Range Resources (NYSE:RRC) Price Target Raised to $42.00

Range Resources (NYSE:RRC) had its target price upped by Barclays from $40.00 to $42.00 in a report published on Tuesday,Benzinga reports. They currently have an equal weight rating on the oil and gas exploration company’s stock.

A number of other brokerages have also weighed in on RRC. Raymond James Financial set a $45.00 price objective on Range Resources in a research note on Monday, July 27th. Truist Financial cut their target price on Range Resources from $46.00 to $43.00 and set a “hold” rating on the stock in a research report on Friday, July 10th. Weiss Ratings cut Range Resources from a “buy (b-)” rating to a “hold (c)” rating in a research note on Thursday, July 23rd. Wells Fargo & Company decreased their price target on shares of Range Resources from $46.00 to $45.00 and set an “equal weight” rating for the company in a research report on Thursday, July 23rd. Finally, Zacks Research raised shares of Range Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 19th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $43.88.

Range Resources Stock Performance

NYSE:RRC opened at $41.92 on Tuesday. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.65 and a quick ratio of 0.65. The firm has a 50-day moving average of $39.49 and a two-hundred day moving average of $40.57. The stock has a market cap of $9.80 billion, a P/E ratio of 11.58 and a beta of 0.43. Range Resources has a 1-year low of $32.68 and a 1-year high of $48.31.

Range Resources (NYSE:RRC) last announced its earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.13. Range Resources had a return on equity of 18.63% and a net margin of 25.04%.The business had revenue of $759.58 million for the quarter, compared to analyst estimates of $744.78 million. During the same period in the previous year, the company earned $0.66 earnings per share. The company’s revenue for the quarter was down 2.7% compared to the same quarter last year. On average, research analysts expect that Range Resources will post 3.62 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 11th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Friday, September 11th. Range Resources’s dividend payout ratio (DPR) is 11.05%.

Insiders Place Their Bets

In related news, Director Reginal Spiller sold 3,500 shares of the business’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $40.00, for a total value of $140,000.00. Following the completion of the sale, the director directly owned 13,421 shares of the company’s stock, valued at $536,840. The trade was a 20.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of RRC. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Range Resources in the 2nd quarter valued at approximately $26,000. Northwestern Mutual Wealth Management Co. bought a new position in Range Resources during the second quarter worth $31,000. Los Angeles Capital Management LLC bought a new position in Range Resources during the fourth quarter worth $34,000. Root Financial Partners LLC boosted its holdings in Range Resources by 37.8% in the first quarter. Root Financial Partners LLC now owns 1,006 shares of the oil and gas exploration company’s stock worth $45,000 after purchasing an additional 276 shares during the period. Finally, Ameritas Advisory Services LLC acquired a new position in Range Resources in the second quarter worth $44,000. Institutional investors own 98.93% of the company’s stock.

About Range Resources

Range Resources Corporation (NYSE:RRC) is an independent natural gas, natural gas liquids (NGLs) and oil exploration and production company. Its activities include acquiring, developing and operating unconventional properties, with a primary focus on the Marcellus Shale in the Appalachian Basin.

The company’s production portfolio is centered on natural gas, along with NGLs such as ethane, propane, butane and natural gasoline, as well as condensate and oil. Range Resources also manages related gathering, processing, transportation and marketing activities to move its products from production areas to end markets.

Founded in 1976, Range Resources has built its operations through exploration, development and acquisitions in U.S.