Range Resources (NYSE:RRC) Price Target Cut to $38.00

Range Resources (NYSE:RRC - Free Report) had its price objective reduced by Wells Fargo & Company from $39.00 to $38.00 in a report issued on Friday, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the oil and gas exploration company's stock.

Several other equities research analysts also recently issued reports on the stock. Jefferies Financial Group raised their price objective on shares of Range Resources from $34.00 to $35.00 and gave the stock a "hold" rating in a research report on Monday, July 8th. Wolfe Research assumed coverage on Range Resources in a research note on Thursday, July 18th. They issued a "peer perform" rating for the company. UBS Group lowered their price objective on Range Resources from $30.00 to $27.00 and set a "sell" rating on the stock in a research report on Wednesday, September 18th. JPMorgan Chase & Co. dropped their target price on Range Resources from $37.00 to $31.00 and set an "underweight" rating for the company in a report on Thursday, September 12th. Finally, Piper Sandler downgraded shares of Range Resources from an "overweight" rating to a "neutral" rating and decreased their price target for the company from $43.00 to $31.00 in a research note on Thursday, August 15th. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $35.06.

Range Resources Stock Performance

Shares of RRC traded down $0.11 during mid-day trading on Friday, reaching $31.34. The company's stock had a trading volume of 2,973,787 shares, compared to its average volume of 2,369,765. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.28. Range Resources has a 1-year low of $27.29 and a 1-year high of $39.33. The business has a 50-day simple moving average of $30.23 and a two-hundred day simple moving average of $33.06. The stock has a market cap of $7.59 billion, a P/E ratio of 15.73 and a beta of 1.80.

Range Resources (NYSE:RRC - Get Free Report) last released its quarterly earnings data on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 EPS for the quarter, topping 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 13.73%. The company's revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.43 earnings per share. As a group, equities research analysts anticipate that Range Resources will post 1.89 earnings per share for the current fiscal year.

Range Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.02%. The ex-dividend date of this dividend was Friday, September 13th. Range Resources's payout ratio is 16.16%.

Insider Activity

In related news, VP Ashley Kavanaugh sold 12,700 shares of the company's stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $31.45, for a total transaction of $399,415.00. Following the completion of the transaction, the vice president now directly owns 9,670 shares in the company, valued at $304,121.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.57% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Range Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of RRC. Price T Rowe Associates Inc. MD boosted its stake in shares of Range Resources by 25.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 28,633,567 shares of the oil and gas exploration company's stock valued at $985,855,000 after purchasing an additional 5,759,883 shares in the last quarter. Vanguard Group Inc. boosted its position in Range Resources by 4.1% during the 1st quarter. Vanguard Group Inc. now owns 24,490,639 shares of the oil and gas exploration company's stock worth $843,213,000 after buying an additional 959,011 shares during the period. Boston Partners grew its holdings in Range Resources by 2.1% during the 1st quarter. Boston Partners now owns 6,531,086 shares of the oil and gas exploration company's stock worth $224,912,000 after acquiring an additional 133,565 shares during the last quarter. Lingotto Investment Management LLP increased its position in Range Resources by 1.5% in the 2nd quarter. Lingotto Investment Management LLP now owns 6,451,726 shares of the oil and gas exploration company's stock valued at $216,326,000 after acquiring an additional 93,782 shares during the period. Finally, KGH Ltd raised its stake in shares of Range Resources by 3.2% during the second quarter. KGH Ltd now owns 6,080,000 shares of the oil and gas exploration company's stock valued at $203,862,000 after acquiring an additional 190,000 shares during the last quarter. Institutional investors own 98.93% of the company's stock.

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.