Range Resources (NYSE:RRC) Downgraded by Freedom Broker to “Hold”

Freedom Broker cut shares of Range Resources (NYSE:RRC) from a strong-buy rating to a hold rating in a research report released on Monday,Zacks reports.

A number of other equities analysts have also weighed in on the stock. Raymond James Financial reaffirmed an “outperform” rating and issued a $48.00 target price on shares of Range Resources in a research note on Friday, October 23rd. Weiss Ratings downgraded Range Resources from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday. Barclays boosted their price target on Range Resources from $40.00 to $42.00 and gave the company an “equal weight” rating in a report on Tuesday, September 8th. Citigroup reaffirmed a “neutral” rating on shares of Range Resources in a research report on Thursday, July 23rd. Finally, Stephens upped their price objective on Range Resources from $52.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, nineteen have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $46.22.

Range Resources Stock Performance

Shares of RRC stock opened at $53.91 on Monday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 0.74. Range Resources has a 52 week low of $32.68 and a 52 week high of $56.90. The company’s 50 day moving average price is $42.70 and its two-hundred day moving average price is $40.53. The company has a market capitalization of $12.60 billion, a P/E ratio of 14.30 and a beta of 0.64.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, October 27th. The oil and gas exploration company reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.06. Range Resources had a net margin of 25.25% and a return on equity of 19.15%. The company had revenue of $842.83 million during the quarter, compared to analysts’ expectations of $795.19 million. During the same quarter in the prior year, the company earned $0.57 earnings per share. The business’s quarterly revenue was up 12.6% compared to the same quarter last year. On average, analysts expect that Range Resources will post 3.85 earnings per share for the current fiscal year.

Range Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 11th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.7%. The ex-dividend date was Friday, September 11th. Range Resources’s dividend payout ratio is presently 10.61%.

Institutional Investors Weigh In On Range Resources

Several large investors have recently made changes to their positions in the stock. Choreo LLC lifted its position in Range Resources by 2.5% during the third quarter. Choreo LLC now owns 7,614 shares of the oil and gas exploration company’s stock worth $282,000 after acquiring an additional 184 shares during the last quarter. Seelaus Asset Management LLC boosted its stake in Range Resources by 2.6% in the 1st quarter. Seelaus Asset Management LLC now owns 9,745 shares of the oil and gas exploration company’s stock valued at $440,000 after purchasing an additional 250 shares during the period. Quadrant Capital Group LLC boosted its stake in Range Resources by 0.6% in the 3rd quarter. Quadrant Capital Group LLC now owns 43,988 shares of the oil and gas exploration company’s stock valued at $1,629,000 after purchasing an additional 264 shares during the period. Root Financial Partners LLC grew its holdings in Range Resources by 37.8% in the 1st quarter. Root Financial Partners LLC now owns 1,006 shares of the oil and gas exploration company’s stock valued at $45,000 after buying an additional 276 shares in the last quarter. Finally, NewEdge Advisors LLC grew its holdings in Range Resources by 9.1% in the 2nd quarter. NewEdge Advisors LLC now owns 3,494 shares of the oil and gas exploration company’s stock valued at $130,000 after buying an additional 291 shares in the last quarter. 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 and oil exploration and production company. Its operations are concentrated in the Appalachian Basin, particularly the Marcellus Shale in southwestern Pennsylvania, where the company develops unconventional wells and produces natural gas, condensate and natural gas liquids.

The company’s activities include leasing and developing mineral properties, drilling and completing horizontal wells, and producing and marketing hydrocarbons.