Stifel Nicolaus Boosts Range Resources (NYSE:RRC) Price Target to $39.00

Range Resources (NYSE:RRC) had its target price raised by Stifel Nicolaus from $36.00 to $39.00 in a research note published on Tuesday morning, Benzinga reports. The brokerage currently has a buy rating on the oil and gas exploration company’s stock.

Several other brokerages have also recently commented on RRC. Citigroup upped their target price on shares of Range Resources from $33.00 to $37.00 and gave the company a neutral rating in a research report on Wednesday, April 3rd. Barclays began coverage on shares of Range Resources in a report on Wednesday, April 10th. They set an underweight rating and a $35.00 price objective for the company. Susquehanna boosted their price objective on shares of Range Resources from $34.00 to $36.00 and gave the company a neutral rating in a report on Monday. Scotiabank cut shares of Range Resources from a sector outperform rating to a sector perform rating and boosted their price objective for the company from $40.00 to $45.00 in a report on Thursday, April 11th. Finally, Truist Financial cut their price objective on Range Resources from $32.00 to $30.00 and set a hold rating on the stock in a report on Friday, April 5th. Five equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $36.40.

Range Resources Stock Performance

Shares of Range Resources stock opened at $37.69 on Tuesday. The firm has a fifty day moving average of $33.67 and a two-hundred day moving average of $32.40. The stock has a market capitalization of $9.14 billion, a price-to-earnings ratio of 19.13 and a beta of 1.83. Range Resources has a 52 week low of $23.92 and a 52 week high of $38.25. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.49 and a current ratio of 1.35.

Range Resources (NYSE:RRC) last issued its earnings results on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.48 by $0.21. The company had revenue of $718.20 million during the quarter, compared to analysts’ expectations of $680.72 million. Range Resources had a net margin of 17.00% and a return on equity of 13.30%. The business’s revenue for the quarter was down 15.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.96 EPS. As a group, equities research analysts predict that Range Resources will post 2 EPS for the current year.

Range Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a dividend of $0.08 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.32 dividend on an annualized basis and a yield of 0.85%. Range Resources’s payout ratio is 16.24%.

Insider Buying and Selling

In other news, VP Ashley Kavanaugh sold 15,978 shares of Range Resources stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $37.75, for a total transaction of $603,169.50. Following the completion of the transaction, the vice president now directly owns 22,370 shares in the company, valued at approximately $844,467.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.57% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Range Resources

Several hedge funds have recently added to or reduced their stakes in the business. Cary Street Partners Investment Advisory LLC bought a new position in shares of Range Resources in the third quarter valued at about $27,000. Schroder Investment Management Group raised its holdings in Range Resources by 23.7% in the 3rd quarter. Schroder Investment Management Group now owns 456,752 shares of the oil and gas exploration company’s stock valued at $14,803,000 after acquiring an additional 87,624 shares during the period. Kennedy Capital Management LLC lifted its position in Range Resources by 17.7% during the third quarter. Kennedy Capital Management LLC now owns 224,573 shares of the oil and gas exploration company’s stock worth $7,278,000 after acquiring an additional 33,793 shares during the last quarter. Vaughan Nelson Investment Management L.P. acquired a new stake in Range Resources during the third quarter worth approximately $19,704,000. Finally, Cambria Investment Management L.P. lifted its position in Range Resources by 8.5% during the third quarter. Cambria Investment Management L.P. now owns 264,965 shares of the oil and gas exploration company’s stock worth $8,588,000 after acquiring an additional 20,685 shares during the last quarter. Institutional investors and hedge funds 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.