Range Resources Co. (NYSE:RRC) to Post Q2 2024 Earnings of $0.53 Per Share, Capital One Financial Forecasts

Range Resources Co. (NYSE:RRC) – Capital One Financial increased their Q2 2024 earnings per share estimates for Range Resources in a research report issued on Tuesday, April 16th. Capital One Financial analyst B. Velie now expects that the oil and gas exploration company will post earnings per share of $0.53 for the quarter, up from their prior estimate of $0.52. The consensus estimate for Range Resources’ current full-year earnings is $1.91 per share. Capital One Financial also issued estimates for Range Resources’ FY2025 earnings at $4.06 EPS.

Range Resources (NYSE:RRC) last issued its quarterly earnings data on Wednesday, February 21st. The oil and gas exploration company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.21. Range Resources had a net margin of 25.82% and a return on equity of 15.87%. The business had revenue of $941.40 million for the quarter, compared to analysts’ expectations of $672.25 million. During the same period in the previous year, the business earned $1.26 earnings per share. The company’s revenue was down 42.3% on a year-over-year basis.

A number of other research analysts have also issued reports on the company. Citigroup lifted their target price on Range Resources from $33.00 to $37.00 and gave the stock a “neutral” rating in a report on Wednesday, April 3rd. Scotiabank cut Range Resources from a “sector outperform” rating to a “sector perform” rating and lifted their price target for the stock from $40.00 to $45.00 in a research note on Thursday, April 11th. Mizuho reaffirmed a “buy” rating and set a $39.00 target price on shares of Range Resources in a research note on Thursday, April 11th. Susquehanna reaffirmed a “neutral” rating and set a $34.00 target price (down previously from $43.00) on shares of Range Resources in a research note on Friday, January 26th. Finally, Morgan Stanley lifted their price target on Range Resources from $23.00 to $33.00 and gave the company an “underweight” rating in a report on Wednesday. Five research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Range Resources presently has a consensus rating of “Hold” and an average target price of $35.80.

Range Resources Price Performance

Shares of NYSE RRC opened at $35.27 on Thursday. The firm’s 50-day simple moving average is $33.03 and its 200 day simple moving average is $32.25. The stock has a market cap of $8.54 billion, a P/E ratio of 9.96 and a beta of 1.83. Range Resources has a fifty-two week low of $23.92 and a fifty-two week high of $37.88. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.47.

Institutional Trading of Range Resources

A number of institutional investors and hedge funds have recently modified their holdings of RRC. Vanguard Group Inc. grew its position in Range Resources by 0.4% in the third quarter. Vanguard Group Inc. now owns 25,135,388 shares of the oil and gas exploration company’s stock valued at $634,920,000 after acquiring an additional 111,026 shares during the period. Boston Partners lifted its stake in shares of Range Resources by 1,858.7% during the fourth quarter. Boston Partners now owns 6,397,521 shares of the oil and gas exploration company’s stock valued at $194,722,000 after acquiring an additional 6,070,900 shares during the period. Exor Capital LLP lifted its stake in shares of Range Resources by 2.5% during the fourth quarter. Exor Capital LLP now owns 6,347,163 shares of the oil and gas exploration company’s stock valued at $101,646,000 after acquiring an additional 157,000 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Range Resources by 1.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,931,670 shares of the oil and gas exploration company’s stock valued at $180,568,000 after acquiring an additional 90,028 shares during the period. Finally, Renaissance Technologies LLC lifted its stake in Range Resources by 55.5% in the first quarter. Renaissance Technologies LLC now owns 4,007,083 shares of the oil and gas exploration company’s stock valued at $106,067,000 after buying an additional 1,429,500 shares during the period. 98.93% of the stock is currently owned by institutional investors.

Range Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date was Thursday, March 14th. Range Resources’s dividend payout ratio is presently 9.04%.

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.