Range Resources (NYSE:RRC) Reaches New 52-Week High on Strong Earnings

Range Resources Co. (NYSE:RRC) hit a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $37.89 and last traded at $37.65, with a volume of 2630581 shares trading hands. The stock had previously closed at $36.58.

The oil and gas exploration company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.21. Range Resources had a net margin of 17.00% and a return on equity of 13.58%. The firm had revenue of $718.20 million for the quarter, compared to the consensus estimate of $680.72 million. During the same period last year, the firm posted $0.96 earnings per share. The company’s revenue for the quarter was down 15.7% on a year-over-year basis.

Range Resources Dividend Announcement

The company 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 0.85%. The ex-dividend date was Thursday, March 14th. Range Resources’s payout ratio is currently 16.24%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on RRC. Stephens lifted their price target on shares of Range Resources from $41.00 to $42.00 and gave the company an “overweight” rating in a research report on Wednesday. Citigroup lifted their price target on shares of Range Resources from $33.00 to $37.00 and gave the company a “neutral” rating in a research report on Wednesday, April 3rd. Barclays initiated coverage on shares of Range Resources in a research report on Wednesday, April 10th. They set an “underweight” rating and a $35.00 price target for the company. Stifel Nicolaus lifted their price objective on shares of Range Resources from $36.00 to $39.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Scotiabank cut shares of Range Resources from a “sector outperform” rating to a “sector perform” rating and lifted their price objective for the company from $40.00 to $45.00 in a report on Thursday, April 11th. Five analysts have rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $36.40.

Insider Activity

In other news, VP Ashley Kavanaugh sold 15,978 shares of Range Resources stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $37.75, for a total value of $603,169.50. Following the transaction, the vice president now directly owns 22,370 shares of the company’s stock, valued at approximately $844,467.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.57% of the company’s stock.

Hedge Funds Weigh In On Range Resources

Several institutional investors have recently bought and sold shares of RRC. Orser Capital Management LLC grew its stake in shares of Range Resources by 0.8% during the 1st quarter. Orser Capital Management LLC now owns 54,223 shares of the oil and gas exploration company’s stock worth $1,867,000 after purchasing an additional 427 shares during the period. Alliance Wealth Advisors LLC UT grew its stake in shares of Range Resources by 4.3% during the 4th quarter. Alliance Wealth Advisors LLC UT now owns 10,403 shares of the oil and gas exploration company’s stock worth $317,000 after purchasing an additional 431 shares during the period. Fifth Third Bancorp grew its stake in shares of Range Resources by 57.7% during the 3rd quarter. Fifth Third Bancorp now owns 1,339 shares of the oil and gas exploration company’s stock worth $43,000 after purchasing an additional 490 shares during the period. Lmcg Investments LLC grew its stake in shares of Range Resources by 0.4% during the 4th quarter. Lmcg Investments LLC now owns 154,245 shares of the oil and gas exploration company’s stock worth $4,695,000 after purchasing an additional 546 shares during the period. Finally, Xponance Inc. grew its stake in shares of Range Resources by 2.0% during the 4th quarter. Xponance Inc. now owns 29,187 shares of the oil and gas exploration company’s stock worth $888,000 after purchasing an additional 579 shares during the period. 98.93% of the stock is owned by institutional investors and hedge funds.

Range Resources Stock Performance

The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $9.13 billion, a price-to-earnings ratio of 19.13 and a beta of 1.83. The stock’s 50 day moving average price is $33.67 and its two-hundred day moving average price is $32.40.

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.