Range Resources Co. to Post Q3 2024 Earnings of $0.35 Per Share, Capital One Financial Forecasts (NYSE:RRC)

Range Resources Co. (NYSE:RRC) – Analysts at Capital One Financial decreased their Q3 2024 earnings per share (EPS) estimates for Range Resources in a research report issued on Tuesday, October 15th. Capital One Financial analyst B. Velie now anticipates that the oil and gas exploration company will post earnings per share of $0.35 for the quarter, down from their prior estimate of $0.38. The consensus estimate for Range Resources’ current full-year earnings is $1.88 per share. Capital One Financial also issued estimates for Range Resources’ FY2024 earnings at $1.95 EPS.

Range Resources (NYSE:RRC) last released its earnings results on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.05. The business had revenue of $641.30 million during the quarter, compared to the consensus estimate of $610.24 million. Range Resources had a net margin of 17.62% and a return on equity of 13.93%. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.27 EPS.

A number of other analysts have also commented on the company. Jefferies Financial Group lifted their price target on Range Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a report on Monday, July 8th. Benchmark reissued a “hold” rating on shares of Range Resources in a research note on Wednesday, July 24th. Royal Bank of Canada restated a “sector perform” rating and issued a $39.00 price objective on shares of Range Resources in a research report on Thursday, July 25th. Wolfe Research started coverage on Range Resources in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Finally, Morgan Stanley lowered their target price on shares of Range Resources from $33.00 to $31.00 and set an “underweight” rating for the company in a report on Monday, September 16th. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Range Resources presently has a consensus rating of “Hold” and an average price target of $35.41.

Range Resources Trading Down 2.3 %

RRC opened at $29.89 on Wednesday. The company has a fifty day moving average price of $30.17 and a two-hundred day moving average price of $33.27. Range Resources has a 1-year low of $27.29 and a 1-year high of $39.33. 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 company has a market cap of $7.25 billion, a P/E ratio of 15.17 and a beta of 1.80.

Range Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.07%. The ex-dividend date was Friday, September 13th. Range Resources’s dividend payout ratio is presently 16.24%.

Insider Buying and Selling at Range Resources

In other news, VP Ashley Kavanaugh sold 12,700 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $31.45, for a total transaction of $399,415.00. Following the sale, the vice president now directly owns 9,670 shares of the company’s stock, valued at $304,121.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.57% of the stock is currently owned by company insiders.

Institutional Trading of Range Resources

Several institutional investors and hedge funds have recently bought and sold shares of the business. Fifth Third Bancorp raised its holdings in shares of Range Resources by 21.2% during the second quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock worth $57,000 after purchasing an additional 299 shares during the last quarter. Perkins Coie Trust Co acquired a new position in shares of Range Resources in the 2nd quarter valued at about $67,000. International Assets Investment Management LLC purchased a new stake in shares of Range Resources in the second quarter worth about $67,000. CWM LLC grew its holdings in Range Resources by 276.8% during the third quarter. CWM LLC now owns 2,306 shares of the oil and gas exploration company’s stock worth $71,000 after acquiring an additional 1,694 shares during the period. Finally, nVerses Capital LLC purchased a new position in Range Resources during the second quarter valued at approximately $107,000. 98.93% of the stock is currently owned by institutional investors and hedge funds.

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.