Range Resources Corp. (RRC) Earns Buy Rating from Analysts at GMP Securities
GMP Securities assumed coverage on shares of Range Resources Corp. (NYSE:RRC) in a research report sent to investors on Wednesday morning. The firm issued a buy rating and a $47.00 price target on the oil and gas exploration company’s stock.
Several other analysts also recently issued reports on the company. Barclays PLC assumed coverage on Range Resources Corp. in a research note on Wednesday, September 28th. They set an underweight rating and a $34.00 price target for the company. Credit Suisse Group AG reiterated an outperform rating and set a $49.00 price target on shares of Range Resources Corp. in a research note on Wednesday, September 21st. Morgan Stanley assumed coverage on Range Resources Corp. in a research note on Tuesday, September 20th. They set an equal weight rating and a $45.00 price target for the company. Jefferies Group set a $50.00 price objective on Range Resources Corp. and gave the stock a buy rating in a research report on Friday, September 9th. Finally, Zacks Investment Research cut Range Resources Corp. from a buy rating to a hold rating in a research report on Monday, August 1st. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of Buy and a consensus price target of $44.53.
Range Resources Corp. (NYSE:RRC) opened at 38.75 on Wednesday. The firm’s market cap is $6.46 billion. The stock has a 50 day moving average price of $39.53 and a 200 day moving average price of $39.99. Range Resources Corp. has a 12 month low of $19.21 and a 12 month high of $46.96.
Range Resources Corp. (NYSE:RRC) last released its quarterly earnings results on Tuesday, July 26th. The oil and gas exploration company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.07. The company earned $362.67 million during the quarter, compared to the consensus estimate of $327.40 million. Range Resources Corp. had a negative return on equity of 14.57% and a negative net margin of 71.00%. The firm’s revenue was down 10.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.01 EPS. On average, equities analysts expect that Range Resources Corp. will post ($0.21) earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Friday, September 16th were paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.21%. The ex-dividend date of this dividend was Wednesday, September 14th. Range Resources Corp.’s payout ratio is presently -1.42%.
In related news, COO Ray N. Walker, Jr. sold 13,350 shares of the firm’s stock in a transaction on Monday, September 19th. The stock was sold at an average price of $37.53, for a total transaction of $501,025.50. Following the sale, the chief operating officer now owns 42,598 shares of the company’s stock, valued at approximately $1,598,702.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gregory Gene Maxwell acquired 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 27th. The shares were acquired at an average cost of $37.00 per share, for a total transaction of $37,000.00. Following the purchase, the director now directly owns 12,211 shares in the company, valued at approximately $451,807. The disclosure for this purchase can be found here. Corporate insiders own 2.40% of the company’s stock.
A number of hedge funds have recently modified their holdings of RRC. Northwestern Mutual Wealth Management Co. increased its stake in shares of Range Resources Corp. by 49.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,322 shares of the oil and gas exploration company’s stock valued at $100,000 after buying an additional 769 shares during the last quarter. SevenBridge Financial Group LLC purchased a new stake in Range Resources Corp. during the second quarter valued at about $115,000. AXA increased its stake in Range Resources Corp. by 26.4% in the first quarter. AXA now owns 3,128 shares of the oil and gas exploration company’s stock valued at $101,000 after buying an additional 653 shares in the last quarter. Euclid Advisors LLC purchased a new stake in Range Resources Corp. during the second quarter valued at about $170,000. Finally, Stephens Inc. AR increased its stake in Range Resources Corp. by 24.9% in the second quarter. Stephens Inc. AR now owns 4,049 shares of the oil and gas exploration company’s stock valued at $175,000 after buying an additional 808 shares in the last quarter.
About Range Resources Corp.
Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil company. The Company operates through the exploration and production of natural gas, NGLs and oil in the United States segment. The Company is engaged in the exploration, development and acquisition of natural gas and oil properties, focused in the Appalachian region of the United States.
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