Range Resources (NYSE:RRC) Issues Quarterly Earnings Results, Beats Expectations By $0.16 EPS

Range Resources (NYSE:RRC) posted its earnings results on Tuesday. The oil and gas exploration company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.16, FiscalAI reports. The business had revenue of $759.58 million during the quarter, compared to the consensus estimate of $744.26 million. Range Resources had a net margin of 26.09% and a return on equity of 18.64%. During the same quarter in the previous year, the firm posted $0.66 EPS.

Range Resources Stock Performance

Shares of RRC stock traded up $1.03 during mid-day trading on Tuesday, reaching $37.70. 4,587,226 shares of the company’s stock traded hands, compared to its average volume of 3,310,097. Range Resources has a 12 month low of $32.60 and a 12 month high of $48.31. The firm has a 50 day moving average price of $38.47 and a two-hundred day moving average price of $39.36. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.55 and a current ratio of 0.55. The firm has a market capitalization of $8.88 billion, a PE ratio of 9.97 and a beta of 0.41.

Range Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 12th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Friday, June 12th. Range Resources’s dividend payout ratio (DPR) is currently 10.58%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Bank of America increased their price target on Range Resources from $38.00 to $44.00 and gave the company a “neutral” rating in a report on Tuesday, April 21st. Morgan Stanley cut their price objective on Range Resources from $50.00 to $44.00 and set an “equal weight” rating for the company in a report on Monday, June 29th. The Goldman Sachs Group reduced their price objective on Range Resources from $44.00 to $39.00 and set a “neutral” rating for the company in a research report on Tuesday, June 30th. Truist Financial lowered their target price on Range Resources from $46.00 to $43.00 and set a “hold” rating on the stock in a report on Friday, July 10th. Finally, Citigroup dropped their target price on Range Resources from $50.00 to $45.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 14th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $43.12.

Hedge Funds Weigh In On Range Resources

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Empowered Funds LLC increased its position in Range Resources by 2.1% in the first quarter. Empowered Funds LLC now owns 75,851 shares of the oil and gas exploration company’s stock worth $3,029,000 after buying an additional 1,563 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Range Resources by 1.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 466,796 shares of the oil and gas exploration company’s stock valued at $18,639,000 after buying an additional 8,816 shares in the last quarter. Focus Partners Wealth bought a new position in shares of Range Resources during the 1st quarter valued at approximately $285,000. EverSource Wealth Advisors LLC grew its stake in shares of Range Resources by 63.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,932 shares of the oil and gas exploration company’s stock valued at $119,000 after acquiring an additional 1,139 shares during the period. Finally, California Public Employees Retirement System increased its holdings in Range Resources by 8.0% in the 2nd quarter. California Public Employees Retirement System now owns 410,651 shares of the oil and gas exploration company’s stock worth $16,701,000 after acquiring an additional 30,481 shares in the last quarter. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

About Range Resources

Range Resources Corporation, headquartered in Fort Worth, Texas, is an independent energy company engaged in the exploration, development and production of natural gas, oil and natural gas liquids. The company focuses its core operations on the Appalachian Basin, with a significant presence in Pennsylvania’s Marcellus Shale. Through its drilling and completion activities, Range Resources seeks to optimize production efficiency while maintaining a disciplined approach to capital allocation and cost management.

The company’s technical expertise centers on advanced horizontal drilling and hydraulic fracturing techniques, which it applies to unlock unconventional resources.