Range Resources (NYSE:RRC) Raised to Hold at StockNews.com

StockNews.com upgraded shares of Range Resources (NYSE:RRC) from a sell rating to a hold rating in a research note released on Saturday.

Several other equities research analysts have also weighed in on RRC. Morgan Stanley raised Range Resources from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $40.00 to $49.00 in a report on Wednesday, March 26th. Piper Sandler upped their price target on shares of Range Resources from $32.00 to $33.00 and gave the stock a “neutral” rating in a report on Thursday, March 6th. Benchmark reaffirmed a “hold” rating on shares of Range Resources in a research note on Friday, January 17th. Scotiabank lowered shares of Range Resources from a “sector outperform” rating to a “sector perform” rating and set a $45.00 target price for the company. in a research report on Friday, January 17th. Finally, Citigroup lowered shares of Range Resources from a “neutral” rating to a “reduce” rating in a report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Range Resources presently has an average rating of “Hold” and a consensus price target of $41.70.

Range Resources Price Performance

RRC opened at $33.47 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.54 and a quick ratio of 0.54. The firm’s fifty day moving average price is $38.22 and its two-hundred day moving average price is $35.56. Range Resources has a 1 year low of $27.29 and a 1 year high of $41.95. The company has a market capitalization of $8.08 billion, a price-to-earnings ratio of 16.90, a P/E/G ratio of 5.11 and a beta of 1.73.

Range Resources (NYSE:RRC) last issued its quarterly earnings results on Tuesday, February 25th. The oil and gas exploration company reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.13. The business had revenue of $626.42 million for the quarter, compared to analyst estimates of $676.53 million. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. During the same period last year, the company posted $0.63 earnings per share. As a group, analysts anticipate that Range Resources will post 2.02 earnings per share for the current fiscal year.

Range Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were paid a dividend of $0.09 per share. The ex-dividend date was Friday, March 14th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.08%. This is a positive change from Range Resources’s previous quarterly dividend of $0.08. Range Resources’s dividend payout ratio (DPR) is presently 32.73%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. M&T Bank Corp lifted its stake in shares of Range Resources by 3.1% in the 3rd quarter. M&T Bank Corp now owns 10,790 shares of the oil and gas exploration company’s stock valued at $332,000 after purchasing an additional 327 shares during the last quarter. CIBC Asset Management Inc increased its stake in Range Resources by 5.4% in the fourth quarter. CIBC Asset Management Inc now owns 7,435 shares of the oil and gas exploration company’s stock valued at $268,000 after purchasing an additional 378 shares during the last quarter. Commonwealth Equity Services LLC raised its stake in Range Resources by 2.8% during the 4th quarter. Commonwealth Equity Services LLC now owns 14,120 shares of the oil and gas exploration company’s stock worth $508,000 after acquiring an additional 379 shares in the last quarter. King Luther Capital Management Corp grew its holdings in Range Resources by 1.3% during the fourth quarter. King Luther Capital Management Corp now owns 31,410 shares of the oil and gas exploration company’s stock worth $1,130,000 after acquiring an additional 390 shares during the period. Finally, Arizona State Retirement System lifted its stake in shares of Range Resources by 0.6% in the fourth quarter. Arizona State Retirement System now owns 70,258 shares of the oil and gas exploration company’s stock valued at $2,528,000 after purchasing an additional 395 shares during the period. 98.93% of the stock is owned by institutional investors and hedge funds.

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.