Range Resources Co. (NYSE:RRC – Free Report) – Investment analysts at Zacks Research upped their FY2024 earnings per share estimates for shares of Range Resources in a research report issued to clients and investors on Thursday, January 16th. Zacks Research analyst R. Department now expects that the oil and gas exploration company will post earnings of $1.97 per share for the year, up from their prior forecast of $1.96. The consensus estimate for Range Resources’ current full-year earnings is $2.00 per share. Zacks Research also issued estimates for Range Resources’ Q4 2024 earnings at $0.43 EPS, Q1 2025 earnings at $0.74 EPS and Q4 2025 earnings at $0.84 EPS.
A number of other equities analysts have also commented on the stock. Scotiabank lowered shares of Range Resources from a “sector outperform” rating to a “sector perform” rating and set a $45.00 price objective for the company. in a research note on Friday. Barclays upgraded Range Resources from an “underweight” rating to an “equal weight” rating and lowered their price target for the company from $35.00 to $34.00 in a report on Wednesday, October 2nd. Truist Financial raised their price objective on Range Resources from $31.00 to $35.00 and gave the stock a “hold” rating in a research report on Monday, January 13th. StockNews.com upgraded Range Resources to a “sell” rating in a report on Wednesday, November 27th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $40.00 price objective on shares of Range Resources in a research report on Tuesday, January 14th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Range Resources presently has a consensus rating of “Hold” and an average target price of $37.16.
Range Resources Stock Performance
Range Resources stock opened at $41.09 on Monday. Range Resources has a fifty-two week low of $27.29 and a fifty-two week high of $41.65. The firm’s 50 day simple moving average is $35.75 and its 200-day simple moving average is $32.62. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.54 and a quick ratio of 0.54. The company has a market cap of $9.91 billion, a P/E ratio of 20.75 and a beta of 1.81.
Range Resources (NYSE:RRC – Get Free Report) last issued its quarterly earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.16. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The firm had revenue of $615.03 million for the quarter, compared to analysts’ expectations of $617.90 million. During the same quarter last year, the business posted $0.43 EPS. Range Resources’s revenue was up .9% on a year-over-year basis.
Range Resources Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 13th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.78%. The ex-dividend date was Friday, December 13th. Range Resources’s payout ratio is 16.16%.
Insider Buying and Selling
In other news, Director Charles G. Griffie bought 1,275 shares of the business’s stock in a transaction on Thursday, October 24th. The stock was purchased at an average price of $31.46 per share, with a total value of $40,111.50. Following the transaction, the director now directly owns 5,921 shares in the company, valued at approximately $186,274.66. The trade was a 27.44 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 1.57% of the company’s stock.
Hedge Funds Weigh In On Range Resources
A number of institutional investors have recently made changes to their positions in RRC. Canoe Financial LP grew its holdings in Range Resources by 114.9% in the 3rd quarter. Canoe Financial LP now owns 2,660,309 shares of the oil and gas exploration company’s stock valued at $81,299,000 after buying an additional 1,422,200 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Range Resources by 61.9% in the third quarter. JPMorgan Chase & Co. now owns 1,579,579 shares of the oil and gas exploration company’s stock worth $48,588,000 after acquiring an additional 604,199 shares during the last quarter. HITE Hedge Asset Management LLC bought a new position in Range Resources during the third quarter worth $11,508,000. Verition Fund Management LLC raised its stake in Range Resources by 379.3% during the 3rd quarter. Verition Fund Management LLC now owns 409,427 shares of the oil and gas exploration company’s stock valued at $12,594,000 after purchasing an additional 324,011 shares during the last quarter. Finally, Sagefield Capital LP boosted its holdings in Range Resources by 44.8% in the 2nd quarter. Sagefield Capital LP now owns 906,886 shares of the oil and gas exploration company’s stock valued at $30,408,000 after purchasing an additional 280,452 shares during the period. 98.93% of the stock is currently owned by 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.
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