Bank of America upgraded shares of Range Resources (NYSE:RRC - Free Report) from a neutral rating to a buy rating in a research report sent to investors on Monday, Marketbeat Ratings reports. The firm currently has $45.00 price objective on the oil and gas exploration company's stock, up from their previous price objective of $34.00.
A number of other equities analysts also recently weighed in on the company. Wells Fargo & Company boosted their price target on Range Resources from $38.00 to $40.00 and gave the stock an "overweight" rating in a research report on Tuesday, December 17th. Wolfe Research upgraded Range Resources from a "peer perform" rating to an "outperform" rating and set a $42.00 price target on the stock in a research note on Friday, January 3rd. StockNews.com raised shares of Range Resources to a "sell" rating in a research report on Wednesday, November 27th. Barclays upgraded shares of Range Resources from an "underweight" rating to an "equal weight" rating and decreased their price objective for the company from $35.00 to $34.00 in a report on Wednesday, October 2nd. Finally, Citigroup raised their target price on shares of Range Resources from $33.00 to $38.00 and gave the stock a "neutral" rating in a research note on Friday, December 6th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $37.16.
Check Out Our Latest Research Report on RRC
Range Resources Stock Up 0.6 %
Shares of Range Resources stock traded up $0.22 on Monday, reaching $38.39. 433,016 shares of the company were exchanged, compared to its average volume of 2,635,706. The company has a market capitalization of $9.26 billion, a price-to-earnings ratio of 19.39 and a beta of 1.81. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.28. Range Resources has a one year low of $27.29 and a one year high of $39.33. The company has a 50-day moving average of $34.80 and a 200 day moving average of $32.34.
Range Resources (NYSE:RRC - Get Free Report) last announced its quarterly earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 EPS for the quarter, beating analysts' consensus estimates of $0.32 by $0.16. The firm had revenue of $615.03 million during the quarter, compared to analysts' expectations of $617.90 million. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. The company's revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter last year, the company posted $0.43 earnings per share. On average, equities research analysts forecast that Range Resources will post 1.91 earnings per share for the current year.
Range Resources Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.83%. The ex-dividend date was Friday, December 13th. Range Resources's payout ratio is presently 16.16%.
Insider Transactions at Range Resources
In related news, Director Charles G. Griffie acquired 1,275 shares of the company's stock in a transaction that occurred on Thursday, October 24th. The stock was acquired at an average price of $31.46 per share, with a total value of $40,111.50. Following the purchase, the director now directly owns 5,921 shares in the company, valued at approximately $186,274.66. This trade represents a 27.44 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.57% of the stock is owned by insiders.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of the stock. Lingotto Investment Management LLP grew its holdings in Range Resources by 1.5% during the 2nd quarter. Lingotto Investment Management LLP now owns 6,451,726 shares of the oil and gas exploration company's stock worth $216,326,000 after acquiring an additional 93,782 shares during the last quarter. KGH Ltd grew its position in shares of Range Resources by 3.2% in the 2nd quarter. KGH Ltd now owns 6,080,000 shares of the oil and gas exploration company's stock valued at $203,862,000 after buying an additional 190,000 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Range Resources by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 4,003,299 shares of the oil and gas exploration company's stock valued at $123,174,000 after buying an additional 35,344 shares during the last quarter. Canoe Financial LP increased its stake in shares of Range Resources by 114.9% in the third quarter. Canoe Financial LP now owns 2,660,309 shares of the oil and gas exploration company's stock valued at $81,299,000 after buying an additional 1,422,200 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Range Resources by 4.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,017,704 shares of the oil and gas exploration company's stock worth $62,065,000 after acquiring an additional 92,217 shares during the last quarter. 98.93% of the stock is currently owned by institutional investors and hedge funds.
Range Resources Company Profile
(
Get Free Report)
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.
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