Range Resources (NYSE:RRC) Releases Earnings Results, Beats Estimates By $0.07 EPS

Range Resources (NYSE:RRC) posted its earnings results on Tuesday. The oil and gas exploration company reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.07, Zacks reports. Range Resources had a return on equity of 18.64% and a net margin of 26.09%.The firm had revenue of $759.58 million during the quarter, compared to the consensus estimate of $744.26 million.

Range Resources Trading Up 2.8%

RRC stock traded up $1.03 during mid-day trading on Tuesday, reaching $37.70. 4,586,719 shares of the stock traded hands, compared to its average volume of 3,310,097. Range Resources has a one year low of $32.60 and a one year high of $48.31. The stock has a market capitalization of $8.88 billion, a PE ratio of 9.97 and a beta of 0.41. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.55 and a current ratio of 0.55. The business has a 50-day moving average price of $38.47 and a two-hundred day moving average price of $39.36.

Range Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were given a dividend of $0.10 per share. The ex-dividend date was Friday, June 12th. This represents a $0.40 dividend on an annualized basis and a yield of 1.1%. Range Resources’s payout ratio is 10.58%.

Wall Street Analysts Forecast Growth

RRC has been the topic of a number of recent research reports. Zacks Research downgraded shares of Range Resources from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. Truist Financial dropped their price objective on shares of Range Resources from $46.00 to $43.00 and set a “hold” rating for the company in a research note on Friday, July 10th. Stephens reduced their target price on shares of Range Resources from $53.00 to $52.00 and set an “overweight” rating on the stock in a report on Friday, July 10th. Freedom Capital upgraded shares of Range Resources from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 24th. Finally, Citigroup lowered their price target on shares of Range Resources from $50.00 to $45.00 and set a “neutral” rating for the company in a report on Tuesday, April 14th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $43.12.

Hedge Funds Weigh In On Range Resources

Several hedge funds have recently added to or reduced their stakes in RRC. Price T Rowe Associates Inc. MD lifted its stake in Range Resources by 1.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 27,660,494 shares of the oil and gas exploration company’s stock worth $975,311,000 after purchasing an additional 326,748 shares during the last quarter. Boston Partners grew its stake in shares of Range Resources by 59.3% during the third quarter. Boston Partners now owns 11,817,550 shares of the oil and gas exploration company’s stock valued at $445,196,000 after buying an additional 4,398,042 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Range Resources by 8.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 8,965,029 shares of the oil and gas exploration company’s stock valued at $316,123,000 after buying an additional 673,827 shares during the last quarter. Kopernik Global Investors LLC raised its holdings in shares of Range Resources by 18.5% in the fourth quarter. Kopernik Global Investors LLC now owns 5,238,903 shares of the oil and gas exploration company’s stock worth $184,724,000 after buying an additional 818,295 shares during the period. Finally, Invesco Ltd. raised its holdings in shares of Range Resources by 1.7% in the fourth quarter. Invesco Ltd. now owns 4,255,287 shares of the oil and gas exploration company’s stock worth $150,041,000 after buying an additional 71,351 shares during the period. 98.93% of the stock is currently owned by institutional investors.

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.