Range Resources (NYSE:RRC) Sets New 52-Week High After Analyst Upgrade

Shares of Range Resources Corporation (NYSE:RRC) hit a new 52-week high during mid-day trading on Thursday after Piper Sandler raised their price target on the stock from $41.00 to $42.00. Piper Sandler currently has a neutral rating on the stock. Range Resources traded as high as $43.55 and last traded at $42.9820, with a volume of 2709811 shares trading hands. The stock had previously closed at $41.95.

A number of other equities analysts have also issued reports on the stock. TD Cowen raised shares of Range Resources to a “hold” rating in a research report on Monday, February 9th. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $39.00 price objective (down from $44.00) on shares of Range Resources in a research note on Monday, December 8th. UBS Group boosted their target price on shares of Range Resources from $38.00 to $43.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. Wells Fargo & Company upped their price target on shares of Range Resources from $43.00 to $46.00 and gave the company an “equal weight” rating in a report on Thursday, February 26th. Finally, Royal Bank Of Canada cut their price target on Range Resources from $46.00 to $44.00 and set a “sector perform” rating on the stock in a research report on Wednesday, January 14th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Range Resources currently has a consensus rating of “Hold” and an average price target of $42.13.

Hedge Funds Weigh In On Range Resources

A number of large investors have recently bought and sold shares of RRC. Empowered Funds LLC increased its position in shares of Range Resources by 2.1% in the first quarter. Empowered Funds LLC now owns 75,851 shares of the oil and gas exploration company’s stock valued at $3,029,000 after buying an additional 1,563 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Range Resources by 1.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 466,796 shares of the oil and gas exploration company’s stock valued at $18,639,000 after acquiring an additional 8,816 shares during the period. Focus Partners Wealth purchased a new stake in Range Resources in the 1st quarter worth $285,000. Savant Capital LLC increased its holdings in Range Resources by 48.4% in the 2nd quarter. Savant Capital LLC now owns 10,329 shares of the oil and gas exploration company’s stock worth $420,000 after acquiring an additional 3,369 shares in the last quarter. Finally, Parkside Financial Bank & Trust raised its position in Range Resources by 510.0% during the second quarter. Parkside Financial Bank & Trust now owns 1,708 shares of the oil and gas exploration company’s stock worth $69,000 after acquiring an additional 1,428 shares during the period. Institutional investors and hedge funds own 98.93% of the company’s stock.

Range Resources Trading Up 2.4%

The company has a debt-to-equity ratio of 0.28, a current ratio of 0.67 and a quick ratio of 0.67. The firm has a market capitalization of $10.11 billion, a PE ratio of 15.69, a P/E/G ratio of 0.37 and a beta of 0.57. The company’s fifty day simple moving average is $37.11 and its 200-day simple moving average is $36.81.

Range Resources (NYSE:RRC) last released its earnings results on Tuesday, February 24th. The oil and gas exploration company reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.13. The business had revenue of $786.89 million during the quarter, compared to analysts’ expectations of $770.92 million. Range Resources had a net margin of 21.12% and a return on equity of 16.31%. The company’s quarterly revenue was up 30.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.68 earnings per share. As a group, sell-side analysts expect that Range Resources Corporation will post 2.02 earnings per share for the current fiscal year.

Range Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.9%. This is a boost from Range Resources’s previous quarterly dividend of $0.09. The ex-dividend date is Friday, March 13th. Range Resources’s dividend payout ratio (DPR) is 13.14%.

About Range Resources

Range Resources Corporation, headquartered in Fort Worth, Texas, is an independent energy company engaged in the exploration, development and production of natural gas, oil and natural gas liquids. The company focuses its core operations on the Appalachian Basin, with a significant presence in Pennsylvania’s Marcellus Shale. Through its drilling and completion activities, Range Resources seeks to optimize production efficiency while maintaining a disciplined approach to capital allocation and cost management.

The company’s technical expertise centers on advanced horizontal drilling and hydraulic fracturing techniques, which it applies to unlock unconventional resources.