Range Resources (NYSE:RRC) Raised to Neutral at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Range Resources (NYSE:RRC) from an underweight rating to a neutral rating in a report published on Thursday morning, MarketBeat Ratings reports. JPMorgan Chase & Co. currently has $45.00 price target on the oil and gas exploration company’s stock, up from their previous price target of $43.00.

A number of other research analysts have also recently issued reports on the company. Wolfe Research raised Range Resources from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a report on Friday, January 3rd. Truist Financial raised their target price on Range Resources from $31.00 to $35.00 and gave the company a “hold” rating in a research note on Monday, January 13th. UBS Group lifted their price objective on Range Resources from $39.00 to $41.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Scotiabank lowered 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, Barclays set a $43.00 target price on Range Resources and gave the stock an “equal weight” rating in a research report on Thursday, February 27th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $39.84.

Range Resources Stock Up 2.3 %

RRC opened at $38.33 on Thursday. Range Resources has a 1-year low of $27.29 and a 1-year high of $41.95. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $9.25 billion, a price-to-earnings ratio of 19.36, a P/E/G ratio of 5.11 and a beta of 1.80. The business has a 50 day moving average of $38.31 and a 200-day moving average of $34.41.

Range Resources (NYSE:RRC) last issued its earnings results on Tuesday, February 25th. The oil and gas exploration company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.55 by $0.13. The firm had revenue of $626.42 million during the quarter, compared to analysts’ expectations 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 business earned $0.63 earnings per share. As a group, sell-side analysts anticipate that Range Resources will post 2.02 earnings per share for the current year.

Range Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be given a dividend of $0.09 per share. This is a positive change from Range Resources’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.36 annualized dividend and a dividend yield of 0.94%. Range Resources’s payout ratio is 32.73%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Brooklyn Investment Group acquired a new position in shares of Range Resources during the 3rd quarter worth approximately $25,000. Smartleaf Asset Management LLC increased its position in shares of Range Resources by 87.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,012 shares of the oil and gas exploration company’s stock worth $37,000 after purchasing an additional 471 shares during the last quarter. UMB Bank n.a. increased its position in shares of Range Resources by 59.0% during the 4th quarter. UMB Bank n.a. now owns 1,148 shares of the oil and gas exploration company’s stock worth $41,000 after purchasing an additional 426 shares during the last quarter. Headlands Technologies LLC acquired a new position in shares of Range Resources during the 4th quarter worth approximately $42,000. Finally, Geneos Wealth Management Inc. acquired a new position in shares of Range Resources during the 4th quarter worth approximately $46,000. Institutional investors and hedge funds 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.