Range Resources Corp. (RRC) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Range Resources Corp. (NYSE:RRC) from a hold rating to a strong-buy rating in a research note issued to investors on Saturday morning. The brokerage currently has $31.00 target price on the oil and gas exploration company’s stock.
According to Zacks, “We believe Range Resources’ large acreage will support several years of oil and gas drilling in the fast-growing fields. Moreover, the company completed the merger with Memorial Resource Development Corp. The transaction is expected to boost the company’s position as a premier independent natural gas, oil and NGL producer in the U.S. For 2017, the company has set its production guidance at approximately 2.07 Bcfe per day, which translates to annual growth rate of 33–35%. Given the recovery of natural gas prices from the multiyear low levels, we expect the company to be able to sell the increased output at higher prices. It is to be noted that the higher year-over-year capital budget projection for 2017 was issued after two successive years of capital spending reduction. We expect this to support this year’s production growth to quite an extent.”
Several other brokerages have also recently issued reports on RRC. Jefferies Group LLC set a $43.00 target price on shares of Range Resources Corp. and gave the stock a buy rating in a research note on Saturday, March 4th. Royal Bank of Canada reaffirmed a buy rating and set a $50.00 target price on shares of Range Resources Corp. in a research note on Tuesday, March 14th. Scotiabank reaffirmed a buy rating and set a $49.00 target price on shares of Range Resources Corp. in a research note on Tuesday, February 21st. Instinet raised shares of Range Resources Corp. from a neutral rating to a buy rating and set a $45.00 price target on the stock in a research report on Monday, February 6th. Finally, Nomura raised shares of Range Resources Corp. from a neutral rating to a buy rating and set a $45.00 price target on the stock in a research report on Monday, February 6th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-four have issued a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $45.71.
Range Resources Corp. (NYSE:RRC) traded down 0.11% on Friday, hitting $27.58. 2,724,296 shares of the stock were exchanged. The stock’s market cap is $6.73 billion. The company has a 50-day moving average of $28.14 and a 200-day moving average of $32.91. Range Resources Corp. has a 12 month low of $26.61 and a 12 month high of $46.96. Range Resources Corp. also saw unusually large options trading activity on Tuesday. Stock investors bought 21,507 put options on the stock. This is an increase of approximately 981% compared to the average daily volume of 1,990 put options.
Range Resources Corp. (NYSE:RRC) last issued its quarterly earnings results on Wednesday, February 22nd. The oil and gas exploration company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.10 by $0.13. The company earned $590.20 million during the quarter, compared to analyst estimates of $525.26 million. Range Resources Corp. had a negative net margin of 54.13% and a negative return on equity of 13.00%. The firm’s revenue was down 44.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.25 EPS. On average, equities analysts predict that Range Resources Corp. will post $0.74 EPS for the current year.
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The company also recently declared a quarterly dividend, which was paid on Friday, March 31st. Stockholders of record on Wednesday, March 15th were given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.29%. The ex-dividend date of this dividend was Monday, March 13th. Range Resources Corp.’s dividend payout ratio is currently -1.97%.
In other news, Director Christopher A. Helms purchased 4,000 shares of the company’s stock in a transaction dated Friday, March 17th. The stock was acquired at an average price of $27.46 per share, for a total transaction of $109,840.00. Following the completion of the transaction, the director now directly owns 15,931 shares in the company, valued at approximately $437,465.26. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 2.40% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in RRC. Dorsey & Whitney Trust CO LLC boosted its position in shares of Range Resources Corp. by 1.0% in the third quarter. Dorsey & Whitney Trust CO LLC now owns 5,237 shares of the oil and gas exploration company’s stock worth $203,000 after buying an additional 51 shares in the last quarter. Capstone Asset Management Co. raised its stake in Range Resources Corp. by 1.1% in the first quarter. Capstone Asset Management Co. now owns 12,374 shares of the oil and gas exploration company’s stock worth $360,000 after buying an additional 140 shares during the last quarter. Endurance Wealth Management Inc. raised its stake in Range Resources Corp. by 0.5% in the third quarter. Endurance Wealth Management Inc. now owns 32,222 shares of the oil and gas exploration company’s stock worth $1,264,000 after buying an additional 150 shares during the last quarter. First Allied Advisory Services Inc. raised its stake in Range Resources Corp. by 3.4% in the fourth quarter. First Allied Advisory Services Inc. now owns 9,074 shares of the oil and gas exploration company’s stock worth $312,000 after buying an additional 300 shares during the last quarter. Finally, Cadence Capital Management LLC raised its stake in Range Resources Corp. by 5.1% in the fourth quarter. Cadence Capital Management LLC now owns 6,940 shares of the oil and gas exploration company’s stock worth $238,000 after buying an additional 338 shares during the last quarter. Institutional investors and hedge funds own 87.70% of the company’s stock.
Range Resources Corp. Company Profile
Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil company. The Company is engaged in the exploration and production of natural gas, NGLs and oil in the United States. It is engaged in the exploration, development and acquisition of natural gas and crude oil properties located primarily in the Appalachian and North Louisiana regions of the United States.
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