Range Resources (NYSE:RRC) Price Target Raised to $45.00

Range Resources (NYSE:RRC) had its price target increased by TD Cowen from $40.00 to $45.00 in a research note issued to investors on Tuesday, MarketBeat Ratings reports. They currently have a hold rating on the oil and gas exploration company’s stock.

A number of other equities research analysts have also weighed in on the company. Weiss Ratings upgraded Range Resources from a “hold (c)” rating to a “buy (b)” rating in a research report on Friday, February 27th. Citigroup upped their target price on Range Resources from $36.00 to $43.00 and gave the company a “neutral” rating in a report on Thursday, March 5th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $39.00 price target (down from $44.00) on shares of Range Resources in a research note on Monday, December 8th. Royal Bank Of Canada cut their price target on shares of Range Resources from $46.00 to $44.00 and set a “sector perform” rating on the stock in a report on Wednesday, January 14th. Finally, Piper Sandler boosted their price objective on shares of Range Resources from $41.00 to $42.00 and gave the company a “neutral” rating in a research report on Thursday, March 12th. Four research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Range Resources currently has a consensus rating of “Hold” and an average price target of $42.44.

Range Resources Trading Up 4.5%

Shares of RRC opened at $45.42 on Tuesday. The stock has a market capitalization of $10.69 billion, a P/E ratio of 16.58, a PEG ratio of 0.40 and a beta of 0.57. The firm has a fifty day simple moving average of $38.20 and a two-hundred day simple moving average of $37.19. 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 has a twelve month low of $30.32 and a twelve month high of $46.19.

Range Resources (NYSE:RRC) last posted 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 analyst estimates of $770.92 million. During the same period in the prior year, the business posted $0.68 earnings per share. Range Resources’s revenue for the quarter was up 30.9% on a year-over-year basis. On average, research analysts anticipate that Range Resources will post 2.02 EPS for the current year.

Range Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, March 13th. This is an increase 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 presently 14.60%.

Hedge Funds Weigh In On Range Resources

A number of institutional investors and hedge funds have recently made changes to their positions in RRC. UMB Bank n.a. boosted its position in shares of Range Resources by 13.0% in the 4th quarter. UMB Bank n.a. now owns 2,431 shares of the oil and gas exploration company’s stock worth $86,000 after purchasing an additional 279 shares in the last quarter. Profund Advisors LLC increased its position in Range Resources by 5.5% during the 3rd quarter. Profund Advisors LLC now owns 5,427 shares of the oil and gas exploration company’s stock valued at $204,000 after buying an additional 282 shares in the last quarter. Pinnacle Associates Ltd. raised its stake in Range Resources by 2.5% during the third quarter. Pinnacle Associates Ltd. now owns 12,503 shares of the oil and gas exploration company’s stock valued at $471,000 after buying an additional 302 shares during the last quarter. Confluence Wealth Services Inc. boosted its holdings in Range Resources by 3.2% in the fourth quarter. Confluence Wealth Services Inc. now owns 10,199 shares of the oil and gas exploration company’s stock worth $360,000 after acquiring an additional 312 shares in the last quarter. Finally, ProShare Advisors LLC boosted its holdings in Range Resources by 3.1% in the second quarter. ProShare Advisors LLC now owns 10,596 shares of the oil and gas exploration company’s stock worth $431,000 after acquiring an additional 315 shares in the last quarter. Institutional investors own 98.93% of the company’s stock.

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.