Range Resources (NYSE:RRC) Stock Price Expected to Rise, Mizuho Analyst Says

Range Resources (NYSE:RRC) had its target price upped by Mizuho from $40.00 to $47.00 in a report released on Monday,Benzinga reports. The firm currently has an outperform rating on the oil and gas exploration company’s stock.

Several other equities research analysts have also recently commented on RRC. Scotiabank raised Range Resources from a “sector perform” rating to a “sector outperform” rating and set a $45.00 target price on the stock in a report on Tuesday, August 20th. UBS Group upgraded shares of Range Resources from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $28.00 to $35.00 in a research report on Monday, December 9th. Piper Sandler lowered their price objective on shares of Range Resources from $31.00 to $30.00 and set a “neutral” rating on the stock in a research report on Monday, November 18th. Stephens lifted their price objective on shares of Range Resources from $36.00 to $37.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Finally, Citigroup lifted their price objective on shares of Range Resources from $33.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Three research analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Range Resources currently has a consensus rating of “Hold” and a consensus price target of $35.89.

Range Resources Price Performance

Shares of NYSE:RRC opened at $34.58 on Monday. The firm’s 50 day moving average is $32.97 and its two-hundred day moving average is $32.36. The firm has a market capitalization of $8.34 billion, a P/E ratio of 17.46 and a beta of 1.85. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.28. Range Resources has a 52 week low of $27.29 and a 52 week high of $39.33.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.16. The company 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 business’s revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.43 earnings per share. Analysts anticipate that Range Resources will post 1.91 earnings per share for the current year.

Range Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.93%. The ex-dividend date is Friday, December 13th. Range Resources’s payout ratio is presently 16.16%.

Insider Activity at Range Resources

In other news, VP Ashley Kavanaugh sold 12,700 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $31.45, for a total transaction of $399,415.00. Following the transaction, the vice president now owns 9,670 shares in the company, valued at approximately $304,121.50. The trade was a 56.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Charles G. Griffie acquired 1,275 shares of the company’s stock in a transaction dated Thursday, October 24th. The shares were bought at an average price of $31.46 per share, for a total transaction of $40,111.50. Following the acquisition, the director now owns 5,921 shares in the company, valued at approximately $186,274.66. This trade represents a 27.44 % increase in their position. The disclosure for this purchase can be found here. 1.57% of the stock is owned by company insiders.

Institutional Trading of Range Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RRC. Wealth Enhancement Advisory Services LLC grew its stake in Range Resources by 13.2% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 7,912 shares of the oil and gas exploration company’s stock worth $265,000 after buying an additional 920 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in Range Resources in the second quarter valued at approximately $3,274,000. Raymond James & Associates increased its stake in Range Resources by 4.5% in the second quarter. Raymond James & Associates now owns 249,652 shares of the oil and gas exploration company’s stock valued at $8,371,000 after purchasing an additional 10,775 shares in the last quarter. Fifth Third Bancorp increased its stake 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 valued at $57,000 after purchasing an additional 299 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC bought a new stake in Range Resources in the second quarter valued at approximately $266,000. Institutional investors own 98.93% of the company’s stock.

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.