UBS Group Cuts Range Resources (NYSE:RRC) Price Target to $36.00

Range Resources (NYSE:RRC) had its price objective decreased by UBS Group from $37.00 to $36.00 in a research note published on Thursday,Benzinga reports. UBS Group currently has a neutral rating on the oil and gas exploration company’s stock.

Several other brokerages have also weighed in on RRC. Scotiabank lowered Range Resources from a “sector outperform” rating to a “sector perform” rating and set a $45.00 price objective on the stock. in a report on Friday, January 17th. Williams Trading set a $40.00 price target on shares of Range Resources in a research note on Wednesday, March 5th. Bank of America raised shares of Range Resources from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $34.00 to $45.00 in a report on Monday, January 13th. The Goldman Sachs Group upped their target price on shares of Range Resources from $39.00 to $43.00 and gave the company a “neutral” rating in a research note on Wednesday, February 12th. Finally, Citigroup lowered shares of Range Resources from a “neutral” rating to a “reduce” rating in a research report on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $41.43.

Range Resources Price Performance

NYSE:RRC opened at $34.14 on Thursday. 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 stock has a market cap of $8.24 billion, a P/E ratio of 17.24, a PEG ratio of 5.11 and a beta of 1.73. The company has a fifty day moving average price of $37.33 and a 200 day moving average price of $35.64. Range Resources has a one year low of $27.29 and a one year high of $41.95.

Range Resources (NYSE:RRC) last released its earnings results on Tuesday, February 25th. The oil and gas exploration company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.13. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. The business had revenue of $626.42 million during the quarter, compared to analysts’ expectations of $676.53 million. During the same quarter last year, the company earned $0.63 earnings per share. Analysts anticipate that Range Resources will post 2.02 earnings per share for the current year.

Range Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.05%. This is a positive change from Range Resources’s previous quarterly dividend of $0.08. The ex-dividend date was Friday, March 14th. Range Resources’s dividend payout ratio is presently 32.73%.

Institutional Trading of Range Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. M&T Bank Corp boosted its position in 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 buying an additional 327 shares during the last quarter. Fifth Third Bancorp boosted its holdings in Range Resources by 20.6% in the first quarter. Fifth Third Bancorp now owns 2,078 shares of the oil and gas exploration company’s stock valued at $83,000 after acquiring an additional 355 shares during the last quarter. CIBC Asset Management Inc boosted its holdings 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 acquiring an additional 378 shares during the last quarter. Commonwealth Equity Services LLC increased its position in Range Resources by 2.8% in the fourth quarter. Commonwealth Equity Services LLC now owns 14,120 shares of the oil and gas exploration company’s stock worth $508,000 after purchasing an additional 379 shares during the period. Finally, King Luther Capital Management Corp raised its holdings in Range Resources by 1.3% during the 4th 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 purchasing an additional 390 shares during the last quarter. Institutional investors and hedge funds own 98.93% of the company’s stock.

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.