FY2024 EPS Estimate for Range Resources Increased by Analyst

Range Resources Co. (NYSE:RRC) – Investment analysts at Capital One Financial increased their FY2024 earnings estimates for shares of Range Resources in a research note issued to investors on Wednesday, October 23rd. Capital One Financial analyst B. Velie now anticipates that the oil and gas exploration company will post earnings per share of $2.02 for the year, up from their previous forecast of $1.95. The consensus estimate for Range Resources’ current full-year earnings is $1.89 per share.

Other analysts have also issued research reports about the stock. Morgan Stanley lowered their price target 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. UBS Group dropped their target price on Range Resources from $30.00 to $27.00 and set a “sell” rating on the stock in a research report on Wednesday, September 18th. Benchmark reiterated a “hold” rating on shares of Range Resources in a research report on Wednesday, October 23rd. Royal Bank of Canada reissued a “sector perform” rating and set a $39.00 price objective on shares of Range Resources in a report on Thursday, July 25th. Finally, Wells Fargo & Company reduced their target price on Range Resources from $39.00 to $38.00 and set an “equal weight” rating for the company in a report on Friday. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $35.00.

Range Resources Trading Down 1.1 %

Shares of RRC opened at $30.97 on Monday. The firm has a market cap of $7.51 billion, a P/E ratio of 15.72 and a beta of 1.80. Range Resources has a fifty-two week low of $27.29 and a fifty-two week high of $39.33. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.58 and a current ratio of 0.58. The business has a 50-day moving average of $30.24 and a 200 day moving average of $32.95.

Range Resources (NYSE:RRC) last released its earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.16. Range Resources had a return on equity of 13.73% and a net margin of 17.63%. The business had revenue of $615.03 million during the quarter, compared to the consensus estimate of $617.90 million. During the same period last year, the business posted $0.43 earnings per share. The business’s revenue for the quarter was up .9% on a year-over-year basis.

Range Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date of this dividend was Friday, September 13th. Range Resources’s payout ratio is currently 16.24%.

Insider Activity

In other Range Resources news, Director Charles G. Griffie purchased 1,275 shares of the firm’s stock in a transaction on Thursday, October 24th. The shares were purchased at an average cost of $31.46 per share, with a total value of $40,111.50. Following the completion of the purchase, the director now owns 5,921 shares of the company’s stock, valued at $186,274.66. The trade was a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other 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 completion of the sale, the vice president now owns 9,670 shares of the company’s stock, valued at approximately $304,121.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Charles G. Griffie bought 1,275 shares of the company’s stock in a transaction that occurred on Thursday, October 24th. The shares were bought at an average price of $31.46 per share, with a total value of $40,111.50. Following the completion of the acquisition, the director now directly owns 5,921 shares in the company, valued at $186,274.66. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.57% of the company’s stock.

Institutional Trading of Range Resources

Several hedge funds and other institutional investors have recently bought and sold shares of RRC. Price T Rowe Associates Inc. MD boosted its holdings in shares of Range Resources by 25.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 28,633,567 shares of the oil and gas exploration company’s stock worth $985,855,000 after purchasing an additional 5,759,883 shares during the period. William Blair Investment Management LLC purchased a new stake in Range Resources in the 2nd quarter worth approximately $78,223,000. Canoe Financial LP grew its position in shares of Range Resources by 114.9% in the 3rd quarter. Canoe Financial LP now owns 2,660,309 shares of the oil and gas exploration company’s stock worth $81,299,000 after buying an additional 1,422,200 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Range Resources by 4.1% during the first quarter. Vanguard Group Inc. now owns 24,490,639 shares of the oil and gas exploration company’s stock valued at $843,213,000 after buying an additional 959,011 shares during the period. Finally, Herr Investment Group LLC raised its holdings in shares of Range Resources by 4,594.4% during the first quarter. Herr Investment Group LLC now owns 497,611 shares of the oil and gas exploration company’s stock valued at $17,133,000 after acquiring an additional 487,011 shares in the last quarter. Institutional investors 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.