Range Resources (NYSE:RRC) Price Target Cut to $31.00

Range Resources (NYSE:RRC) had its price objective lowered by Morgan Stanley from $33.00 to $31.00 in a report issued on Monday, Benzinga reports. The brokerage currently has an underweight rating on the oil and gas exploration company’s stock.

A number of other research analysts also recently issued reports on RRC. Susquehanna reduced their price objective on shares of Range Resources from $36.00 to $31.00 and set a neutral rating on the stock in a research report on Wednesday, September 4th. Mizuho reduced their price target on shares of Range Resources from $47.00 to $45.00 and set an outperform rating on the stock in a research report on Monday. Piper Sandler downgraded shares of Range Resources from an overweight rating to a neutral rating and decreased their price target for the stock from $43.00 to $31.00 in a research note on Thursday, August 15th. Scotiabank raised Range Resources from a sector perform rating to a sector outperform rating and set a $45.00 price objective on the stock in a research report on Tuesday, August 20th. Finally, Wolfe Research initiated coverage on Range Resources in a report on Thursday, July 18th. They set a peer perform rating on the stock. Five research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $36.10.

Range Resources Stock Performance

Range Resources stock opened at $30.51 on Monday. Range Resources has a 1-year low of $27.29 and a 1-year high of $39.33. The firm has a market cap of $7.40 billion, a P/E ratio of 15.49 and a beta of 1.80. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.28. The firm has a 50-day moving average of $30.56 and a 200-day moving average of $33.52.

Range Resources (NYSE:RRC) last released its quarterly earnings data on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.05. Range Resources had a return on equity of 13.93% and a net margin of 17.62%. The business had revenue of $641.30 million during the quarter, compared to analysts’ expectations of $610.24 million. During the same quarter last year, the business posted $0.27 EPS. The business’s revenue was up 8.7% on a year-over-year basis. Sell-side analysts expect that Range Resources will post 2.07 EPS for the current year.

Range Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a $0.08 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.32 annualized dividend and a dividend yield of 1.05%. Range Resources’s dividend payout ratio is presently 16.24%.

Institutional Investors Weigh In On Range Resources

Institutional investors and hedge funds have recently made changes to their positions in the company. Fifth Third Bancorp boosted its stake in Range Resources by 21.2% during the 2nd quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock valued at $57,000 after purchasing an additional 299 shares during the last quarter. Perkins Coie Trust Co bought a new position in shares of Range Resources during the second quarter valued at $67,000. International Assets Investment Management LLC purchased a new stake in shares of Range Resources during the second quarter valued at $67,000. SYSTM Wealth Solutions LLC increased its holdings in Range Resources by 17.9% in the 1st quarter. SYSTM Wealth Solutions LLC now owns 2,141 shares of the oil and gas exploration company’s stock worth $74,000 after buying an additional 325 shares in the last quarter. Finally, nVerses Capital LLC purchased a new position in Range Resources in the 2nd quarter worth about $107,000. Institutional investors own 98.93% of the company’s stock.

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.