Range Resources (NYSE:RRC) Price Target Raised to $40.00

Range Resources (NYSE:RRC) had its price objective hoisted by Piper Sandler from $32.00 to $40.00 in a research report sent to investors on Tuesday morning, MarketBeat Ratings reports. The brokerage currently has a neutral rating on the oil and gas exploration company’s stock.

RRC has been the subject of a number of other research reports. Morgan Stanley set a $41.00 target price on shares of Range Resources in a report on Tuesday, April 15th. Roth Capital raised shares of Range Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 8th. StockNews.com raised shares of Range Resources from a “sell” rating to a “hold” rating in a research report on Wednesday, April 23rd. Mizuho boosted their price target on shares of Range Resources from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, UBS Group boosted their price target on shares of Range Resources from $36.00 to $37.00 and gave the company a “neutral” rating in a research report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $41.85.

Range Resources Price Performance

Range Resources stock opened at $40.25 on Tuesday. Range Resources has a 52-week low of $27.29 and a 52-week high of $41.95. The firm has a market capitalization of $9.62 billion, a price-to-earnings ratio of 20.33, a PEG ratio of 5.11 and a beta of 0.60. The company has a fifty day simple moving average of $36.51 and a 200-day simple moving average of $36.31. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.28.

Range Resources (NYSE:RRC) last released its earnings results on Tuesday, February 25th. The oil and gas exploration company reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.13. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. The business had revenue of $626.42 million during the quarter, compared to analyst estimates of $676.53 million. During the same quarter in the prior year, the firm earned $0.63 earnings per share. On average, equities analysts anticipate that Range Resources will post 2.02 EPS for the current fiscal year.

Range Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were given a $0.09 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.36 dividend on an annualized basis and a yield of 0.89%. This is a boost from Range Resources’s previous quarterly dividend of $0.08. Range Resources’s dividend payout ratio is presently 32.14%.

Insider Buying and Selling at Range Resources

In other news, SVP Erin W. Mcdowell sold 9,568 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $40.62, for a total transaction of $388,652.16. Following the sale, the senior vice president now owns 13,800 shares of the company’s stock, valued at approximately $560,556. This represents a 40.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Dennis Degner sold 35,850 shares of the stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $40.42, for a total transaction of $1,449,057.00. Following the sale, the chief executive officer now directly owns 58,431 shares in the company, valued at $2,361,781.02. This represents a 38.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 71,880 shares of company stock valued at $2,815,807 over the last 90 days. 1.00% of the stock is owned by insiders.

Institutional Trading of Range Resources

Several hedge funds have recently made changes to their positions in RRC. Fuller & Thaler Asset Management Inc. lifted its position in shares of Range Resources by 71.3% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 5,057,280 shares of the oil and gas exploration company’s stock worth $181,961,000 after purchasing an additional 2,104,304 shares in the last quarter. Wellington Management Group LLP acquired a new stake in shares of Range Resources during the fourth quarter worth about $33,684,000. Amundi lifted its position in shares of Range Resources by 233.2% during the fourth quarter. Amundi now owns 1,180,913 shares of the oil and gas exploration company’s stock worth $44,308,000 after purchasing an additional 826,530 shares in the last quarter. King Luther Capital Management Corp lifted its position in shares of Range Resources by 2,522.3% during the first quarter. King Luther Capital Management Corp now owns 823,650 shares of the oil and gas exploration company’s stock worth $32,888,000 after purchasing an additional 792,240 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Range Resources by 9.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 7,330,676 shares of the oil and gas exploration company’s stock valued at $263,768,000 after acquiring an additional 624,955 shares in 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.