE:RRCGet Free Report) last posted its quarterly earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.16. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The company had revenue of $615.03 million during the quarter, compared to the consensus estimate of $617.90 million. During the same quarter in the prior year, the company earned $0.43 EPS. The firm’s quarterly revenue was up .9% compared to the same quarter last year. Sell-side analysts anticipate that Range Resources will post 1.91 earnings per share for the current year.

Range Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were issued a $0.08 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.32 annualized dividend and a yield of 0.81%. Range Resources’s dividend payout ratio (DPR) is presently 16.16%.

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 that occurred on Thursday, October 24th. The shares were acquired at an average price of $31.46 per share, with a total value of $40,111.50. Following the completion of the purchase, the director now directly owns 5,921 shares of the company’s stock, valued at approximately $186,274.66. The trade was a 27.44 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 1.57% of the company’s stock.

Institutional Investors Weigh In On Range Resources

Several hedge funds have recently added to or reduced their stakes in RRC. Lingotto Investment Management LLP grew its position in Range Resources by 1.5% during the 2nd quarter. Lingotto Investment Management LLP now owns 6,451,726 shares of the oil and gas exploration company’s stock valued at $216,326,000 after purchasing an additional 93,782 shares during the last quarter. KGH Ltd lifted its stake 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. Geode Capital Management LLC grew its holdings in shares of Range Resources by 0.9% during the third 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 buying an additional 35,344 shares during the last quarter. Canoe Financial LP increased its position in shares of 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 acquiring an additional 1,422,200 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Range Resources by 4.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,017,704 shares of the oil and gas exploration company’s stock worth $62,065,000 after acquiring an additional 92,217 shares during the last quarter. 98.93% of the stock is owned by institutional investors.

Range Resources Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Range Resources (NYSE:RRC)

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