Range Resources FY2024 EPS Forecast Raised by Zacks Research

Range Resources Co. (NYSE:RRC - Free Report) - Zacks Research lifted their FY2024 earnings per share estimates for shares of Range Resources in a research report issued on Thursday, January 16th. Zacks Research analyst R. Department now forecasts that the oil and gas exploration company will earn $1.97 per share for the year, up from their prior estimate of $1.96. The consensus estimate for Range Resources' current full-year earnings is $2.00 per share. Zacks Research also issued estimates for Range Resources' Q4 2024 earnings at $0.43 EPS, Q1 2025 earnings at $0.74 EPS and Q4 2025 earnings at $0.84 EPS.

A number of other equities analysts have also issued reports on the stock. Bank of America upgraded shares of Range Resources from a "neutral" rating to a "buy" rating and upped their target price for the stock from $34.00 to $45.00 in a research report on Monday, January 13th. Scotiabank cut Range Resources from a "sector outperform" rating to a "sector perform" rating and set a $45.00 target price for the company. in a research note on Friday. Benchmark reiterated a "hold" rating on shares of Range Resources in a report on Friday. Truist Financial boosted their price objective on Range Resources from $31.00 to $35.00 and gave the stock a "hold" rating in a report on Monday, January 13th. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $40.00 target price on shares of Range Resources in a research note on Tuesday, January 14th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Range Resources presently has an average rating of "Hold" and a consensus price target of $37.16.

Range Resources Price Performance

NYSE:RRC traded down $0.20 on Monday, reaching $41.09. The stock had a trading volume of 2,676,241 shares, compared to its average volume of 1,988,107. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $9.91 billion, a P/E ratio of 20.75 and a beta of 1.81. Range Resources has a 1-year low of $27.29 and a 1-year high of $41.65. The stock has a fifty day moving average price of $35.62 and a 200-day moving average price of $32.57.

Range Resources (NYSE:RRC - Get Free Report) last issued its quarterly earnings data 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. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The company had revenue of $615.03 million during the quarter, compared to analysts' expectations of $617.90 million. During the same period last year, the business earned $0.43 earnings per share. The business's revenue was up .9% on a year-over-year basis.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Canoe Financial LP grew its position in shares of Range Resources by 114.9% in the 3rd quarter. Canoe Financial LP now owns 2,660,309 shares of the oil and gas exploration company's stock valued at $81,299,000 after acquiring an additional 1,422,200 shares during the period. JPMorgan Chase & Co. raised its stake 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 worth $48,588,000 after purchasing an additional 604,199 shares in the last quarter. HITE Hedge Asset Management LLC acquired a new position in Range Resources in the 3rd quarter valued at $11,508,000. Verition Fund Management LLC raised its position in shares of Range Resources by 379.3% in the 3rd quarter. Verition Fund Management LLC now owns 409,427 shares of the oil and gas exploration company's stock valued at $12,594,000 after buying an additional 324,011 shares in the last quarter. Finally, Sagefield Capital LP lifted its stake in Range Resources by 44.8% during the second quarter. Sagefield Capital LP now owns 906,886 shares of the oil and gas exploration company's stock worth $30,408,000 after purchasing an additional 280,452 shares during the last quarter. 98.93% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Range Resources

In related news, Director Charles G. Griffie acquired 1,275 shares of the firm's stock in a transaction dated Thursday, October 24th. The stock was bought at an average price of $31.46 per share, for a total transaction of $40,111.50. Following the acquisition, the director now directly owns 5,921 shares of the company's stock, valued at approximately $186,274.66. The trade was a 27.44 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.57% of the company's stock.

Range Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 13th were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.78%. The ex-dividend date was Friday, December 13th. Range Resources's dividend payout ratio is presently 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.