Range Resources Corporation (RRC) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of Range Resources Corporation (NYSE:RRC) from a hold rating to a buy rating in a research report sent to investors on Friday morning. The brokerage currently has $21.00 target price on the oil and gas exploration company’s stock.
According to Zacks, “Range Resources has extensive oil and gas resources in key regions like Marcellus and North Louisiana. The company is planning to invest $1.07 billion in these properties for well drilling and completion purposes in 2017. It is to be noted that Range Resources’ total proved reserves for 2016 was recorded at 12,072 Bcfe, much higher than the previous two years. Most importantly, more than 65% of proved reserves recorded during 2016 was natural gas. Given the significant growth in proved reserves, we can expect considerable improvement in the company’s natural gas production. Moreover, the company completed the merger with Memorial Resource Development. The transaction is expected to boost the company’s position as a premier independent natural gas, oil and NGL producer in the United States with remarkable core acreage positions in the Appalachian Basin and Northern Louisiana.”
Several other analysts have also issued reports on the company. Goldman Sachs Group Inc lowered Range Resources Corporation from a buy rating to a neutral rating and cut their target price for the stock from $35.00 to $20.50 in a research note on Friday, September 8th. Citigroup Inc. cut their target price on Range Resources Corporation from $42.00 to $34.00 and set a buy rating for the company in a research note on Friday, July 21st. Jefferies Group LLC set a $36.00 target price on Range Resources Corporation and gave the stock a buy rating in a research note on Tuesday, August 29th. BMO Capital Markets cut their target price on Range Resources Corporation from $35.00 to $30.00 and set a market perform rating for the company in a research note on Friday, July 14th. Finally, Royal Bank Of Canada reaffirmed a buy rating and issued a $32.00 target price on shares of Range Resources Corporation in a research note on Friday, September 8th. Three analysts have rated the stock with a sell rating, three have given a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $33.80.
Range Resources Corporation (NYSE:RRC) traded down 0.74% on Friday, hitting $18.86. 3,679,320 shares of the stock were exchanged. The firm has a market cap of $4.60 billion, a PE ratio of 127.43 and a beta of 0.95. The company has a 50-day moving average price of $19.10 and a 200-day moving average price of $21.95. Range Resources Corporation has a 52-week low of $16.00 and a 52-week high of $39.64.
Range Resources Corporation (NYSE:RRC) last issued its quarterly earnings data on Tuesday, August 1st. The oil and gas exploration company reported $0.28 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.20. The company had revenue of $565.00 million during the quarter, compared to analyst estimates of $544.08 million. Range Resources Corporation had a return on equity of 0.67% and a net margin of 1.75%. Range Resources Corporation’s revenue was up 55.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($1.35) earnings per share. On average, equities research analysts anticipate that Range Resources Corporation will post $0.50 EPS for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 15th were issued a $0.02 dividend. The ex-dividend date was Thursday, September 14th. This represents a $0.08 dividend on an annualized basis and a yield of 0.42%. Range Resources Corporation’s dividend payout ratio (DPR) is 100.01%.
In other news, Director Steffen E. Palko acquired 15,000 shares of the firm’s stock in a transaction on Thursday, August 10th. The stock was acquired at an average price of $16.81 per share, for a total transaction of $252,150.00. Following the completion of the acquisition, the director now owns 27,267 shares in the company, valued at $458,358.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mary Ralph Lowe acquired 10,000 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was purchased at an average price of $17.99 per share, with a total value of $179,900.00. Following the acquisition, the director now owns 25,413 shares of the company’s stock, valued at approximately $457,179.87. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 26,000 shares of company stock valued at $449,800. 2.40% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Ameritas Investment Partners Inc. raised its holdings in Range Resources Corporation by 1.3% in the second quarter. Ameritas Investment Partners Inc. now owns 5,065 shares of the oil and gas exploration company’s stock worth $117,000 after purchasing an additional 64 shares in the last quarter. Louisiana State Employees Retirement System raised its holdings in Range Resources Corporation by 0.9% in the second quarter. Louisiana State Employees Retirement System now owns 11,700 shares of the oil and gas exploration company’s stock worth $271,000 after purchasing an additional 100 shares in the last quarter. Retirement Systems of Alabama raised its holdings in Range Resources Corporation by 0.3% in the second quarter. Retirement Systems of Alabama now owns 91,236 shares of the oil and gas exploration company’s stock worth $2,114,000 after purchasing an additional 305 shares in the last quarter. M&T Bank Corp raised its holdings in Range Resources Corporation by 1.3% in the second quarter. M&T Bank Corp now owns 27,472 shares of the oil and gas exploration company’s stock worth $639,000 after purchasing an additional 360 shares in the last quarter. Finally, Stephens Inc. AR raised its holdings in Range Resources Corporation by 5.6% in the second quarter. Stephens Inc. AR now owns 7,728 shares of the oil and gas exploration company’s stock worth $179,000 after purchasing an additional 412 shares in the last quarter. Institutional investors and hedge funds own 95.19% of the company’s stock.
About Range Resources Corporation
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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