Range Resources Corporation (NYSE:RRC) Stock Has Average Price Target of $44.00

Range Resources Corporation (NYSE:RRC) has been assigned an average recommendation of “Hold” from the twenty-one analysts that are covering the stock, MarketBeat reports. One analyst has rated the stock with a sell recommendation, seventeen have assigned a hold recommendation, two have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $44.17.

A number of brokerages have weighed in on RRC. Raymond James Financial set a $45.00 price objective on shares of Range Resources in a report on Monday, July 27th. The Goldman Sachs Group lowered their target price on shares of Range Resources from $44.00 to $39.00 and set a “neutral” rating for the company in a report on Tuesday, June 30th. Wells Fargo & Company dropped their price target on Range Resources from $46.00 to $45.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 23rd. Weiss Ratings upgraded Range Resources from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday. Finally, Susquehanna upped their price target on Range Resources from $41.00 to $44.00 and gave the stock a “neutral” rating in a research note on Tuesday.

Range Resources Stock Up 0.1%

NYSE:RRC opened at $43.24 on Tuesday. The firm’s 50-day moving average price is $40.45 and its 200-day moving average price is $39.98. The company has a market capitalization of $10.11 billion, a PE ratio of 11.95 and a beta of 0.71. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.65 and a quick ratio of 0.65. Range Resources has a 1-year low of $32.68 and a 1-year high of $48.31.

Range Resources (NYSE:RRC) last issued its quarterly earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.13. Range Resources had a net margin of 25.04% and a return on equity of 18.63%. The company had revenue of $759.58 million during the quarter, compared to analyst estimates of $744.78 million. During the same period last year, the business earned $0.66 EPS. Range Resources’s quarterly revenue was down 2.7% compared to the same quarter last year. On average, equities analysts predict that Range Resources will post 3.78 EPS for the current fiscal year.

Range Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 11th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Friday, September 11th. Range Resources’s payout ratio is 11.05%.

Insider Activity at Range Resources

In other news, Director Reginal Spiller sold 3,500 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $40.00, for a total value of $140,000.00. Following the sale, the director directly owned 13,421 shares of the company’s stock, valued at approximately $536,840. This represents a 20.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Range Resources

Large investors have recently modified their holdings of the stock. BlackRock Inc. bought a new position in Range Resources during the second quarter valued at approximately $868,085,000. Bank of New York Mellon Corp purchased a new stake in Range Resources in the second quarter worth approximately $67,470,000. Bank of America Corp DE bought a new stake in Range Resources in the 2nd quarter worth approximately $58,524,000. The Manufacturers Life Insurance Company bought a new stake in Range Resources in the 2nd quarter worth approximately $53,264,000. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in Range Resources during the 1st quarter valued at $64,481,000. Hedge funds and other institutional investors own 98.93% of the company’s stock.

Range Resources Company Profile

Range Resources Corporation is an independent natural gas, natural gas liquids and oil exploration and production company. Its operations are concentrated in the Appalachian Basin, particularly the Marcellus Shale in southwestern Pennsylvania, where the company develops unconventional wells and produces natural gas, condensate and natural gas liquids.

The company’s activities include leasing and developing mineral properties, drilling and completing horizontal wells, and producing and marketing hydrocarbons.