Wells Fargo & Company Cuts Range Resources (NYSE:RRC) Price Target to $45.00

Range Resources (NYSE:RRC) had its target price trimmed by Wells Fargo & Company from $46.00 to $45.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has an equal weight rating on the oil and gas exploration company’s stock.

A number of other research analysts also recently commented on the company. Susquehanna lowered their target price on Range Resources from $45.00 to $41.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 21st. Truist Financial lowered their price target on Range Resources from $46.00 to $43.00 and set a “hold” rating for the company in a research note on Friday, July 10th. UBS Group dropped their price objective on Range Resources from $49.00 to $44.00 and set a “neutral” rating on the stock in a report on Friday, July 10th. Morgan Stanley cut their price objective on shares of Range Resources from $50.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Monday, June 29th. Finally, Bank of America raised their price objective on shares of Range Resources from $38.00 to $44.00 and gave the company a “neutral” rating in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $43.12.

Range Resources Trading Up 0.3%

Range Resources stock opened at $38.97 on Thursday. The company’s fifty day simple moving average is $38.23 and its 200-day simple moving average is $39.42. The company has a quick ratio of 0.55, a current ratio of 0.65 and a debt-to-equity ratio of 0.18. Range Resources has a 12 month low of $32.60 and a 12 month high of $48.31. The stock has a market cap of $9.11 billion, a P/E ratio of 10.77 and a beta of 0.41.

Range Resources (NYSE:RRC) last posted its quarterly earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.13. Range Resources had a net margin of 25.04% and a return on equity of 18.63%. The business had revenue of $759.58 million for the quarter, compared to the consensus estimate of $744.78 million. During the same period in the prior year, the business posted $0.66 earnings per share. Range Resources’s revenue for the quarter was down 2.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Range Resources will post 3.49 EPS for the current fiscal year.

Range Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were given a $0.10 dividend. The ex-dividend date of this dividend was Friday, June 12th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.0%. Range Resources’s payout ratio is currently 11.05%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Seelaus Asset Management LLC boosted its position in shares of Range Resources by 2.6% during the first quarter. Seelaus Asset Management LLC now owns 9,745 shares of the oil and gas exploration company’s stock worth $440,000 after buying an additional 250 shares during the period. Root Financial Partners LLC raised its position in Range Resources by 37.8% in the 1st quarter. Root Financial Partners LLC now owns 1,006 shares of the oil and gas exploration company’s stock valued at $45,000 after buying an additional 276 shares during the last quarter. UMB Bank n.a. raised its position in Range Resources by 13.0% in the 4th quarter. UMB Bank n.a. now owns 2,431 shares of the oil and gas exploration company’s stock valued at $86,000 after buying an additional 279 shares during the last quarter. Confluence Wealth Services Inc. raised its position in Range Resources by 3.2% in the 4th quarter. Confluence Wealth Services Inc. now owns 10,199 shares of the oil and gas exploration company’s stock valued at $360,000 after buying an additional 312 shares during the last quarter. Finally, Harbor Investment Advisory LLC lifted its stake in Range Resources by 0.9% in the 1st quarter. Harbor Investment Advisory LLC now owns 38,618 shares of the oil and gas exploration company’s stock valued at $1,745,000 after acquiring an additional 330 shares in the last quarter. Institutional investors and hedge funds own 98.93% of the company’s stock.

About Range Resources

Range Resources Corporation, headquartered in Fort Worth, Texas, is an independent energy company engaged in the exploration, development and production of natural gas, oil and natural gas liquids. The company focuses its core operations on the Appalachian Basin, with a significant presence in Pennsylvania’s Marcellus Shale. Through its drilling and completion activities, Range Resources seeks to optimize production efficiency while maintaining a disciplined approach to capital allocation and cost management.

The company’s technical expertise centers on advanced horizontal drilling and hydraulic fracturing techniques, which it applies to unlock unconventional resources.