Piper Sandler Boosts Range Resources (NYSE:RRC) Price Target to $41.00

Range Resources (NYSE:RRC) had its price objective raised by Piper Sandler from $40.00 to $41.00 in a research note published on Friday morning, Benzinga reports. The firm currently has an overweight rating on the oil and gas exploration company’s stock.

RRC has been the topic of several other reports. Morgan Stanley increased their price objective on shares of Range Resources from $23.00 to $33.00 and gave the company an underweight rating in a research report on Wednesday, April 17th. StockNews.com raised shares of Range Resources to a sell rating in a report on Wednesday, March 13th. Susquehanna reaffirmed a neutral rating and set a $34.00 price target (down previously from $43.00) on shares of Range Resources in a report on Friday, January 26th. Royal Bank of Canada reaffirmed an outperform rating and set a $36.00 price target on shares of Range Resources in a report on Tuesday, April 9th. Finally, Scotiabank downgraded shares of Range Resources from a sector outperform rating to a sector perform rating and raised their price target for the company from $40.00 to $45.00 in a report on Thursday, April 11th. Five investment analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $35.90.

Range Resources Stock Up 2.4 %

Shares of NYSE RRC opened at $36.12 on Friday. The firm has a fifty day simple moving average of $33.18 and a two-hundred day simple moving average of $32.30. The firm has a market capitalization of $8.74 billion, a PE ratio of 10.20 and a beta of 1.83. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.47. Range Resources has a 12 month low of $23.92 and a 12 month high of $37.88.

Range Resources (NYSE:RRC) last released its earnings results on Wednesday, February 21st. The oil and gas exploration company reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.21. Range Resources had a net margin of 25.82% and a return on equity of 15.87%. The firm had revenue of $941.40 million for the quarter, compared to the consensus estimate of $672.25 million. During the same period in the prior year, the firm earned $1.26 EPS. The company’s revenue was down 42.3% compared to the same quarter last year. Equities analysts expect that Range Resources will post 1.94 earnings per share for the current year.

Range Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.89%. The ex-dividend date of this dividend was Thursday, March 14th. Range Resources’s dividend payout ratio (DPR) is presently 9.04%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Boston Partners lifted its position in shares of Range Resources by 1,858.7% during the fourth quarter. Boston Partners now owns 6,397,521 shares of the oil and gas exploration company’s stock worth $194,722,000 after purchasing an additional 6,070,900 shares during the last quarter. Invesco Ltd. raised its holdings in Range Resources by 22.4% in the third quarter. Invesco Ltd. now owns 3,796,629 shares of the oil and gas exploration company’s stock worth $123,049,000 after purchasing an additional 693,970 shares in the last quarter. Vaughan Nelson Investment Management L.P. bought a new position in Range Resources in the third quarter worth about $19,704,000. Lord Abbett & CO. LLC raised its holdings in Range Resources by 66.6% in the third quarter. Lord Abbett & CO. LLC now owns 1,463,000 shares of the oil and gas exploration company’s stock worth $47,416,000 after purchasing an additional 585,000 shares in the last quarter. Finally, Canoe Financial LP raised its holdings in Range Resources by 86.5% in the third quarter. Canoe Financial LP now owns 1,195,400 shares of the oil and gas exploration company’s stock worth $38,743,000 after purchasing an additional 554,400 shares in the last quarter. 98.93% of the stock is owned by hedge funds and other 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.