Range Resources (NYSE:RRC) Given New $32.00 Price Target at Piper Sandler

Range Resources (NYSE:RRC - Free Report) had its target price hoisted by Piper Sandler from $30.00 to $32.00 in a report released on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the oil and gas exploration company's stock.

Other equities research analysts have also issued research reports about the company. StockNews.com upgraded Range Resources to a "sell" rating in a research report on Wednesday, November 27th. Mizuho upped their target price on Range Resources from $40.00 to $47.00 and gave the company an "outperform" rating in a research report on Monday, December 16th. Bank of America upgraded Range Resources from a "neutral" rating to a "buy" rating and upped their target price for the company from $34.00 to $45.00 in a research report on Monday, January 13th. Royal Bank of Canada restated a "sector perform" rating and issued a $40.00 price objective on shares of Range Resources in a research report on Tuesday, January 14th. Finally, Wolfe Research upgraded Range Resources from a "peer perform" rating to an "outperform" rating and set a $42.00 price objective on the stock in a research report on Friday, January 3rd. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $38.00.

Range Resources Stock Performance

NYSE RRC traded down $0.60 during trading hours on Wednesday, reaching $36.97. The stock had a trading volume of 2,396,483 shares, compared to its average volume of 2,555,444. The stock has a fifty day moving average of $36.54 and a 200 day moving average of $32.92. The stock has a market cap of $8.92 billion, a P/E ratio of 18.67 and a beta of 1.81. Range Resources has a 52-week low of $27.29 and a 52-week high of $41.95. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.54 and a current ratio of 0.54.

Range Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 13th were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.87%. The ex-dividend date of this dividend was Friday, December 13th. Range Resources's dividend payout ratio is currently 16.16%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in RRC. Envestnet Asset Management Inc. raised its stake in Range Resources by 10.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 96,719 shares of the oil and gas exploration company's stock valued at $3,243,000 after purchasing an additional 8,969 shares during the last quarter. Algert Global LLC acquired a new position in Range Resources in the 2nd quarter valued at $818,000. Creative Planning raised its stake in Range Resources by 5.3% in the 2nd quarter. Creative Planning now owns 55,655 shares of the oil and gas exploration company's stock valued at $1,866,000 after purchasing an additional 2,792 shares during the last quarter. B. Riley Wealth Advisors Inc. acquired a new position in Range Resources in the 2nd quarter valued at $486,000. Finally, SG Americas Securities LLC raised its stake in Range Resources by 853.0% in the 3rd quarter. SG Americas Securities LLC now owns 198,520 shares of the oil and gas exploration company's stock valued at $6,106,000 after purchasing an additional 177,689 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.