Range Resources (NYSE:RRC) Reaches New 12-Month High - What's Next?

Range Resources Co. (NYSE:RRC - Get Free Report)'s stock price reached a new 52-week high on Wednesday . The company traded as high as $41.74 and last traded at $41.71, with a volume of 534382 shares. The stock had previously closed at $40.97.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RRC. Piper Sandler dropped their price objective on Range Resources from $31.00 to $30.00 and set a "neutral" rating on the stock in a research note on Monday, November 18th. Barclays upgraded Range Resources from an "underweight" rating to an "equal weight" rating and dropped their price objective for the stock from $35.00 to $34.00 in a research note on Wednesday, October 2nd. Bank of America upgraded Range Resources from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $34.00 to $45.00 in a research note on Monday, January 13th. Truist Financial upped their price objective on Range Resources from $31.00 to $35.00 and gave the stock a "hold" rating in a research note on Monday, January 13th. Finally, Citigroup increased their price target on Range Resources from $33.00 to $38.00 and gave the company a "neutral" rating in a research note on Friday, December 6th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, Range Resources currently has a consensus rating of "Hold" and a consensus target price of $37.16.

Range Resources Stock Performance

The firm has a market capitalization of $9.97 billion, a P/E ratio of 20.89 and a beta of 1.81. The stock has a fifty day simple moving average of $35.89 and a two-hundred day simple moving average of $32.67. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.54 and a quick ratio of 0.54.

Range Resources (NYSE:RRC - Get Free Report) last issued its 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 the consensus estimate of $617.90 million. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The firm's revenue for the quarter was up .9% on a year-over-year basis. During the same period in the previous year, the company posted $0.43 earnings per share. On average, research analysts predict that Range Resources Co. will post 2.02 EPS for the current year.

Range Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were paid a $0.08 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.32 dividend on an annualized basis and a yield of 0.77%. Range Resources's dividend payout ratio (DPR) is presently 16.16%.

Insider Buying and Selling at Range Resources

In related news, Director Charles G. Griffie bought 1,275 shares of the business's stock in a transaction that occurred on Thursday, October 24th. The shares were bought at an average price of $31.46 per share, with a total value of $40,111.50. Following the completion of the transaction, the director now directly owns 5,921 shares in the company, valued at approximately $186,274.66. This represents a 27.44 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.50% of the company's stock.

Institutional Trading of Range Resources

Hedge funds have recently made changes to their positions in the company. KGH Ltd raised its stake in shares of Range Resources by 3.2% during 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 purchasing an additional 190,000 shares during the period. Geode Capital Management LLC raised its stake in shares of Range Resources by 0.9% during 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 purchasing an additional 35,344 shares during the period. Canoe Financial LP raised its stake in shares of Range Resources by 9.4% during the 4th quarter. Canoe Financial LP now owns 2,911,509 shares of the oil and gas exploration company's stock valued at $104,595,000 after purchasing an additional 251,200 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Range Resources by 4.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,017,704 shares of the oil and gas exploration company's stock valued at $62,065,000 after purchasing an additional 92,217 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of Range Resources by 61.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,579,579 shares of the oil and gas exploration company's stock valued at $48,588,000 after purchasing an additional 604,199 shares during the period. 98.93% of the stock is currently owned by institutional investors.

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.

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