Range Resources (NYSE:RRC) Stock Price Target Lowered at Truist Financial

Range Resources (NYSE:RRC) had its price target lowered by Truist Financial from $45.00 to $43.00 in a report issued on Monday morning,Benzinga reports. The firm currently has a hold rating on the oil and gas exploration company’s stock.

A number of other analysts also recently issued reports on RRC. Morgan Stanley lowered their target price on Range Resources from $44.00 to $43.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 19th. Raymond James Financial set a $45.00 price target on Range Resources in a research report on Monday, July 27th. Wells Fargo & Company cut their price objective on Range Resources from $46.00 to $45.00 and set an “equal weight” rating for the company in a report on Thursday, July 23rd. Citigroup reissued a “neutral” rating on shares of Range Resources in a research note on Thursday, July 23rd. Finally, UBS Group dropped their price target on shares of Range Resources from $49.00 to $44.00 and set a “neutral” rating on the stock in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, sixteen have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $44.00.

Range Resources Trading Up 1.2%

RRC opened at $38.68 on Monday. The stock has a market capitalization of $9.04 billion, a P/E ratio of 10.69 and a beta of 0.71. Range Resources has a 12 month low of $32.68 and a 12 month high of $48.31. The firm’s fifty day simple moving average is $40.02 and its 200 day simple moving average is $40.27. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.18.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.13. Range Resources had a return on equity of 18.63% and a net margin of 25.04%.The firm had revenue of $759.58 million during the quarter, compared to the consensus estimate of $744.78 million. During the same quarter in the prior year, the firm posted $0.66 EPS. The business’s revenue was down 2.7% on a year-over-year basis. As a group, research analysts anticipate that Range Resources will post 3.73 EPS for the current fiscal year.

Range Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 11th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Friday, September 11th. Range Resources’s dividend payout ratio is currently 11.05%.

Insider Transactions at Range Resources

In other Range Resources news, Director Reginal Spiller sold 3,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $40.00, for a total transaction of $140,000.00. Following the completion of the sale, the director directly owned 13,421 shares in the company, valued at $536,840. This trade represents a 20.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Range Resources

Several institutional investors and hedge funds have recently made changes to their positions in RRC. CX Institutional bought a new position in shares of Range Resources during the third quarter worth approximately $6,360,000. MAC Alpha Capital Management LP boosted its stake in Range Resources by 41.6% in the 2nd quarter. MAC Alpha Capital Management LP now owns 250,456 shares of the oil and gas exploration company’s stock valued at $9,315,000 after purchasing an additional 73,600 shares during the period. Sequoia Financial Advisors LLC boosted its stake in Range Resources by 89.0% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 10,811 shares of the oil and gas exploration company’s stock valued at $402,000 after purchasing an additional 5,092 shares during the period. Tidal Investments LLC boosted its stake in Range Resources by 62.8% in the 2nd quarter. Tidal Investments LLC now owns 73,725 shares of the oil and gas exploration company’s stock valued at $2,742,000 after purchasing an additional 28,438 shares during the period. Finally, SailingStone Capital Partners LLC increased its position in Range Resources by 53.2% during the 2nd quarter. SailingStone Capital Partners LLC now owns 1,504,350 shares of the oil and gas exploration company’s stock worth $55,947,000 after buying an additional 522,319 shares during the period. Institutional investors and hedge funds own 98.93% of the company’s stock.

About Range Resources

Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil producer headquartered in Fort Worth, Texas. The company explores for, develops and produces hydrocarbons, with a primary focus on unconventional shale resources in the Appalachian Basin.

Range’s principal operating area is the Marcellus Shale in southwestern Pennsylvania, where it produces natural gas, NGLs and condensate. Its products are sold to customers through regional and interstate pipeline systems and other market channels serving utilities, industrial users, power generators and other energy markets.

Founded in 1976, Range Resources has historically operated in several U.S.