Range Resources (NYSE:RRC) Price Target Raised to $50.00

Range Resources (NYSE:RRC) had its target price lifted by Citigroup from $43.00 to $50.00 in a report released on Tuesday morning,Benzinga reports. They currently have a neutral rating on the oil and gas exploration company’s stock.

RRC has been the topic of several other research reports. Piper Sandler upped their price objective on Range Resources from $41.00 to $42.00 and gave the stock a “neutral” rating in a report on Thursday, March 12th. TD Cowen boosted their target price on Range Resources from $40.00 to $45.00 and gave the stock a “hold” rating in a research report on Tuesday, March 17th. Truist Financial started coverage on Range Resources in a research note on Tuesday, March 24th. They set a “hold” rating and a $48.00 price target on the stock. Bank of America reiterated a “neutral” rating and issued a $38.00 price target (down from $44.00) on shares of Range Resources in a report on Friday, January 16th. Finally, Weiss Ratings upgraded Range Resources from a “hold (c)” rating to a “buy (b)” rating in a research report on Friday, February 27th. Four investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $43.18.

Range Resources Stock Performance

Shares of NYSE:RRC opened at $43.35 on Tuesday. The business has a fifty day moving average of $40.41 and a 200-day moving average of $37.94. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.67 and a current ratio of 0.67. Range Resources has a twelve month low of $30.32 and a twelve month high of $48.31. The firm has a market cap of $10.21 billion, a PE ratio of 15.82, a price-to-earnings-growth ratio of 0.36 and a beta of 0.51.

Range Resources (NYSE:RRC) last announced its earnings results on Tuesday, February 24th. The oil and gas exploration company reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.13. Range Resources had a net margin of 21.12% and a return on equity of 16.31%. The company had revenue of $786.89 million during the quarter, compared to the consensus estimate of $770.92 million. During the same period in the previous year, the firm posted $0.68 earnings per share. The company’s revenue was up 30.9% on a year-over-year basis. On average, equities research analysts predict that Range Resources will post 2.02 EPS for the current fiscal year.

Range Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Friday, March 13th were paid a $0.10 dividend. The ex-dividend date of this dividend was Friday, March 13th. This is a boost from Range Resources’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 0.9%. Range Resources’s payout ratio is currently 14.60%.

Hedge Funds Weigh In On Range Resources

Hedge funds and other institutional investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its position in shares of Range Resources by 1.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 27,660,494 shares of the oil and gas exploration company’s stock valued at $975,311,000 after buying an additional 326,748 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Range Resources by 2.8% during the fourth quarter. Vanguard Group Inc. now owns 25,553,637 shares of the oil and gas exploration company’s stock worth $901,021,000 after acquiring an additional 701,751 shares in the last quarter. Boston Partners grew its stake in Range Resources by 14.0% in the fourth quarter. Boston Partners now owns 13,467,808 shares of the oil and gas exploration company’s stock valued at $474,585,000 after acquiring an additional 1,650,258 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Range Resources by 8.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 8,965,029 shares of the oil and gas exploration company’s stock worth $316,123,000 after acquiring an additional 673,827 shares in the last quarter. Finally, Lingotto Investment Management LLP increased its holdings in shares of Range Resources by 2.0% in the second quarter. Lingotto Investment Management LLP now owns 7,161,614 shares of the oil and gas exploration company’s stock worth $291,263,000 after acquiring an additional 138,877 shares in the last quarter. 98.93% of the stock is owned by institutional investors.

About Range Resources

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.