Range Resources Corp. (RRC) Lowered to Buy at Goldman Sachs Group Inc
Goldman Sachs Group Inc cut shares of Range Resources Corp. (NYSE:RRC) from a conviction-buy rating to a buy rating in a research note issued to investors on Friday morning. The brokerage currently has $42.50 target price on the oil and gas exploration company’s stock.
Other research analysts also recently issued reports about the company. Jefferies Group LLC set a $43.00 target price on Range Resources Corp. and gave the stock a buy rating in a report on Saturday, March 4th. ValuEngine raised Range Resources Corp. from a sell rating to a hold rating in a research note on Tuesday, May 16th. Barclays PLC reissued a sell rating and issued a $28.00 price objective on shares of Range Resources Corp. in a research note on Thursday, April 27th. Zacks Investment Research raised Range Resources Corp. from a hold rating to a strong-buy rating and set a $31.00 price objective on the stock in a research note on Saturday, March 25th. Finally, JPMorgan Chase & Co. reissued a buy rating on shares of Range Resources Corp. in a research note on Tuesday, April 25th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and twenty-one have issued a buy rating to the company’s stock. Range Resources Corp. presently has an average rating of Buy and a consensus price target of $44.79.
Range Resources Corp. (RRC) traded down 0.72% during trading on Friday, reaching $22.08. The company’s stock had a trading volume of 1,627,254 shares. Range Resources Corp. has a 52-week low of $21.84 and a 52-week high of $46.96. The stock’s market cap is $5.37 billion. The firm has a 50 day moving average price of $25.66 and a 200-day moving average price of $30.58.
Range Resources Corp. (NYSE:RRC) last announced its earnings results on Monday, April 24th. The oil and gas exploration company reported $0.25 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.06. The firm had revenue of $607 million for the quarter, compared to the consensus estimate of $585.45 million. Range Resources Corp. had a negative return on equity of 13.00% and a negative net margin of 54.13%. The business’s quarterly revenue was up 83.2% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.10) EPS. On average, analysts expect that Range Resources Corp. will post $0.76 earnings per share for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 15th will be issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.36%. The ex-dividend date of this dividend is Tuesday, June 13th. Range Resources Corp.’s dividend payout ratio is currently -1.97%.
In other Range Resources Corp. news, insider Chad L. Stephens sold 28,744 shares of the business’s stock in a transaction that occurred on Wednesday, May 31st. The stock was sold at an average price of $23.05, for a total transaction of $662,549.20. Following the completion of the sale, the insider now directly owns 106,692 shares of the company’s stock, valued at approximately $2,459,250.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Christopher A. Helms acquired 4,000 shares of the firm’s stock in a transaction on Friday, March 17th. The shares were bought at an average cost of $27.46 per share, with a total value of $109,840.00. Following the completion of the acquisition, the director now directly owns 15,931 shares in the company, valued at approximately $437,465.26. The disclosure for this purchase can be found here. Insiders own 2.40% of the company’s stock.
A number of hedge funds have recently modified their holdings of RRC. UBS Oconnor LLC raised its position in Range Resources Corp. by 555.4% in the first quarter. UBS Oconnor LLC now owns 655,400 shares of the oil and gas exploration company’s stock valued at $19,072,000 after buying an additional 555,400 shares in the last quarter. Public Employees Retirement System of Ohio raised its position in Range Resources Corp. by 0.9% in the first quarter. Public Employees Retirement System of Ohio now owns 101,410 shares of the oil and gas exploration company’s stock valued at $2,951,000 after buying an additional 875 shares in the last quarter. Achmea Investment Management B.V. acquired a new position in Range Resources Corp. during the first quarter valued at about $377,000. Cambridge Trust Co. raised its position in Range Resources Corp. by 87.0% in the first quarter. Cambridge Trust Co. now owns 21,905 shares of the oil and gas exploration company’s stock valued at $637,000 after buying an additional 10,193 shares in the last quarter. Finally, Bank of Nova Scotia acquired a new position in Range Resources Corp. during the first quarter valued at about $1,127,000. 87.70% of the stock is owned by hedge funds and other institutional investors.
About Range Resources Corp.
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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