B. Riley Weighs in on Range Resources Corp.’s Q3 2018 Earnings (RRC)
Range Resources Corp. (NYSE:RRC) – Stock analysts at B. Riley dropped their Q3 2018 EPS estimates for Range Resources in a research note issued on Tuesday, October 9th. B. Riley analyst R. Rashid now forecasts that the oil and gas exploration company will post earnings of $0.17 per share for the quarter, down from their prior estimate of $0.19. B. Riley currently has a “Buy” rating and a $22.00 price objective on the stock. B. Riley also issued estimates for Range Resources’ Q4 2018 earnings at $0.23 EPS, FY2018 earnings at $0.96 EPS, Q1 2019 earnings at $0.45 EPS, Q2 2019 earnings at $0.35 EPS, Q3 2019 earnings at $0.39 EPS, Q4 2019 earnings at $0.60 EPS, FY2019 earnings at $1.79 EPS, Q2 2020 earnings at $0.39 EPS and FY2020 earnings at $2.25 EPS.
Several other equities research analysts also recently commented on the company. Capital One Financial upgraded Range Resources from an “equal weight” rating to an “overweight” rating in a report on Tuesday, July 31st. Morgan Stanley dropped their target price on Range Resources from $17.00 to $16.00 and set an “underweight” rating on the stock in a report on Thursday, August 16th. Royal Bank of Canada set a $21.00 target price on Range Resources and gave the company a “buy” rating in a report on Thursday, September 20th. KLR Group reiterated a “buy” rating and set a $23.00 target price on shares of Range Resources in a report on Monday, August 20th. Finally, Piper Jaffray Companies reiterated a “buy” rating and set a $27.00 target price on shares of Range Resources in a report on Friday, July 20th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and thirteen have given a buy rating to the company. Range Resources has a consensus rating of “Hold” and a consensus price target of $22.00.
Range Resources (NYSE:RRC) last released its quarterly earnings data on Monday, July 30th. The oil and gas exploration company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.09. The company had revenue of $745.00 million for the quarter, compared to the consensus estimate of $671.50 million. Range Resources had a return on equity of 4.00% and a net margin of 2.46%. The company’s quarterly revenue was up 31.9% compared to the same quarter last year. During the same period last year, the business posted $0.06 EPS.
A number of hedge funds have recently bought and sold shares of RRC. St. Johns Investment Management Company LLC purchased a new stake in Range Resources during the 2nd quarter worth approximately $100,000. Envestnet Asset Management Inc. increased its holdings in Range Resources by 53.9% during the 1st quarter. Envestnet Asset Management Inc. now owns 9,509 shares of the oil and gas exploration company’s stock worth $138,000 after purchasing an additional 3,331 shares during the last quarter. Point72 Asia Hong Kong Ltd purchased a new stake in Range Resources during the 1st quarter worth approximately $143,000. Engineers Gate Manager LP purchased a new stake in Range Resources during the 2nd quarter worth approximately $207,000. Finally, Los Angeles Capital Management & Equity Research Inc. purchased a new stake in Range Resources during the 2nd quarter worth approximately $212,000. Institutional investors own 96.48% of the company’s stock.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 28th. Shareholders of record on Friday, September 14th were issued a dividend of $0.02 per share. The ex-dividend date of this dividend was Thursday, September 13th. This represents a $0.08 annualized dividend and a yield of 0.48%. Range Resources’s dividend payout ratio is presently 13.79%.
Range Resources Company Profile
Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), and oil company. It engages in the exploration, development, and acquisition of natural gas and oil properties. It holds interests in developed and undeveloped natural gas and oil leases in the Appalachian and North Louisiana regions of the United States.
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