Range Resources (NYSE:RRC) Shares Gap Up - Here's Why

Range Resources Co. (NYSE:RRC - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $34.79, but opened at $35.92. Range Resources shares last traded at $35.85, with a volume of 322,250 shares.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Susquehanna decreased their price target on shares of Range Resources from $36.00 to $31.00 and set a "neutral" rating on the stock in a research note on Wednesday, September 4th. 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. Morgan Stanley lowered their price objective on Range Resources from $33.00 to $31.00 and set an "underweight" rating for the company in a research report on Monday, September 16th. The Goldman Sachs Group reduced their target price on shares of Range Resources from $40.00 to $35.00 and set a "neutral" rating on the stock in a research note on Friday, September 6th. Finally, Stephens increased their price objective on shares of Range Resources from $36.00 to $37.00 and gave the company an "overweight" rating in a report on Wednesday, October 23rd. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $36.00.

Range Resources Stock Performance

The firm has a market cap of $8.79 billion, a P/E ratio of 18.39 and a beta of 1.85. The stock's 50-day moving average price is $33.60 and its 200 day moving average price is $32.19. 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 released its earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.32 by $0.16. The business had revenue of $615.03 million for 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%. Range Resources's quarterly revenue was up .9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.43 earnings per share. As a group, equities analysts predict that Range Resources Co. will post 1.91 EPS for the current year.

Range Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 13th were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date of this dividend was Friday, December 13th. Range Resources's dividend payout ratio (DPR) is presently 16.16%.

Insider Transactions at Range Resources

In other Range Resources news, Director Charles G. Griffie bought 1,275 shares of Range Resources stock in a transaction dated Thursday, October 24th. The stock was bought at an average cost of $31.46 per share, for a total transaction of $40,111.50. Following the purchase, the director now owns 5,921 shares of the company's stock, valued at $186,274.66. The trade was a 27.44 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.57% of the stock is owned by company insiders.

Institutional Investors Weigh In On Range Resources

A number of large investors have recently added to or reduced their stakes in the business. M&T Bank Corp increased its holdings in shares of Range Resources by 3.1% in the third quarter. M&T Bank Corp now owns 10,790 shares of the oil and gas exploration company's stock valued at $332,000 after purchasing an additional 327 shares during the last quarter. CIBC Asset Management Inc boosted its holdings in shares of Range Resources by 5.4% during the 2nd quarter. CIBC Asset Management Inc now owns 6,801 shares of the oil and gas exploration company's stock worth $228,000 after buying an additional 350 shares during the period. Commerce Bank grew its stake in Range Resources by 5.7% in the 3rd quarter. Commerce Bank now owns 6,848 shares of the oil and gas exploration company's stock valued at $211,000 after buying an additional 369 shares during the last quarter. Inscription Capital LLC raised its holdings in Range Resources by 3.6% in the 3rd quarter. Inscription Capital LLC now owns 12,536 shares of the oil and gas exploration company's stock valued at $386,000 after acquiring an additional 433 shares during the period. Finally, Orser Capital Management LLC lifted its position in Range Resources by 1.0% during the third quarter. Orser Capital Management LLC now owns 53,993 shares of the oil and gas exploration company's stock worth $1,661,000 after acquiring an additional 550 shares during the last quarter. Institutional investors own 98.93% of the company's stock.

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.