Range Resources (NYSE:RRC) Sets New 12-Month High – Still a Buy?

Range Resources Corporation (NYSE:RRC)’s share price reached a new 52-week high on Monday. The stock traded as high as $52.80 and last traded at $53.0570, with a volume of 1,918,724 shares trading hands. The stock had previously closed at $45.52.

Wall Street Analysts Forecast Growth

RRC has been the topic of several recent research reports. Truist Financial cut their price objective on shares of Range Resources from $45.00 to $43.00 and set a “hold” rating on the stock in a research report on Monday, October 5th. UBS Group decreased their target price on shares of Range Resources from $49.00 to $44.00 and set a “neutral” rating for the company in a research report on Friday, October 2nd. The Goldman Sachs Group restated a “neutral” rating and set a $37.00 price target on shares of Range Resources in a report on Tuesday, October 20th. BMO Capital Markets restated a “market perform” rating on shares of Range Resources in a report on Monday, October 5th. Finally, Barclays raised their target price on Range Resources from $40.00 to $42.00 and gave the company an “equal weight” rating in a report on Tuesday, September 8th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, seventeen have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $44.22.

Range Resources Trading Up 15.2%

The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.65 and a current ratio of 0.65. The company’s 50 day moving average is $40.75 and its 200 day moving average is $39.99. The stock has a market capitalization of $12.25 billion, a price-to-earnings ratio of 14.49 and a beta of 0.71.

Range Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 11th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Friday, September 11th. Range Resources’s dividend payout ratio (DPR) is presently 11.05%.

Insider Buying and Selling

In other Range Resources news, Director Reginal Spiller sold 3,500 shares of Range Resources stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $40.00, for a total transaction of $140,000.00. Following the sale, the director directly owned 13,421 shares of the company’s stock, valued at approximately $536,840. The trade was a 20.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Range Resources

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of Nova Scotia bought a new position in shares of Range Resources in the second quarter valued at approximately $2,220,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Range Resources by 23.4% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 549,315 shares of the oil and gas exploration company’s stock valued at $20,429,000 after purchasing an additional 104,096 shares in the last quarter. Entropy Technologies LP increased its holdings in Range Resources by 321.3% during the 1st quarter. Entropy Technologies LP now owns 52,114 shares of the oil and gas exploration company’s stock valued at $2,355,000 after purchasing an additional 39,745 shares in the last quarter. MAC Alpha Capital Management LP raised its position in Range Resources by 41.6% in the 2nd quarter. MAC Alpha Capital Management LP now owns 250,456 shares of the oil and gas exploration company’s stock valued at $9,315,000 after purchasing an additional 73,600 shares during the last quarter. Finally, Delta Global Management LP acquired a new position in Range Resources in the first quarter worth $2,459,000. Institutional investors own 98.93% of the company’s stock.

Range Resources Company Profile

Range Resources Corporation is an independent natural gas, natural gas liquids and oil exploration and production company. Its operations are concentrated in the Appalachian Basin, particularly the Marcellus Shale in southwestern Pennsylvania, where the company develops unconventional wells and produces natural gas, condensate and natural gas liquids.

The company’s activities include leasing and developing mineral properties, drilling and completing horizontal wells, and producing and marketing hydrocarbons.