Range Resources (NYSE:RRC) Price Target Raised to $40.00

Range Resources (NYSE:RRC) had its price objective hoisted by Royal Bank of Canada from $35.00 to $40.00 in a research report report published on Monday morning,Benzinga reports. They currently have a sector perform rating on the oil and gas exploration company’s stock.

A number of other research analysts also recently weighed in on the stock. Morgan Stanley lowered their price objective on shares of Range Resources from $33.00 to $31.00 and set an “underweight” rating on the stock in a research report on Monday, September 16th. Mizuho cut their price objective on Range Resources from $45.00 to $40.00 and set an “outperform” rating for the company in a report on Wednesday, October 9th. Bank of America began coverage on Range Resources in a research report on Monday, October 28th. They set a “neutral” rating and a $34.00 price objective for the company. StockNews.com raised Range Resources to a “sell” rating in a research report on Tuesday, November 12th. Finally, Wells Fargo & Company reduced their price target on shares of Range Resources from $39.00 to $38.00 and set an “equal weight” rating for the company in a research report on Friday, October 25th. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $35.00.

Range Resources Trading Down 1.9 %

Shares of NYSE RRC opened at $35.59 on Monday. The firm’s 50 day moving average price is $31.87 and its 200-day moving average price is $32.53. Range Resources has a 52-week low of $27.29 and a 52-week high of $39.33. 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 company has a market cap of $8.59 billion, a PE ratio of 17.97 and a beta of 1.80.

Range Resources (NYSE:RRC) last released its quarterly earnings data on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.16. The business had revenue of $615.03 million for the quarter, compared to analysts’ expectations of $617.90 million. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The firm’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.43 EPS. On average, equities research analysts expect that Range Resources will post 1.88 EPS for the current fiscal year.

Range Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.90%. The ex-dividend date of this dividend was Friday, September 13th. Range Resources’s dividend payout ratio (DPR) is presently 16.16%.

Insiders Place Their Bets

In related news, VP Ashley Kavanaugh sold 12,700 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $31.45, for a total value of $399,415.00. Following the sale, the vice president now directly owns 9,670 shares in the company, valued at approximately $304,121.50. The trade was a 56.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles G. Griffie purchased 1,275 shares of the business’s stock in a transaction on Thursday, October 24th. The shares were purchased at an average price of $31.46 per share, with a total value of $40,111.50. Following the acquisition, the director now directly owns 5,921 shares in the company, valued at $186,274.66. This represents a 27.44 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of RRC. Fifth Third Bancorp increased its position in Range Resources by 21.2% in the second quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock worth $57,000 after purchasing an additional 299 shares during the last quarter. M&T Bank Corp increased its holdings 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 worth $332,000 after buying an additional 327 shares during the last quarter. CIBC Asset Management Inc raised its position in shares of Range Resources by 5.4% during the 2nd quarter. CIBC Asset Management Inc now owns 6,801 shares of the oil and gas exploration company’s stock valued at $228,000 after buying an additional 350 shares in the last quarter. Commerce Bank lifted its holdings in shares of Range Resources by 5.7% in the 3rd quarter. Commerce Bank now owns 6,848 shares of the oil and gas exploration company’s stock valued at $211,000 after acquiring an additional 369 shares during the last quarter. Finally, Inscription Capital LLC grew its position in Range Resources by 3.6% in the third quarter. Inscription Capital LLC now owns 12,536 shares of the oil and gas exploration company’s stock worth $386,000 after acquiring an additional 433 shares in the last quarter. 98.93% of the stock is currently owned by institutional investors.

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.