Range Resources (NYSE:RRC) Cut to Sector Perform at Scotiabank

Scotiabank downgraded shares of Range Resources (NYSE:RRC - Free Report) from a sector outperform rating to a sector perform rating in a research note published on Friday, Marketbeat Ratings reports. They currently have $45.00 target price on the oil and gas exploration company's stock.

Other equities analysts have also recently issued research reports about the stock. Benchmark restated a "hold" rating on shares of Range Resources in a research report on Wednesday, October 23rd. Wells Fargo & Company lifted their price objective on Range Resources from $38.00 to $40.00 and gave the stock an "overweight" rating in a research report on Tuesday, December 17th. Piper Sandler lowered their target price on Range Resources from $31.00 to $30.00 and set a "neutral" rating on the stock in a report on Monday, November 18th. Mizuho boosted their price target on Range Resources from $40.00 to $47.00 and gave the stock an "outperform" rating in a report on Monday, December 16th. Finally, Barclays raised 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 research note on Wednesday, October 2nd. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, Range Resources currently has a consensus rating of "Hold" and an average target price of $37.16.

Range Resources Price Performance

Shares of NYSE:RRC traded down $0.20 during trading on Friday, hitting $41.09. 2,676,241 shares of the stock were exchanged, compared to its average volume of 1,988,107. Range Resources has a 12-month low of $27.29 and a 12-month high of $41.65. The company has a market cap of $9.91 billion, a PE ratio of 20.75 and a beta of 1.81. The company has a fifty day moving average price of $35.62 and a two-hundred day moving average price of $32.59. 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 (NYSE:RRC - Get Free Report) last posted its earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.16. The company had revenue of $615.03 million for the quarter, compared to analyst estimates of $617.90 million. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. Range Resources's revenue was up .9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.43 earnings per share. On average, analysts forecast that Range Resources will post 2 EPS for the current year.

Range Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 13th were issued a $0.08 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.78%. Range Resources's dividend payout ratio (DPR) is 16.16%.

Insider Activity

In other Range Resources news, Director Charles G. Griffie bought 1,275 shares of the business's stock in a transaction dated Thursday, October 24th. The shares were acquired at an average price of $31.46 per share, with a total value of $40,111.50. Following the purchase, the director now owns 5,921 shares in the company, valued at approximately $186,274.66. The trade was a 27.44 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.50% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Brooklyn Investment Group purchased a new position in Range Resources in the third quarter valued at about $25,000. UMB Bank n.a. increased its stake in shares of Range Resources by 59.0% in the fourth quarter. UMB Bank n.a. now owns 1,148 shares of the oil and gas exploration company's stock worth $41,000 after buying an additional 426 shares during the last quarter. Blue Trust Inc. raised its holdings in Range Resources by 107.8% in the third quarter. Blue Trust Inc. now owns 1,359 shares of the oil and gas exploration company's stock valued at $46,000 after acquiring an additional 705 shares in the last quarter. Bogart Wealth LLC bought a new stake in shares of Range Resources in the 3rd quarter worth about $49,000. Finally, Versant Capital Management Inc raised its stake in shares of Range Resources by 42.8% in the 4th quarter. Versant Capital Management Inc now owns 1,544 shares of the oil and gas exploration company's stock valued at $56,000 after purchasing an additional 463 shares in the last quarter. 98.93% of the stock is owned by hedge funds and other institutional investors.

Range Resources Company Profile

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.