Range Resources’ (RRC) “Underweight” Rating Reiterated at JPMorgan Chase & Co.

JPMorgan Chase & Co. restated their underweight rating on shares of Range Resources (NYSE:RRC) in a report issued on Monday morning, MarketBeat reports. They currently have a $39.00 price objective on the oil and gas exploration company’s stock, down from their previous price objective of $44.00.

A number of other research firms also recently issued reports on RRC. Piper Sandler decreased their price target on shares of Range Resources from $39.00 to $37.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 18th. Raymond James Financial reduced their target price on shares of Range Resources from $45.00 to $41.00 and set an “outperform” rating on the stock in a report on Friday, September 19th. Weiss Ratings restated a “hold (c)” rating on shares of Range Resources in a research report on Monday, December 1st. Mizuho lifted their price target on Range Resources from $42.00 to $46.00 and gave the stock an “outperform” rating in a research report on Thursday, October 9th. Finally, Barclays raised Range Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 18th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $41.60.

Range Resources Trading Down 0.7%

Shares of RRC stock opened at $37.26 on Monday. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $8.83 billion, a price-to-earnings ratio of 15.66, a price-to-earnings-growth ratio of 0.29 and a beta of 0.47. Range Resources has a 12-month low of $30.32 and a 12-month high of $43.50. The stock’s 50-day moving average price is $37.74 and its 200-day moving average price is $37.27.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, October 28th. The oil and gas exploration company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.03. The business had revenue of $655.30 million during the quarter, compared to analysts’ expectations of $721.22 million. Range Resources had a return on equity of 15.99% and a net margin of 19.64%.The firm’s revenue for the quarter was up 21.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.48 EPS. Equities research analysts predict that Range Resources will post 2.02 EPS for the current fiscal year.

Range Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 12th will be given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Friday, December 12th. Range Resources’s payout ratio is 15.13%.

Institutional Investors Weigh In On Range Resources

Institutional investors and hedge funds have recently modified their holdings of the business. Allworth Financial LP boosted its holdings in Range Resources by 304.4% during the 3rd quarter. Allworth Financial LP now owns 4,460 shares of the oil and gas exploration company’s stock valued at $168,000 after acquiring an additional 3,357 shares during the period. Swiss Life Asset Management Ltd lifted its position in shares of Range Resources by 78.2% during the third quarter. Swiss Life Asset Management Ltd now owns 11,064 shares of the oil and gas exploration company’s stock worth $416,000 after purchasing an additional 4,854 shares during the last quarter. WBI Investments LLC purchased a new stake in shares of Range Resources during the third quarter valued at $276,000. Caerus Investment Advisors LLC bought a new position in shares of Range Resources in the third quarter worth about $513,000. Finally, Captrust Financial Advisors grew its holdings in shares of Range Resources by 130.9% in the third quarter. Captrust Financial Advisors now owns 58,976 shares of the oil and gas exploration company’s stock worth $2,220,000 after purchasing an additional 33,438 shares during the last quarter. 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.