Range Resources Co. Expected to Earn Q1 2023 Earnings of $0.58 Per Share (NYSE:RRC)

Range Resources Co. (NYSE:RRC – Get Rating) – Stock analysts at Zacks Research issued their Q1 2023 earnings per share (EPS) estimates for shares of Range Resources in a report issued on Monday, March 13th. Zacks Research analyst U. Dutta forecasts that the oil and gas exploration company will post earnings per share of $0.58 for the quarter. The consensus estimate for Range Resources’ current full-year earnings is $2.72 per share. Zacks Research also issued estimates for Range Resources’ Q2 2023 earnings at $0.48 EPS, Q3 2023 earnings at $0.54 EPS, Q4 2023 earnings at $0.58 EPS, FY2023 earnings at $2.18 EPS, Q1 2024 earnings at $0.95 EPS, Q2 2024 earnings at $0.90 EPS, Q3 2024 earnings at $0.91 EPS, Q4 2024 earnings at $0.97 EPS and FY2024 earnings at $3.73 EPS.

A number of other research firms also recently issued reports on RRC. Royal Bank of Canada restated an “outperform” rating and issued a $40.00 price target on shares of Range Resources in a research note on Wednesday. Wells Fargo & Company upped their price objective on Range Resources from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Monday, March 6th. StockNews.com initiated coverage on Range Resources in a research report on Thursday. They set a “hold” rating on the stock. Roth Capital restated a “neutral” rating on shares of Range Resources in a research report on Wednesday, February 8th. Finally, Mizuho lowered their price objective on Range Resources from $32.00 to $29.00 in a research report on Friday, March 10th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $34.00.

Range Resources Stock Performance

RRC stock opened at $25.11 on Thursday. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.64. Range Resources has a 12-month low of $22.61 and a 12-month high of $37.44. The stock has a market capitalization of $6.04 billion, a PE ratio of 5.27, a price-to-earnings-growth ratio of 0.33 and a beta of 2.12. The stock’s 50 day simple moving average is $25.34 and its 200 day simple moving average is $26.99.

Range Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Wednesday, March 15th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.27%. The ex-dividend date of this dividend is Tuesday, March 14th. Range Resources’s payout ratio is 6.79%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC grew its position in Range Resources by 11.8% in the second quarter. FMR LLC now owns 40,468,710 shares of the oil and gas exploration company’s stock worth $1,001,600,000 after acquiring an additional 4,261,600 shares in the last quarter. Third Point LLC purchased a new position in shares of Range Resources in the 3rd quarter worth approximately $98,514,000. Renaissance Technologies LLC increased its position in shares of Range Resources by 139.9% during the 2nd quarter. Renaissance Technologies LLC now owns 3,259,583 shares of the oil and gas exploration company’s stock valued at $80,675,000 after purchasing an additional 1,901,100 shares during the last quarter. First Trust Advisors LP raised its holdings in Range Resources by 72.9% during the 3rd quarter. First Trust Advisors LP now owns 2,693,084 shares of the oil and gas exploration company’s stock valued at $68,027,000 after buying an additional 1,135,383 shares during the period. Finally, Amundi lifted its position in Range Resources by 146.3% in the second quarter. Amundi now owns 1,869,492 shares of the oil and gas exploration company’s stock worth $49,636,000 after buying an additional 1,110,537 shares during the last quarter. 87.32% of the stock is currently owned by institutional investors.

Range Resources Company Profile

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Range Resources Corp. engages in the exploration, development and acquisition of natural gas and oil properties in the Appalachian and Midcontinent regions. The company was founded in 1976 and is headquartered in Fort Worth, TX.