Range Resources Corporation’s (RRC) Buy Rating Reaffirmed at Royal Bank Of Canada

Royal Bank Of Canada restated their buy rating on shares of Range Resources Corporation (NYSE:RRC) in a research note published on Friday morning. The firm currently has a $32.00 price objective on the oil and gas exploration company’s stock.

Several other equities analysts have also recently weighed in on RRC. Robert W. Baird lowered their target price on Range Resources Corporation from $29.00 to $22.00 and set a neutral rating on the stock in a research note on Friday, August 11th. KeyCorp reaffirmed a hold rating on shares of Range Resources Corporation in a research note on Wednesday, September 6th. Scotiabank set a $35.00 target price on Range Resources Corporation and gave the company a buy rating in a research note on Saturday, July 1st. Citigroup Inc. lowered their target price on Range Resources Corporation from $34.00 to $30.00 and set a buy rating on the stock in a research note on Tuesday, August 15th. Finally, Barclays PLC reaffirmed an underweight rating and set a $18.00 target price (down previously from $20.00) on shares of Range Resources Corporation in a research note on Wednesday, August 9th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $38.33.

Range Resources Corporation (NYSE RRC) opened at 16.97 on Friday. Range Resources Corporation has a one year low of $15.99 and a one year high of $42.80. The stock has a market capitalization of $4.14 billion, a price-to-earnings ratio of 114.66 and a beta of 0.94. The stock’s 50 day moving average is $18.37 and its 200 day moving average is $23.68.

Range Resources Corporation (NYSE:RRC) last released its earnings results on Tuesday, August 1st. The oil and gas exploration company reported $0.28 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.20. Range Resources Corporation had a return on equity of 0.67% and a net margin of 1.75%. The company had revenue of $565 million for the quarter, compared to analysts’ expectations of $544.08 million. During the same quarter in the previous year, the business posted ($1.35) EPS. The business’s revenue for the quarter was up 55.8% on a year-over-year basis. On average, equities analysts forecast that Range Resources Corporation will post $0.51 EPS for the current year.

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The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be given a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.47%. The ex-dividend date is Thursday, September 14th. Range Resources Corporation’s dividend payout ratio is currently 100.01%.

In other news, Director James M. Funk acquired 4,000 shares of the stock in a transaction dated Wednesday, June 14th. The shares were acquired at an average cost of $22.96 per share, for a total transaction of $91,840.00. Following the completion of the transaction, the director now owns 11,303 shares in the company, valued at approximately $259,516.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steffen E. Palko acquired 15,000 shares of the stock in a transaction dated Thursday, August 10th. The shares were purchased at an average price of $16.81 per share, for a total transaction of $252,150.00. Following the completion of the transaction, the director now owns 27,267 shares of the company’s stock, valued at approximately $458,358.27. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 30,000 shares of company stock worth $541,640. Company insiders own 0.42% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sentry Investment Management LLC increased its position in shares of Range Resources Corporation by 858.6% during the second quarter. Sentry Investment Management LLC now owns 135,628 shares of the oil and gas exploration company’s stock valued at $3,143,000 after purchasing an additional 121,479 shares during the period. Toronto Dominion Bank increased its position in shares of Range Resources Corporation by 27.1% during the second quarter. Toronto Dominion Bank now owns 64,474 shares of the oil and gas exploration company’s stock valued at $1,493,000 after purchasing an additional 13,740 shares during the period. Dynamic Technology Lab Private Ltd increased its position in shares of Range Resources Corporation by 57.6% during the second quarter. Dynamic Technology Lab Private Ltd now owns 26,545 shares of the oil and gas exploration company’s stock valued at $615,000 after purchasing an additional 9,704 shares during the period. Public Employees Retirement System of Ohio increased its position in shares of Range Resources Corporation by 9.9% during the second quarter. Public Employees Retirement System of Ohio now owns 111,453 shares of the oil and gas exploration company’s stock valued at $2,582,000 after purchasing an additional 10,043 shares during the period. Finally, Kingfisher Capital LLC increased its position in shares of Range Resources Corporation by 8.3% during the second quarter. Kingfisher Capital LLC now owns 42,769 shares of the oil and gas exploration company’s stock valued at $991,000 after purchasing an additional 3,292 shares during the period. Institutional investors and hedge funds own 95.34% of the company’s stock.

About Range Resources Corporation

Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil company. The Company is engaged in the exploration and production of natural gas, NGLs and oil in the United States. It is engaged in the exploration, development and acquisition of natural gas and crude oil properties located primarily in the Appalachian and North Louisiana regions of the United States.

Analyst Recommendations for Range Resources Corporation (NYSE:RRC)

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