Piper Sandler Raises Range Resources (NYSE:RRC) Price Target to $41.00

Range Resources (NYSE:RRC) had its target price hoisted by Piper Sandler from $40.00 to $41.00 in a research note published on Friday morning, Benzinga reports. They currently have an overweight rating on the oil and gas exploration company’s stock.

RRC has been the subject of a number of other reports. Morgan Stanley lifted their price objective on shares of Range Resources from $23.00 to $33.00 and gave the company an underweight rating in a report on Wednesday, April 17th. Scotiabank cut shares of Range Resources from a sector outperform rating to a sector perform rating and boosted their price target for the stock from $40.00 to $45.00 in a report on Thursday, April 11th. Citigroup lifted their price objective on shares of Range Resources from $33.00 to $37.00 and gave the stock a neutral rating in a research report on Wednesday, April 3rd. StockNews.com raised shares of Range Resources to a sell rating in a research report on Wednesday, March 13th. Finally, Susquehanna reaffirmed a neutral rating and issued a $34.00 price objective (down previously from $43.00) on shares of Range Resources in a research report on Friday, January 26th. Five investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $35.90.

Range Resources Stock Performance

NYSE RRC opened at $36.12 on Friday. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $8.74 billion, a price-to-earnings ratio of 10.20 and a beta of 1.83. The firm’s 50 day simple moving average is $33.18 and its 200 day simple moving average is $32.30. Range Resources has a 1 year low of $23.92 and a 1 year high of $37.88.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Wednesday, February 21st. The oil and gas exploration company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.21. The firm had revenue of $941.40 million during the quarter, compared to the consensus estimate of $672.25 million. Range Resources had a net margin of 25.82% and a return on equity of 15.87%. The company’s revenue for the quarter was down 42.3% on a year-over-year basis. During the same quarter last year, the firm earned $1.26 earnings per share. As a group, research analysts expect that Range Resources will post 1.94 earnings per share for the current fiscal year.

Range Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were paid a $0.08 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.32 annualized dividend and a dividend yield of 0.89%. Range Resources’s payout ratio is 9.04%.

Institutional Trading of Range Resources

Institutional investors have recently bought and sold shares of the company. Orser Capital Management LLC boosted its holdings in shares of Range Resources by 0.8% in the first quarter. Orser Capital Management LLC now owns 54,223 shares of the oil and gas exploration company’s stock worth $1,867,000 after buying an additional 427 shares during the last quarter. Alliance Wealth Advisors LLC UT raised its stake in Range Resources by 4.3% during the 4th quarter. Alliance Wealth Advisors LLC UT now owns 10,403 shares of the oil and gas exploration company’s stock worth $317,000 after acquiring an additional 431 shares during the period. Fifth Third Bancorp raised its stake in Range Resources by 57.7% during the 3rd quarter. Fifth Third Bancorp now owns 1,339 shares of the oil and gas exploration company’s stock worth $43,000 after acquiring an additional 490 shares during the period. Lmcg Investments LLC raised its stake in Range Resources by 0.4% during the 4th quarter. Lmcg Investments LLC now owns 154,245 shares of the oil and gas exploration company’s stock worth $4,695,000 after acquiring an additional 546 shares during the period. Finally, Xponance Inc. raised its stake in Range Resources by 2.0% during the 4th quarter. Xponance Inc. now owns 29,187 shares of the oil and gas exploration company’s stock worth $888,000 after acquiring an additional 579 shares during the period. 98.93% of the stock is owned by hedge funds and other institutional investors.

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.