Range Resources (NYSE:RRC) Hits New 12-Month High After Analyst Upgrade

Range Resources Co. (NYSE:RRC - Get Free Report) hit a new 52-week high on Tuesday after Truist Financial raised their price target on the stock from $31.00 to $35.00. Truist Financial currently has a hold rating on the stock. Range Resources traded as high as $39.43 and last traded at $39.38, with a volume of 593998 shares changing hands. The stock had previously closed at $38.49.

RRC has been the subject of a number of other reports. Royal Bank of Canada upped their price target on Range Resources from $35.00 to $40.00 and gave the company a "sector perform" rating in a research note on Monday, November 25th. Wells Fargo & Company boosted their price target on shares of Range Resources from $38.00 to $40.00 and gave the company an "overweight" rating in a report on Tuesday, December 17th. Citigroup increased their price target on Range Resources from $33.00 to $38.00 and gave the stock a "neutral" rating in a report on Friday, December 6th. 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 report on Friday, January 3rd. Finally, Benchmark reissued a "hold" rating on shares of Range Resources in a research note on Wednesday, October 23rd. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, Range Resources presently has an average rating of "Hold" and an average target price of $37.16.

Insider Buying and Selling at Range Resources

In other news, Director Charles G. Griffie acquired 1,275 shares of the stock in a transaction on Thursday, October 24th. The shares were purchased at an average price of $31.46 per share, for a total transaction of $40,111.50. Following the transaction, the director now directly owns 5,921 shares of the company's stock, valued at approximately $186,274.66. This represents a 27.44 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.57% of the company's stock.

Hedge Funds Weigh In On Range Resources

A number of hedge funds have recently bought and sold shares of the business. Radnor Capital Management LLC increased its holdings in shares of Range Resources by 156.2% during the fourth quarter. Radnor Capital Management LLC now owns 42,993 shares of the oil and gas exploration company's stock worth $1,547,000 after purchasing an additional 26,213 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of Range Resources during the 4th quarter valued at $4,792,000. GAMMA Investing LLC raised its stake in Range Resources by 36.4% in the fourth quarter. GAMMA Investing LLC now owns 4,391 shares of the oil and gas exploration company's stock valued at $158,000 after purchasing an additional 1,172 shares in the last quarter. Versant Capital Management Inc grew its stake in Range Resources by 42.8% during the fourth quarter. Versant Capital Management Inc now owns 1,544 shares of the oil and gas exploration company's stock worth $56,000 after buying an additional 463 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Range Resources by 61.9% in 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 buying an additional 604,199 shares during the period. 98.93% of the stock is owned by institutional investors.

Range Resources Stock Up 2.9 %

The firm's 50-day moving average price is $34.96 and its 200 day moving average price is $32.38. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $9.56 billion, a price-to-earnings ratio of 20.01 and a beta of 1.81.

Range Resources (NYSE:RRC - Get Free Report) last released its earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.16. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The firm had revenue of $615.03 million during the quarter, compared to analysts' expectations of $617.90 million. During the same period in the prior year, the company earned $0.43 earnings per share. The company's quarterly revenue was up .9% on a year-over-year basis. On average, sell-side analysts forecast that Range Resources Co. will post 1.91 EPS for the current fiscal year.

Range Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were given a $0.08 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.32 dividend on an annualized basis and a yield of 0.81%. Range Resources's dividend payout ratio is currently 16.16%.

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.