Truist Financial Forecasts Strong Price Appreciation for Range Resources (NYSE:RRC) Stock

Range Resources (NYSE:RRC) had its price target increased by Truist Financial from $31.00 to $35.00 in a report issued on Monday,Benzinga reports. The firm currently has a hold rating on the oil and gas exploration company’s stock.

Several other brokerages also recently issued reports on RRC. Barclays upgraded Range Resources from an “underweight” rating to an “equal weight” rating and lowered their price target for the company from $35.00 to $34.00 in a report on Wednesday, October 2nd. Wolfe Research upgraded Range Resources from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a research note on Friday, January 3rd. Mizuho boosted their price target on Range Resources from $40.00 to $47.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Wells Fargo & Company increased their price objective on shares of Range Resources from $38.00 to $40.00 and gave the company an “overweight” rating in a research report on Tuesday, December 17th. Finally, Piper Sandler dropped their price objective on shares of Range Resources from $31.00 to $30.00 and set a “neutral” rating on the stock in a research note on Monday, November 18th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Range Resources currently has an average rating of “Hold” and a consensus target price of $37.16.

Range Resources Stock Up 1.9 %

Shares of NYSE:RRC opened at $40.36 on Monday. The stock has a 50-day simple moving average of $35.13 and a 200-day simple moving average of $32.42. The stock has a market capitalization of $9.74 billion, a P/E ratio of 20.38 and a beta of 1.81. Range Resources has a 1 year low of $27.29 and a 1 year high of $40.60. 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 quarterly earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.16. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. The firm had revenue of $615.03 million for the quarter, compared to analysts’ expectations of $617.90 million. During the same period in the previous year, the company posted $0.43 earnings per share. Range Resources’s revenue was up .9% compared to the same quarter last year. Equities analysts forecast that Range Resources will post 1.91 earnings per share for the current year.

Range Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.79%. The ex-dividend date of this dividend was Friday, December 13th. Range Resources’s dividend payout ratio is presently 16.16%.

Insider Transactions at Range Resources

In other news, Director Charles G. Griffie acquired 1,275 shares of Range Resources stock in a transaction that occurred 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 completion of the purchase, the director now directly owns 5,921 shares of the company’s stock, valued at $186,274.66. This trade represents a 27.44 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 1.57% of the company’s stock.

Institutional Trading of Range Resources

Several institutional investors have recently added to or reduced their stakes in RRC. Brooklyn Investment Group acquired a new position in shares of Range Resources in the 3rd quarter valued at about $25,000. Blue Trust Inc. lifted its holdings in Range Resources by 107.8% in the third quarter. Blue Trust Inc. now owns 1,359 shares of the oil and gas exploration company’s stock worth $46,000 after acquiring an additional 705 shares during the last quarter. Bogart Wealth LLC acquired a new position in Range Resources in the third quarter valued at approximately $49,000. Versant Capital Management Inc grew its holdings in shares of Range Resources by 42.8% during the fourth quarter. Versant Capital Management Inc now owns 1,544 shares of the oil and gas exploration company’s stock valued at $56,000 after purchasing an additional 463 shares during the last quarter. Finally, CWM LLC raised its position in shares of Range Resources by 276.8% during the 3rd quarter. CWM LLC now owns 2,306 shares of the oil and gas exploration company’s stock worth $71,000 after purchasing an additional 1,694 shares during the period. Institutional investors 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.