Range Resources (NYSE:RRC) Price Target Cut to $42.00 by Analysts at Mizuho

Range Resources (NYSE:RRC) had its target price lowered by Mizuho from $48.00 to $42.00 in a research report released on Monday morning, MarketBeat.com reports. The firm currently has an outperform rating on the oil and gas exploration company’s stock.

A number of other analysts also recently issued reports on RRC. Bank of America increased their price target on shares of Range Resources from $45.00 to $47.00 and gave the stock a “buy” rating in a report on Friday, May 23rd. Wall Street Zen downgraded shares of Range Resources from a “hold” rating to a “sell” rating in a report on Wednesday, May 21st. UBS Group lowered their price target on shares of Range Resources from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Wednesday, August 20th. Scotiabank set a $46.00 price objective on shares of Range Resources and gave the company a “sector perform” rating in a report on Friday, July 11th. Finally, Susquehanna increased their price objective on shares of Range Resources from $36.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, July 23rd. Seven research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $42.45.

Range Resources Stock Performance

Shares of NYSE RRC opened at $35.51 on Monday. The company’s fifty day moving average price is $35.23 and its 200 day moving average price is $36.95. Range Resources has a 1 year low of $28.99 and a 1 year high of $43.50. The company has a market capitalization of $8.46 billion, a PE ratio of 17.84, a price-to-earnings-growth ratio of 0.31 and a beta of 0.55. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.55 and a current ratio of 0.55.

Range Resources (NYSE:RRC) last announced its quarterly earnings results on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.01. Range Resources had a net margin of 17.22% and a return on equity of 15.95%. The firm had revenue of $856.28 million for the quarter, compared to the consensus estimate of $708.38 million. During the same period in the prior year, the firm posted $0.46 earnings per share. On average, research analysts predict that Range Resources will post 2.02 earnings per share for the current year.

Range Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be given a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Friday, September 12th. Range Resources’s dividend payout ratio is 18.09%.

Institutional Investors Weigh In On Range Resources

A number of hedge funds have recently modified their holdings of RRC. Nuveen Asset Management LLC raised its position in shares of Range Resources by 0.7% in the fourth quarter. Nuveen Asset Management LLC now owns 449,622 shares of the oil and gas exploration company’s stock valued at $16,177,000 after buying an additional 3,037 shares during the last quarter. Nomura Holdings Inc. acquired a new stake in shares of Range Resources during the fourth quarter valued at about $1,152,000. Man Group plc boosted its stake in shares of Range Resources by 69.7% in the fourth quarter. Man Group plc now owns 189,956 shares of the oil and gas exploration company’s stock valued at $6,835,000 after purchasing an additional 78,002 shares during the period. Quantinno Capital Management LP boosted its stake in shares of Range Resources by 64.1% in the fourth quarter. Quantinno Capital Management LP now owns 12,470 shares of the oil and gas exploration company’s stock valued at $449,000 after purchasing an additional 4,871 shares during the period. Finally, ProShare Advisors LLC boosted its stake in shares of Range Resources by 7.0% in the fourth quarter. ProShare Advisors LLC now owns 11,289 shares of the oil and gas exploration company’s stock valued at $406,000 after purchasing an additional 736 shares during the period. 98.93% of the stock is currently owned by institutional investors and hedge funds.

About Range Resources

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), crude oil, and condensate company in the United States. The company engages in the exploration, development, and acquisition of natural gas and crude oil properties located in the Appalachian region. It sells natural gas to utilities, marketing and midstream companies, and industrial users; NGLs to petrochemical end users, marketers/traders, and natural gas processors; and oil and condensate to crude oil processors, transporters, and refining and marketing companies.