Range Resources (NYSE:RRC) Price Target Lowered to $24.00 at Morgan Stanley

Range Resources (NYSE:RRCGet Rating) had its price objective trimmed by Morgan Stanley from $26.00 to $24.00 in a research note issued to investors on Tuesday morning, Benzinga reports. The brokerage currently has an underweight rating on the oil and gas exploration company’s stock.

RRC has been the subject of a number of other reports. TD Securities raised shares of Range Resources from a hold rating to a buy rating and upped their target price for the company from $32.00 to $33.00 in a report on Thursday, September 29th. JPMorgan Chase & Co. cut their price target on shares of Range Resources from $42.00 to $39.00 and set a neutral rating for the company in a report on Thursday, September 29th. Credit Suisse Group cut their price target on shares of Range Resources from $37.00 to $34.00 and set a neutral rating for the company in a report on Tuesday, October 25th. StockNews.com started coverage on shares of Range Resources in a report on Wednesday, October 12th. They set a hold rating for the company. Finally, Susquehanna Bancshares raised shares of Range Resources to a positive rating and set a $38.00 price target for the company in a report on Wednesday, October 26th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $35.25.

Range Resources Price Performance

Shares of NYSE:RRC opened at $26.08 on Tuesday. The company has a 50-day simple moving average of $26.32 and a 200-day simple moving average of $28.52. Range Resources has a one year low of $17.35 and a one year high of $37.44. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.41 and a current ratio of 0.41. The stock has a market capitalization of $6.30 billion, a price-to-earnings ratio of 5.36, a PEG ratio of 0.23 and a beta of 2.11.

Range Resources (NYSE:RRCGet Rating) last announced its earnings results on Monday, October 24th. The oil and gas exploration company reported $1.37 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.05. Range Resources had a net margin of 30.87% and a return on equity of 60.30%. The business had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same period in the prior year, the company earned $0.52 earnings per share. The business’s revenue was up 267.0% compared to the same quarter last year. On average, analysts predict that Range Resources will post 4.85 EPS for the current year.

Range Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 30th. Investors of record on Thursday, December 15th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Wednesday, December 14th. This represents a $0.32 dividend on an annualized basis and a yield of 1.23%. Range Resources’s dividend payout ratio (DPR) is currently 6.57%.

Institutional Trading of Range Resources

A number of hedge funds have recently bought and sold shares of the company. King Luther Capital Management Corp boosted its position in Range Resources by 1.9% during the second quarter. King Luther Capital Management Corp now owns 17,320 shares of the oil and gas exploration company’s stock worth $429,000 after acquiring an additional 320 shares during the last quarter. Gagnon Securities LLC boosted its position in Range Resources by 1.6% during the second quarter. Gagnon Securities LLC now owns 22,837 shares of the oil and gas exploration company’s stock worth $565,000 after acquiring an additional 367 shares during the last quarter. Pathstone Family Office LLC boosted its holdings in shares of Range Resources by 1.1% in the 3rd quarter. Pathstone Family Office LLC now owns 35,014 shares of the oil and gas exploration company’s stock valued at $884,000 after purchasing an additional 388 shares during the last quarter. CWM LLC boosted its holdings in shares of Range Resources by 64.9% in the 2nd quarter. CWM LLC now owns 1,194 shares of the oil and gas exploration company’s stock valued at $30,000 after purchasing an additional 470 shares during the last quarter. Finally, Quadrant Capital Group LLC boosted its holdings in shares of Range Resources by 17.4% in the 3rd quarter. Quadrant Capital Group LLC now owns 3,399 shares of the oil and gas exploration company’s stock valued at $86,000 after purchasing an additional 504 shares during the last quarter. Institutional investors and hedge funds own 87.32% of the company’s stock.

About Range Resources

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Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), and oil company in the United States. The company engages in the exploration, development, and acquisition of natural gas and oil properties. As of December 31, 2021, the company owned and operated 1,350 net producing wells and approximately 794,000 net acres under lease located in the Appalachian region of the northeastern United States.

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Analyst Recommendations for Range Resources (NYSE:RRC)

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