Range Resources (NYSE:RRC) Downgraded by Scotiabank to Sector Perform

Scotiabank downgraded shares of Range Resources (NYSE:RRC) from a sector outperform rating to a sector perform rating in a research note issued to investors on Thursday morning, Marketbeat Ratings reports. They currently have $45.00 target price on the oil and gas exploration company’s stock, up from their previous target price of $40.00.

RRC has been the topic of a number of other reports. Piper Sandler dropped their target price on shares of Range Resources from $42.00 to $40.00 and set an overweight rating on the stock in a research report on Thursday, March 7th. Barclays initiated coverage on Range Resources in a research report on Wednesday. They issued an underweight rating and a $35.00 target price for the company. Stifel Nicolaus cut their price target on Range Resources from $38.00 to $37.00 and set a buy rating on the stock in a research report on Tuesday, January 23rd. Royal Bank of Canada reissued an outperform rating and issued a $36.00 price objective on shares of Range Resources in a report on Tuesday. Finally, Wells Fargo & Company cut shares of Range Resources from an overweight rating to an equal weight rating and cut their target price for the company from $40.00 to $32.00 in a report on Thursday, December 14th. Five investment analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Range Resources currently has an average rating of Hold and an average price target of $35.25.

Range Resources Stock Down 0.8 %

Shares of NYSE RRC opened at $36.03 on Thursday. Range Resources has a 1 year low of $23.92 and a 1 year high of $37.88. The company has a market capitalization of $8.72 billion, a price-to-earnings ratio of 10.18 and a beta of 1.83. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.49 and a quick ratio of 1.49. The business has a 50-day moving average of $32.21 and a two-hundred day moving average of $32.10.

Range Resources (NYSE:RRC) last posted its earnings results on Wednesday, February 21st. The oil and gas exploration company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.21. The firm had revenue of $941.40 million during the quarter, compared to analysts’ expectations of $672.25 million. Range Resources had a return on equity of 15.87% and a net margin of 25.82%. The firm’s revenue was down 42.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.26 earnings per share. On average, analysts forecast that Range Resources will post 1.92 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.89%. The ex-dividend date of this dividend was Thursday, March 14th. Range Resources’s payout ratio is 9.04%.

Institutional Investors Weigh In On Range Resources

Institutional investors have recently made changes to their positions in the stock. Boston Partners lifted its stake in shares of Range Resources by 1,858.7% in 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 purchasing an additional 6,070,900 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Range Resources by 143.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,897,553 shares of the oil and gas exploration company’s stock worth $103,169,000 after acquiring an additional 2,296,114 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Range Resources by 55.5% in the 1st quarter. Renaissance Technologies LLC now owns 4,007,083 shares of the oil and gas exploration company’s stock worth $106,067,000 after acquiring an additional 1,429,500 shares during the period. Morgan Stanley increased its stake in Range Resources by 34.0% in the 4th quarter. Morgan Stanley now owns 2,940,913 shares of the oil and gas exploration company’s stock valued at $73,582,000 after purchasing an additional 746,228 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in 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 worth $123,049,000 after purchasing an additional 693,970 shares during the last quarter. 98.93% of the stock is currently 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.