Range Resources (NYSE:RRC) Reaches New 52-Week High on Analyst Upgrade

Range Resources Corporation (NYSE:RRC) reached a new 52-week high during mid-day trading on Thursday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. The stock traded as high as $45.54 and last traded at $45.9920, with a volume of 820065 shares. The stock had previously closed at $43.48.

Several other research firms have also weighed in on RRC. Citigroup upped their price objective on shares of Range Resources from $36.00 to $43.00 and gave the company a “neutral” rating in a research note on Thursday, March 5th. Royal Bank Of Canada decreased their target price on shares of Range Resources from $46.00 to $44.00 and set a “sector perform” rating for the company in a research note on Wednesday, January 14th. TD Cowen upped their price target on shares of Range Resources from $40.00 to $45.00 and gave the stock a “hold” rating in a research note on Tuesday. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $39.00 price objective (down from $44.00) on shares of Range Resources in a report on Monday, December 8th. Finally, Bank of America reissued a “neutral” rating and set a $38.00 price objective (down from $44.00) on shares of Range Resources in a research report on Friday, January 16th. Four equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $42.44.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Los Angeles Capital Management LLC acquired a new stake in shares of Range Resources in the 4th quarter valued at $34,000. True Wealth Design LLC increased its position in Range Resources by 116.3% during the third quarter. True Wealth Design LLC now owns 1,006 shares of the oil and gas exploration company’s stock worth $38,000 after buying an additional 541 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in Range Resources by 49.6% during the third quarter. Smartleaf Asset Management LLC now owns 1,013 shares of the oil and gas exploration company’s stock valued at $38,000 after buying an additional 336 shares in the last quarter. Allworth Financial LP raised its holdings in Range Resources by 196.5% during the second quarter. Allworth Financial LP now owns 1,103 shares of the oil and gas exploration company’s stock valued at $45,000 after buying an additional 731 shares in the last quarter. Finally, SBI Okasan Asset Management Co.Ltd. acquired a new stake in shares of Range Resources in the fourth quarter worth about $57,000. Institutional investors own 98.93% of the company’s stock.

Range Resources Stock Down 1.5%

The company has a market cap of $10.50 billion, a price-to-earnings ratio of 16.28, a PEG ratio of 0.42 and a beta of 0.57. The business has a 50-day simple moving average of $38.42 and a two-hundred day simple moving average of $37.26. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.28.

Range Resources (NYSE:RRC) last issued its quarterly earnings data on Tuesday, February 24th. The oil and gas exploration company reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.13. Range Resources had a return on equity of 16.31% and a net margin of 21.12%.The business had revenue of $786.89 million for the quarter, compared to analyst estimates of $770.92 million. During the same quarter in the prior year, the firm posted $0.68 EPS. The firm’s revenue for the quarter was up 30.9% on a year-over-year basis. As a group, equities analysts forecast that Range Resources Corporation will post 2.02 earnings per share for the current fiscal year.

Range Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be given a $0.10 dividend. This is a positive change from Range Resources’s previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, March 13th. Range Resources’s payout ratio is 14.60%.

Range Resources Company Profile

Range Resources Corporation, headquartered in Fort Worth, Texas, is an independent energy company engaged in the exploration, development and production of natural gas, oil and natural gas liquids. The company focuses its core operations on the Appalachian Basin, with a significant presence in Pennsylvania’s Marcellus Shale. Through its drilling and completion activities, Range Resources seeks to optimize production efficiency while maintaining a disciplined approach to capital allocation and cost management.

The company’s technical expertise centers on advanced horizontal drilling and hydraulic fracturing techniques, which it applies to unlock unconventional resources.