Benchmark Reaffirms Hold Rating for Range Resources (NYSE:RRC)

Benchmark reaffirmed their hold rating on shares of Range Resources (NYSE:RRC) in a research note published on Wednesday, Benzinga reports.

Several other research firms also recently weighed in on RRC. Piper Sandler lifted their price target on shares of Range Resources from $40.00 to $41.00 and gave the company an overweight rating in a research note on Friday, April 19th. Scotiabank downgraded shares of Range Resources from a sector outperform rating to a sector perform rating and lifted their price target for the company from $40.00 to $45.00 in a research note on Thursday, April 11th. Mizuho reaffirmed a buy rating and set a $39.00 price target on shares of Range Resources in a research note on Thursday, April 11th. Royal Bank of Canada reissued an outperform rating and issued a $36.00 price objective on shares of Range Resources in a research note on Tuesday, April 9th. Finally, Morgan Stanley boosted their price objective on shares of Range Resources from $23.00 to $33.00 and gave the stock an underweight rating in a research note on Wednesday, April 17th. Five analysts have rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Range Resources currently has a consensus rating of Hold and an average price target of $36.65.

Range Resources Stock Down 0.9 %

Shares of NYSE RRC opened at $37.31 on Wednesday. The firm has a 50-day simple moving average of $33.80 and a two-hundred day simple moving average of $32.41. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.35 and a quick ratio of 1.49. Range Resources has a 1 year low of $23.92 and a 1 year high of $38.25. The company has a market cap of $9.05 billion, a P/E ratio of 18.94 and a beta of 1.83.

Range Resources (NYSE:RRC) last posted its quarterly earnings results on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.21. Range Resources had a net margin of 17.00% and a return on equity of 13.30%. The firm had revenue of $718.20 million during the quarter, compared to the consensus estimate of $680.72 million. During the same quarter in the previous year, the firm posted $0.96 earnings per share. The company’s revenue was down 15.7% on a year-over-year basis. Research analysts anticipate that Range Resources will post 2 earnings per share for the current year.

Range Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.86%. The ex-dividend date of this dividend was Thursday, March 14th. Range Resources’s dividend payout ratio is currently 16.24%.

Insiders Place Their Bets

In other Range Resources news, VP Ashley Kavanaugh sold 15,978 shares of Range Resources stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $37.75, for a total value of $603,169.50. Following the transaction, the vice president now directly owns 22,370 shares of the company’s stock, valued at $844,467.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.57% of the company’s stock.

Institutional Investors Weigh In On Range Resources

A number of large investors have recently made changes to their positions in the stock. Boston Partners grew its holdings 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 valued at $194,722,000 after buying an additional 6,070,900 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Range Resources by 1.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,931,670 shares of the oil and gas exploration company’s stock valued at $180,568,000 after buying an additional 90,028 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Range Resources by 22.4% during the third quarter. Invesco Ltd. now owns 3,796,629 shares of the oil and gas exploration company’s stock valued at $123,049,000 after buying an additional 693,970 shares during the last quarter. Kopernik Global Investors LLC grew its holdings in shares of Range Resources by 2.7% during the fourth quarter. Kopernik Global Investors LLC now owns 3,106,518 shares of the oil and gas exploration company’s stock valued at $94,562,000 after buying an additional 82,095 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Range Resources by 3.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,780,804 shares of the oil and gas exploration company’s stock valued at $54,208,000 after buying an additional 64,810 shares during 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.