Range Resources (NYSE:RRC) Price Target Raised to $41.00 at Piper Sandler

Range Resources (NYSE:RRC) had its price objective lifted by Piper Sandler from $40.00 to $41.00 in a research report sent to investors on Friday morning, Benzinga reports. Piper Sandler currently has an overweight rating on the oil and gas exploration company’s stock.

A number of other research analysts also recently issued reports on the company. 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 dropped their price target on Range Resources from $37.00 to $36.00 and set an outperform rating on the stock in a research note on Wednesday, January 24th. Morgan Stanley raised their price target on Range Resources from $23.00 to $33.00 and gave the stock an underweight rating in a research note on Wednesday. Scotiabank downgraded Range Resources from a sector outperform rating to a sector perform rating and raised their price target for the stock from $40.00 to $45.00 in a research note on Thursday, April 11th. Finally, Barclays began coverage on Range Resources in a research note on Wednesday, April 10th. They set an underweight rating and a $35.00 price target on the stock. Five equities research analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Range Resources currently has a consensus rating of Hold and a consensus price target of $35.80.

Range Resources Price Performance

Shares of NYSE RRC opened at $35.27 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.49 and a current ratio of 1.49. Range Resources has a fifty-two week low of $23.92 and a fifty-two week high of $37.88. The firm has a market capitalization of $8.54 billion, a PE ratio of 9.96 and a beta of 1.83. The stock’s 50-day simple moving average is $33.03 and its 200-day simple moving average is $32.25.

Range Resources (NYSE:RRC) last issued its earnings results on Wednesday, February 21st. The oil and gas exploration company reported $0.63 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $672.25 million. During the same quarter last year, the company earned $1.26 EPS. The business’s quarterly revenue was down 42.3% on a year-over-year basis. As a group, equities research analysts forecast that Range Resources will post 1.94 EPS for the current fiscal year.

Range Resources Announces Dividend

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. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.91%. Range Resources’s dividend payout ratio (DPR) is presently 9.04%.

Institutional Trading of Range Resources

A number of institutional investors have recently modified their holdings of RRC. Raymond James & Associates raised its holdings in Range Resources by 12.4% during the first quarter. Raymond James & Associates now owns 45,351 shares of the oil and gas exploration company’s stock worth $1,378,000 after purchasing an additional 4,987 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in Range Resources by 31.8% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 35,865 shares of the oil and gas exploration company’s stock worth $1,090,000 after purchasing an additional 8,648 shares during the last quarter. Vontobel Holding Ltd. acquired a new position in Range Resources during the first quarter worth $213,000. Lord Abbett & CO. LLC acquired a new position in Range Resources during the first quarter worth $7,059,000. Finally, Canada Pension Plan Investment Board raised its holdings in Range Resources by 1,102.7% during the first quarter. Canada Pension Plan Investment Board now owns 151,710 shares of the oil and gas exploration company’s stock worth $4,609,000 after purchasing an additional 139,096 shares during the last quarter. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

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.