Capital One Financial Weighs in on Range Resources Co.’s Q1 2024 Earnings (NYSE:RRC)

Range Resources Co. (NYSE:RRC) – Stock analysts at Capital One Financial lowered their Q1 2024 earnings per share (EPS) estimates for shares of Range Resources in a research note issued to investors on Tuesday, April 16th. Capital One Financial analyst B. Velie now forecasts that the oil and gas exploration company will post earnings per share of $0.45 for the quarter, down from their previous estimate 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’ FY2024 earnings at $2.05 EPS.

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

Several other research firms have also recently issued reports on RRC. Susquehanna reaffirmed a “neutral” rating and issued a $34.00 price target (down previously from $43.00) on shares of Range Resources in a report on Friday, January 26th. Citigroup upped their target price on Range Resources from $33.00 to $37.00 and gave the company a “neutral” rating in a report on Wednesday, April 3rd. Stifel Nicolaus dropped their price target on Range Resources from $38.00 to $37.00 and set a “buy” rating on the stock in a research note on Tuesday, January 23rd. Raymond James reduced their price objective on shares of Range Resources from $37.00 to $36.00 and set an “outperform” rating for the company in a research note on Wednesday, January 24th. Finally, Morgan Stanley raised their target price on shares of Range Resources from $23.00 to $33.00 and gave the stock an “underweight” rating in a report on Wednesday. Five investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $35.75.

Range Resources Stock Up 0.2 %

NYSE RRC opened at $34.78 on Wednesday. The company has a market capitalization of $8.42 billion, a P/E ratio of 9.82 and a beta of 1.83. Range Resources has a 12 month low of $23.92 and a 12 month high of $37.88. 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 company’s 50 day simple moving average is $32.89 and its 200 day simple moving average is $32.21.

Range Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.92%. The ex-dividend date was Thursday, March 14th. Range Resources’s payout ratio is presently 9.04%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Raleigh Capital Management Inc. acquired a new stake in Range Resources in the 3rd quarter worth approximately $26,000. Benjamin F. Edwards & Company Inc. lifted its stake in shares of Range Resources by 333.0% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 866 shares of the oil and gas exploration company’s stock worth $26,000 after buying an additional 666 shares during the last quarter. Cary Street Partners Investment Advisory LLC bought a new stake in shares of Range Resources during the 3rd quarter worth $27,000. Lazard Asset Management LLC bought a new stake in shares of Range Resources during the 2nd quarter worth $28,000. Finally, Proffitt & Goodson Inc. acquired a new position in Range Resources in the 3rd quarter valued at $32,000. Institutional investors own 98.93% of the company’s stock.

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.