Royal Bank of Canada Reaffirms “Sector Perform” Rating for Range Resources (NYSE:RRC)

Royal Bank of Canada reaffirmed their sector perform rating on shares of Range Resources (NYSE:RRC) in a research note issued to investors on Tuesday,Benzinga reports. Royal Bank of Canada currently has a $40.00 price target on the oil and gas exploration company’s stock.

RRC has been the topic of a number of other reports. Truist Financial upped their price target on Range Resources from $31.00 to $35.00 and gave the stock a “hold” rating in a research note on Monday. Benchmark restated a “hold” rating on shares of Range Resources in a report on Wednesday, October 23rd. Bank of America upgraded shares of Range Resources from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $34.00 to $45.00 in a research note on Monday. Stephens raised their price objective on shares of Range Resources from $36.00 to $37.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Finally, Morgan Stanley dropped their price objective 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. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $37.16.

Range Resources Stock Performance

NYSE RRC opened at $41.30 on Tuesday. The stock has a fifty day simple moving average of $35.28 and a 200-day simple moving average of $32.48. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.28. The stock has a market cap of $9.96 billion, a PE ratio of 20.86 and a beta of 1.81. Range Resources has a twelve month low of $27.29 and a twelve month high of $41.65.

Range Resources (NYSE:RRC) last announced its earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.16. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. The company had revenue of $615.03 million during the quarter, compared to analyst estimates of $617.90 million. During the same quarter last year, the firm posted $0.43 earnings per share. Range Resources’s revenue was up .9% compared to the same quarter last year. Equities analysts anticipate that Range Resources will post 2 earnings per share for the current year.

Range Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 13th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.77%. The ex-dividend date of this dividend was Friday, December 13th. Range Resources’s dividend payout ratio (DPR) is 16.16%.

Insiders Place Their Bets

In related news, Director Charles G. Griffie bought 1,275 shares of the company’s stock in a transaction that occurred on Thursday, October 24th. The shares were purchased at an average cost of $31.46 per share, with a total value of $40,111.50. Following the transaction, the director now directly owns 5,921 shares of the company’s stock, valued at approximately $186,274.66. This represents a 27.44 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.57% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Range Resources

Several large investors have recently bought and sold shares of RRC. Choreo LLC purchased a new stake in shares of Range Resources in the 2nd quarter valued at about $213,000. Envestnet Asset Management Inc. increased its position in Range Resources by 10.2% during the second quarter. Envestnet Asset Management Inc. now owns 96,719 shares of the oil and gas exploration company’s stock worth $3,243,000 after buying an additional 8,969 shares during the period. Pekin Hardy Strauss Inc. lifted its stake in Range Resources by 6.0% in the second quarter. Pekin Hardy Strauss Inc. now owns 10,650 shares of the oil and gas exploration company’s stock valued at $357,000 after buying an additional 600 shares during the last quarter. Lingotto Investment Management LLP boosted its holdings in shares of Range Resources by 1.5% in the second quarter. Lingotto Investment Management LLP now owns 6,451,726 shares of the oil and gas exploration company’s stock valued at $216,326,000 after acquiring an additional 93,782 shares during the period. Finally, Vanguard Personalized Indexing Management LLC grew its position in shares of Range Resources by 9.3% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 35,568 shares of the oil and gas exploration company’s stock worth $1,193,000 after acquiring an additional 3,037 shares during the last quarter. Institutional investors and hedge funds 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.