Morgan Stanley Raises Range Resources (NYSE:RRC) Price Target to $33.00

Range Resources (NYSE:RRC) had its price objective boosted by Morgan Stanley from $23.00 to $33.00 in a report released on Wednesday, Benzinga reports. The firm currently has an underweight rating on the oil and gas exploration company’s stock.

Several other equities research analysts have also recently commented on the stock. Truist Financial cut their price objective on shares of Range Resources from $32.00 to $30.00 and set a hold rating on the stock in a research report on Friday, April 5th. Raymond James decreased their price objective on Range Resources from $37.00 to $36.00 and set an outperform rating for the company in a report on Wednesday, January 24th. StockNews.com upgraded Range Resources to a sell rating in a research note on Wednesday, March 13th. Piper Sandler decreased their price target on shares of Range Resources from $42.00 to $40.00 and set an overweight rating for the company in a research note on Thursday, March 7th. Finally, Scotiabank downgraded 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 equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Hold and a consensus price target of $35.80.

Range Resources Stock Up 1.4 %

NYSE:RRC opened at $35.27 on Wednesday. Range Resources has a 1 year low of $23.92 and a 1 year high of $37.88. The stock has a 50-day moving average price of $33.03 and a two-hundred day moving average price of $32.25. The stock has a market cap of $8.54 billion, a price-to-earnings ratio of 9.96 and a beta of 1.83. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.47.

Range Resources (NYSE:RRC) last posted 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 return on equity of 15.87% and a net margin of 25.82%. The business had revenue of $941.40 million during the quarter, compared to analysts’ expectations of $672.25 million. During the same period in the prior year, the business earned $1.26 EPS. Range Resources’s revenue for the quarter was down 42.3% compared to the same quarter last year. As a group, equities analysts expect that Range Resources will post 1.91 earnings per share for the current year.

Range Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors 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 0.91%. The ex-dividend date of this dividend was Thursday, March 14th. Range Resources’s dividend payout ratio (DPR) is presently 9.04%.

Hedge Funds Weigh In On Range Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Raleigh Capital Management Inc. acquired a new stake in shares of Range Resources during the 3rd quarter worth about $26,000. Cary Street Partners Investment Advisory LLC bought a new stake in shares of Range Resources during the third quarter worth approximately $27,000. Benjamin F. Edwards & Company Inc. boosted its holdings in shares of Range Resources by 333.0% during 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 acquiring an additional 666 shares during the period. Lazard Asset Management LLC acquired a new position in shares of Range Resources in the second quarter valued at approximately $28,000. Finally, Proffitt & Goodson Inc. bought a new position in shares of Range Resources during the third quarter worth approximately $32,000. 98.93% of the stock is 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.