Range Resources Corp. (RRC) Rating Reiterated by Stifel Nicolaus
Range Resources Corp. (NYSE:RRC)‘s stock had its “buy” rating reiterated by stock analysts at Stifel Nicolaus in a research report issued on Friday. They currently have a $52.00 price target on the oil and gas exploration company’s stock. Stifel Nicolaus’ price target would indicate a potential upside of 32.96% from the stock’s previous close.
RRC has been the topic of several other reports. Credit Suisse Group AG reissued an “outperform” rating and set a $49.00 target price on shares of Range Resources Corp. in a research note on Wednesday, September 21st. Deutsche Bank AG lowered their target price on shares of Range Resources Corp. from $45.00 to $40.00 and set a “hold” rating on the stock in a research note on Tuesday, June 14th. BMO Capital Markets lowered shares of Range Resources Corp. from an “outperform” rating to a “market perform” rating in a research note on Friday, July 29th. Nomura lowered shares of Range Resources Corp. from a “buy” rating to a “neutral” rating and set a $45.00 target price on the stock. in a research note on Wednesday, June 8th. Finally, Simmons began coverage on shares of Range Resources Corp. in a research note on Wednesday, July 13th. They issued an “overweight” rating and a $52.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and seventeen have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $44.35.
Range Resources Corp. (NYSE:RRC) opened at 39.11 on Friday. The firm’s 50 day moving average price is $39.54 and its 200 day moving average price is $40.14. The stock’s market cap is $6.52 billion. Range Resources Corp. has a 12 month low of $19.21 and a 12 month high of $46.96.
Range Resources Corp. (NYSE:RRC) last posted its earnings results on Tuesday, July 26th. The oil and gas exploration company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.07. Range Resources Corp. had a negative net margin of 71.00% and a negative return on equity of 14.57%. The business had revenue of $362.67 million for the quarter, compared to analyst estimates of $327.40 million. During the same period in the prior year, the company posted $0.01 EPS. The company’s revenue for the quarter was down 10.4% on a year-over-year basis. On average, equities research analysts predict that Range Resources Corp. will post ($0.21) EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Friday, September 16th were paid a dividend of $0.02 per share. The ex-dividend date was Wednesday, September 14th. This represents a $0.08 annualized dividend and a yield of 0.20%. Range Resources Corp.’s dividend payout ratio is currently -1.42%.
In related news, Director Gregory Gene Maxwell purchased 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 27th. The shares were purchased at an average cost of $37.00 per share, for a total transaction of $37,000.00. Following the purchase, the director now directly owns 12,211 shares of the company’s stock, valued at $451,807. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Ray N. Walker, Jr. sold 13,350 shares of Range Resources Corp. stock in a transaction on Monday, September 19th. The stock was sold at an average price of $37.53, for a total transaction of $501,025.50. Following the sale, the chief operating officer now owns 42,598 shares in the company, valued at $1,598,702.94. The disclosure for this sale can be found here. Corporate insiders own 2.40% of the company’s stock.
A number of large investors have recently made changes to their positions in RRC. FMR LLC raised its stake in shares of Range Resources Corp. by 449.6% in the second quarter. FMR LLC now owns 4,634,388 shares of the oil and gas exploration company’s stock valued at $199,928,000 after buying an additional 3,791,208 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in Range Resources Corp. by 1.0% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 4,410,311 shares of the oil and gas exploration company’s stock worth $190,261,000 after buying an additional 44,179 shares in the last quarter. BlackRock Fund Advisors raised its position in Range Resources Corp. by 3.0% in the second quarter. BlackRock Fund Advisors now owns 3,053,906 shares of the oil and gas exploration company’s stock worth $131,746,000 after buying an additional 87,524 shares in the last quarter. Emerald Acquisition Ltd. acquired a new position in Range Resources Corp. during the second quarter worth approximately $116,394,000. Finally, Blue Ridge Capital L.L.C. acquired a new position in Range Resources Corp. during the second quarter worth approximately $106,556,000.
About Range Resources Corp.
Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil company. The Company operates through the exploration and production of natural gas, NGLs and oil in the United States segment. The Company is engaged in the exploration, development and acquisition of natural gas and oil properties, focused in the Appalachian region of the United States.
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