Range Resources (NYSE:RRC) Sets New 1-Year High on Analyst Upgrade

Range Resources Co. (NYSE:RRC) shares reached a new 52-week high during trading on Tuesday after Truist Financial raised their price target on the stock from $31.00 to $35.00. Truist Financial currently has a hold rating on the stock. Range Resources traded as high as $39.43 and last traded at $39.38, with a volume of 593998 shares changing hands. The stock had previously closed at $38.49.

Several other research firms have also recently commented on RRC. Benchmark reissued a “hold” rating on shares of Range Resources in a research note on Wednesday, October 23rd. Barclays raised shares of Range Resources from an “underweight” rating to an “equal weight” rating and reduced their price objective for the company from $35.00 to $34.00 in a research note on Wednesday, October 2nd. Wolfe Research raised shares of Range Resources from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a research note on Friday, January 3rd. Bank of America raised shares of Range Resources from a “neutral” rating to a “buy” rating and raised their price objective for the company from $34.00 to $45.00 in a research note on Monday. Finally, Royal Bank of Canada raised their price objective on shares of Range Resources from $35.00 to $40.00 and gave the company a “sector perform” rating in a research note on Monday, November 25th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $37.16.

Insider Buying and Selling

In other Range Resources news, Director Charles G. Griffie purchased 1,275 shares of the stock in a transaction on Thursday, October 24th. The shares were purchased at an average cost of $31.46 per share, for a total transaction of $40,111.50. Following the purchase, the director now owns 5,921 shares of the company’s stock, valued at approximately $186,274.66. This represents a 27.44 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.57% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Range Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. increased its stake in Range Resources by 61.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,579,579 shares of the oil and gas exploration company’s stock valued at $48,588,000 after buying an additional 604,199 shares during the last quarter. HITE Hedge Asset Management LLC bought a new position in shares of Range Resources in the 3rd quarter valued at about $11,508,000. Charles Schwab Investment Management Inc. grew its position in shares of Range Resources by 4.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,017,704 shares of the oil and gas exploration company’s stock valued at $62,065,000 after acquiring an additional 92,217 shares during the period. Aptus Capital Advisors LLC grew its position in shares of Range Resources by 135.5% in the 3rd quarter. Aptus Capital Advisors LLC now owns 112,008 shares of the oil and gas exploration company’s stock valued at $3,445,000 after acquiring an additional 64,443 shares during the period. Finally, HighTower Advisors LLC grew its position in shares of Range Resources by 59.9% in the 3rd quarter. HighTower Advisors LLC now owns 131,571 shares of the oil and gas exploration company’s stock valued at $4,045,000 after acquiring an additional 49,276 shares during the period. 98.93% of the stock is currently owned by institutional investors and hedge funds.

Range Resources Trading Up 2.4 %

The business’s 50-day moving average price is $34.96 and its 200 day moving average price is $32.38. The company has a market cap of $9.51 billion, a P/E ratio of 19.90 and a beta of 1.81. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.54 and a current ratio of 0.54.

Range Resources (NYSE:RRC) last announced its earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.32 by $0.16. The business had revenue of $615.03 million during the quarter, compared to the consensus estimate of $617.90 million. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. Range Resources’s revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.43 EPS. As a group, analysts expect that Range Resources Co. will post 1.91 earnings per share for the current year.

Range Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.81%. The ex-dividend date of this dividend was Friday, December 13th. Range Resources’s dividend payout ratio is currently 16.16%.

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.