Range Resources (NYSE:RRC) Now Covered by Bank of America

Bank of America assumed coverage on shares of Range Resources (NYSE:RRC - Free Report) in a research note released on Monday morning, StockNewsAPI reports. The firm issued a neutral rating and a $34.00 price objective on the oil and gas exploration company's stock.

RRC has been the topic of several other research reports. The Goldman Sachs Group cut their target price on Range Resources from $40.00 to $35.00 and set a "neutral" rating on the stock in a research report on Friday, September 6th. Royal Bank of Canada restated a "sector perform" rating and set a $39.00 price target on shares of Range Resources in a research note on Thursday, July 25th. JPMorgan Chase & Co. dropped their price target on Range Resources from $37.00 to $31.00 and set an "underweight" rating on the stock in a research note on Thursday, September 12th. Barclays upgraded Range Resources from an "underweight" rating to an "equal weight" rating and dropped their price target for the stock from $35.00 to $34.00 in a research note on Wednesday, October 2nd. Finally, Jefferies Financial Group raised their price target on Range Resources from $34.00 to $35.00 and gave the stock a "hold" rating in a research note on Monday, July 8th. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, Range Resources has a consensus rating of "Hold" and an average price target of $35.00.

Range Resources Trading Down 1.1 %

Shares of NYSE RRC traded down $0.36 during mid-day trading on Monday, reaching $30.97. 2,094,773 shares of the company's stock were exchanged, compared to its average volume of 2,370,856. The firm has a market capitalization of $7.51 billion, a price-to-earnings ratio of 15.72 and a beta of 1.80. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.58 and a current ratio of 0.58. Range Resources has a 52-week low of $27.29 and a 52-week high of $39.33. The company's 50-day moving average is $30.24 and its 200-day moving average is $32.95.

Range Resources (NYSE:RRC - Get Free Report) last released its quarterly earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share for the quarter, topping analysts' consensus estimates of $0.32 by $0.16. The business had revenue of $615.03 million during the quarter, compared to analysts' expectations of $617.90 million. Range Resources had a return on equity of 13.73% and a net margin of 17.63%. The company's revenue was up .9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.43 EPS. Analysts expect that Range Resources will post 1.89 EPS for the current fiscal year.

Range Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were paid a $0.08 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.03%. Range Resources's dividend payout ratio (DPR) is presently 16.24%.

Insider Activity at Range Resources

In other news, Director Charles G. Griffie acquired 1,275 shares of Range Resources stock in a transaction that occurred on Thursday, October 24th. The stock was purchased at an average cost of $31.46 per share, with a total value of $40,111.50. Following the completion of the acquisition, the director now owns 5,921 shares in the company, valued at $186,274.66. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Charles G. Griffie acquired 1,275 shares of Range Resources stock in a transaction that occurred on Thursday, October 24th. The stock was purchased at an average cost of $31.46 per share, with a total value of $40,111.50. Following the completion of the acquisition, the director now owns 5,921 shares in the company, valued at $186,274.66. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Ashley Kavanaugh sold 12,700 shares of the business's stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $31.45, for a total value of $399,415.00. Following the completion of the transaction, the vice president now directly owns 9,670 shares of the company's stock, valued at approximately $304,121.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.57% of the company's stock.

Hedge Funds Weigh In On Range Resources

A number of institutional investors have recently made changes to their positions in the stock. Congress Asset Management Co. raised its holdings in shares of Range Resources by 7.2% in the third quarter. Congress Asset Management Co. now owns 572,192 shares of the oil and gas exploration company's stock worth $17,601,000 after acquiring an additional 38,319 shares during the last quarter. Diversify Wealth Management LLC increased its stake in Range Resources by 18.6% in the third quarter. Diversify Wealth Management LLC now owns 11,531 shares of the oil and gas exploration company's stock valued at $357,000 after purchasing an additional 1,809 shares during the last quarter. Inscription Capital LLC increased its stake in Range Resources by 3.6% in the third quarter. Inscription Capital LLC now owns 12,536 shares of the oil and gas exploration company's stock valued at $386,000 after purchasing an additional 433 shares during the last quarter. Canoe Financial LP increased its stake in 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 purchasing an additional 1,422,200 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its stake in Range Resources by 7.3% in the third quarter. State of Alaska Department of Revenue now owns 28,086 shares of the oil and gas exploration company's stock valued at $863,000 after purchasing an additional 1,905 shares during the last quarter. 98.93% of the stock is owned by institutional investors and hedge funds.

About Range Resources

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.