Brokers Set Expectations for Range Resources Co.’s Q2 2024 Earnings (NYSE:RRC)

Range Resources Co. (NYSE:RRC) – Equities researchers at Capital One Financial upped their Q2 2024 earnings per share (EPS) estimates for shares of Range Resources in a report issued on Tuesday, April 16th. Capital One Financial analyst B. Velie now anticipates that the oil and gas exploration company will post earnings of $0.53 per share for the quarter, up from their previous forecast of $0.52. The consensus estimate for Range Resources’ current full-year earnings is $1.91 per share. Capital One Financial also issued estimates for Range Resources’ FY2025 earnings at $4.06 EPS.

Other equities analysts have also recently issued research reports about the company. Piper Sandler cut their price target on Range Resources from $42.00 to $40.00 and set an “overweight” rating for the company in a report on Thursday, March 7th. Scotiabank lowered Range Resources from a “sector outperform” rating to a “sector perform” rating and upped their target price for the company from $40.00 to $45.00 in a research note on Thursday, April 11th. Morgan Stanley lifted their price target on shares of Range Resources from $23.00 to $33.00 and gave the stock an “underweight” rating in a research note on Wednesday. Citigroup boosted their price target on shares of Range Resources from $33.00 to $37.00 and gave the company a “neutral” rating in a report on Wednesday, April 3rd. Finally, Truist Financial reduced their price objective on shares of Range Resources from $32.00 to $30.00 and set a “hold” rating for the company in a report on Friday, April 5th. Five research analysts have rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company. According to MarketBeat, Range Resources currently has a consensus rating of “Hold” and a consensus price target of $35.75.

Range Resources Stock Up 0.2 %

Shares of RRC opened at $34.78 on Thursday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.49 and a current ratio of 1.49. The company has a 50-day simple moving average of $32.89 and a 200-day simple moving average of $32.21. Range Resources has a 52 week low of $23.92 and a 52 week high of $37.88. The firm has a market capitalization of $8.42 billion, a P/E ratio of 9.82 and a beta of 1.83.

Range Resources (NYSE:RRC) last announced its earnings results on Wednesday, February 21st. The oil and gas exploration company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.21. Range Resources had a net margin of 25.82% and a return on equity of 15.87%. The business had revenue of $941.40 million for the quarter, compared to analyst estimates of $672.25 million. During the same quarter in the previous year, the firm posted $1.26 earnings per share. Range Resources’s revenue was down 42.3% compared to the same quarter last 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 paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.92%. The ex-dividend date of this dividend was Thursday, March 14th. Range Resources’s dividend payout ratio is currently 9.04%.

Institutional Trading of Range Resources

Hedge funds and other institutional investors have recently made changes to their positions in the business. Raymond James & Associates grew its holdings in Range Resources by 12.4% during the 1st quarter. Raymond James & Associates now owns 45,351 shares of the oil and gas exploration company’s stock worth $1,378,000 after acquiring an additional 4,987 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its position in Range Resources by 31.8% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 35,865 shares of the oil and gas exploration company’s stock worth $1,090,000 after purchasing an additional 8,648 shares during the last quarter. Vontobel Holding Ltd. acquired a new position in Range Resources during the 1st quarter worth $213,000. Lord Abbett & CO. LLC bought a new position in Range Resources in the 1st quarter valued at $7,059,000. Finally, Canada Pension Plan Investment Board increased its stake in shares of Range Resources by 1,102.7% in the 1st quarter. Canada Pension Plan Investment Board now owns 151,710 shares of the oil and gas exploration company’s stock valued at $4,609,000 after buying an additional 139,096 shares during the period. 98.93% of the stock is currently owned by institutional investors and hedge funds.

Range Resources Company Profile

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.