Range Resources Corp. (RRC) Stock Rating Upgraded by JPMorgan Chase & Co.
Range Resources Corp. (NYSE:RRC) was upgraded by stock analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research note issued on Friday.
A number of other analysts have also issued reports on RRC. BMO Capital Markets reissued a “market perform” rating and issued a $44.00 target price on shares of Range Resources Corp. in a research report on Wednesday, July 27th. They noted that the move was a valuation call. Zacks Investment Research raised Range Resources Corp. from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research report on Tuesday, July 12th. Deutsche Bank AG cut their target price on Range Resources Corp. from $45.00 to $40.00 and set a “hold” rating on the stock in a research report on Tuesday, June 14th. Morgan Stanley began coverage on Range Resources Corp. in a research report on Tuesday, September 20th. They issued an “equal weight” rating and a $45.00 target price on the stock. Finally, KLR Group raised Range Resources Corp. from an “accumulate” rating to a “buy” rating and set a $53.00 target price on the stock in a research report on Thursday, July 28th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and eighteen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $44.35.
Shares of Range Resources Corp. (NYSE:RRC) opened at 38.45 on Friday. The stock has a 50 day moving average price of $39.52 and a 200-day moving average price of $40.16. The firm’s market cap is $6.41 billion. Range Resources Corp. has a 52-week low of $19.21 and a 52-week high of $46.96.
Range Resources Corp. (NYSE:RRC) last announced its earnings results on Tuesday, July 26th. The oil and gas exploration company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.07. The company had revenue of $362.67 million for the quarter, compared to analyst estimates of $327.40 million. Range Resources Corp. had a negative return on equity of 14.57% and a negative net margin of 71.00%. The firm’s quarterly revenue was down 10.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.01 earnings per share. On average, equities analysts anticipate that Range Resources Corp. will post ($0.20) EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Friday, September 16th were given a $0.02 dividend. The ex-dividend date was Wednesday, September 14th. This represents a $0.08 dividend on an annualized basis and a yield of 0.21%. Range Resources Corp.’s payout ratio is currently -1.42%.
In other news, Director Gregory Gene Maxwell acquired 1,000 shares of Range Resources Corp. stock in a transaction that occurred on Tuesday, September 27th. The stock was purchased at an average price of $37.00 per share, for a total transaction of $37,000.00. Following the completion of the transaction, the director now directly owns 12,211 shares in the company, valued at $451,807. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Ray N. Walker, Jr. sold 13,350 shares of the firm’s stock in a transaction dated Monday, September 19th. The shares were sold at an average price of $37.53, for a total transaction of $501,025.50. Following the completion of the sale, the chief operating officer now owns 42,598 shares of the company’s stock, valued at approximately $1,598,702.94. The disclosure for this sale can be found here. 2.40% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in the stock. FMR LLC increased 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 worth $199,928,000 after buying an additional 3,791,208 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in shares of 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 during the period. BlackRock Fund Advisors boosted its position in shares of 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 during the period. Emerald Acquisition Ltd. bought a new position in shares of Range Resources Corp. during the second quarter worth about $116,394,000. Finally, Blue Ridge Capital L.L.C. bought a new position in shares of Range Resources Corp. during the second quarter worth about $106,556,000.
Range Resources Corp. Company Profile
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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