Range Resources (NYSE:RRC) Receives New Coverage from Analysts at Wells Fargo & Company

Wells Fargo & Company assumed coverage on shares of Range Resources (NYSE:RRC – Get Rating) in a research report released on Tuesday morning, The Fly reports. The brokerage issued an equal weight rating on the oil and gas exploration company’s stock.

RRC has been the topic of several other reports. Mizuho reaffirmed a neutral rating and set a $32.00 target price (down from $38.00) on shares of Range Resources in a report on Tuesday, January 10th. Susquehanna raised Range Resources from a neutral rating to a positive rating and set a $38.00 target price on the stock in a report on Wednesday, October 26th. Jefferies Financial Group began coverage on Range Resources in a report on Wednesday, October 19th. They set a hold rating and a $31.00 target price on the stock. Credit Suisse Group dropped their target price on Range Resources from $37.00 to $34.00 and set a neutral rating on the stock in a report on Tuesday, October 25th. Finally, JPMorgan Chase & Co. dropped their price objective on Range Resources from $42.00 to $39.00 and set a neutral rating on the stock in a report on Thursday, September 29th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Range Resources presently has a consensus rating of Hold and an average target price of $35.25.

Range Resources Stock Down 3.0 %

Shares of RRC stock opened at $26.08 on Tuesday. The stock’s 50-day simple moving average is $26.32 and its 200-day simple moving average is $28.52. 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 firm has a market capitalization of $6.30 billion, a PE ratio of 5.36, a P/E/G ratio of 0.23 and a beta of 2.11. Range Resources has a fifty-two week low of $17.35 and a fifty-two week high of $37.44.

Range Resources (NYSE:RRC – Get Rating) last announced its quarterly earnings data on Monday, October 24th. The oil and gas exploration company reported $1.37 earnings per share for the quarter, beating analysts’ consensus estimates of $1.32 by $0.05. The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.06 billion. Range Resources had a return on equity of 60.30% and a net margin of 30.87%. The company’s revenue was up 267.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.52 earnings per share. Equities analysts expect that Range Resources will post 4.85 earnings per share for the current year.

Range Resources Dividend Announcement

The business also recently disclosed 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 was Wednesday, December 14th. This represents a $0.32 dividend on an annualized basis and a yield of 1.23%. Range Resources’s payout ratio is 6.57%.

Hedge Funds Weigh In On Range Resources

A number of institutional investors have recently added to or reduced their stakes in RRC. CWM LLC lifted its position in Range Resources by 64.9% during the second quarter. CWM LLC now owns 1,194 shares of the oil and gas exploration company’s stock worth $30,000 after buying an additional 470 shares in the last quarter. Ronald Blue Trust Inc. raised its position in Range Resources by 75.6% in the fourth quarter. Ronald Blue Trust Inc. now owns 1,187 shares of the oil and gas exploration company’s stock valued at $30,000 after purchasing an additional 511 shares during the period. Exchange Traded Concepts LLC raised its position in Range Resources by 34.3% in the second quarter. Exchange Traded Concepts LLC now owns 1,994 shares of the oil and gas exploration company’s stock valued at $49,000 after purchasing an additional 509 shares during the period. Tobam purchased a new stake in Range Resources in the third quarter valued at $53,000. Finally, IFP Advisors Inc raised its position in Range Resources by 43.4% in the third quarter. IFP Advisors Inc now owns 3,444 shares of the oil and gas exploration company’s stock valued at $69,000 after purchasing an additional 1,042 shares during the period. Hedge funds and other institutional investors own 87.32% of the company’s stock.

Range Resources Company Profile

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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.