Piper Sandler Forecasts Strong Price Appreciation for Range Resources (NYSE:RRC) Stock

Range Resources (NYSE:RRC) had its target price upped by Piper Sandler from $32.00 to $33.00 in a research report report published on Thursday,Benzinga reports. They currently have a neutral rating on the oil and gas exploration company’s stock.

A number of other equities analysts have also weighed in on the stock. Royal Bank of Canada reiterated a “sector perform” rating and issued a $40.00 price target on shares of Range Resources in a report on Tuesday, January 14th. Benchmark reiterated a “hold” rating on shares of Range Resources in a report on Friday, January 17th. Citigroup upped their price target on Range Resources from $33.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Bank of America upgraded Range Resources from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $34.00 to $45.00 in a report on Monday, January 13th. Finally, Stephens raised their price target on shares of Range Resources from $43.00 to $44.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $39.06.

Range Resources Price Performance

RRC stock opened at $35.39 on Thursday. The stock has a market capitalization of $8.54 billion, a price-to-earnings ratio of 17.88, a price-to-earnings-growth ratio of 5.11 and a beta of 1.77. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.28. Range Resources has a 52-week low of $27.29 and a 52-week high of $41.95. The stock’s fifty day simple moving average is $38.14 and its 200-day simple moving average is $34.10.

Range Resources (NYSE:RRC) last posted its quarterly earnings data on Tuesday, February 25th. The oil and gas exploration company reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.13. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. The company had revenue of $626.42 million during the quarter, compared to the consensus estimate of $676.53 million. During the same quarter in the prior year, the company posted $0.63 EPS. Equities research analysts expect that Range Resources will post 2.02 EPS for the current year.

Range Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be given a $0.09 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.36 annualized dividend and a dividend yield of 1.02%. This is an increase from Range Resources’s previous quarterly dividend of $0.08. Range Resources’s payout ratio is presently 29.09%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its stake in Range Resources by 61.9% during the third quarter. JPMorgan Chase & Co. now owns 1,579,579 shares of the oil and gas exploration company’s stock worth $48,588,000 after purchasing an additional 604,199 shares during the last quarter. HITE Hedge Asset Management LLC bought a new position in shares of Range Resources in the 3rd quarter worth about $11,508,000. Calamos Advisors LLC acquired a new position in shares of Range Resources in the 4th quarter valued at about $567,000. Radnor Capital Management LLC grew its position in shares of Range Resources by 156.2% during the 4th quarter. Radnor Capital Management LLC now owns 42,993 shares of the oil and gas exploration company’s stock valued at $1,547,000 after buying an additional 26,213 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Range Resources by 4.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,017,704 shares of the oil and gas exploration company’s stock worth $62,065,000 after acquiring an additional 92,217 shares during the period. 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.