FY2024 EPS Estimates for Range Resources Co. Reduced by Analyst (NYSE:RRC)

Range Resources Co. (NYSE:RRC) – Equities researchers at Capital One Financial dropped their FY2024 earnings per share (EPS) estimates for Range Resources in a research report issued to clients and investors on Monday, July 8th. Capital One Financial analyst B. Velie now forecasts that the oil and gas exploration company will post earnings per share of $2.32 for the year, down from their previous forecast of $2.38. The consensus estimate for Range Resources’ current full-year earnings is $2.10 per share.

Other analysts have also recently issued research reports about the company. Truist Financial decreased their target price on Range Resources from $32.00 to $30.00 and set a “hold” rating for the company in a research report on Friday, April 5th. Mizuho lifted their price objective on Range Resources from $41.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Royal Bank of Canada cut Range Resources from an “outperform” rating to a “sector perform” rating and boosted their price target for the stock from $36.00 to $39.00 in a research report on Friday, April 26th. Stifel Nicolaus boosted their price target on Range Resources from $36.00 to $39.00 and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. Finally, Citigroup boosted their price target on Range Resources from $33.00 to $37.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 3rd. Five investment analysts have rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $37.15.

Range Resources Stock Performance

Shares of Range Resources stock opened at $34.82 on Thursday. The stock has a market cap of $8.45 billion, a PE ratio of 17.68 and a beta of 1.87. The business has a fifty day simple moving average of $35.61 and a 200-day simple moving average of $33.41. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.46. Range Resources has a 12 month low of $27.60 and a 12 month high of $39.33.

Range Resources (NYSE:RRC) last issued its earnings results on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.48 by $0.21. The business had revenue of $718.20 million during the quarter, compared to analysts’ expectations of $680.72 million. Range Resources had a return on equity of 13.30% and a net margin of 17.00%. Range Resources’s revenue was down 15.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.96 earnings per share.

Range Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were paid a dividend of $0.08 per share. The ex-dividend date was Friday, June 14th. This represents a $0.32 annualized dividend and a yield of 0.92%. Range Resources’s dividend payout ratio is 16.24%.

Insider Activity at Range Resources

In related news, VP Ashley Kavanaugh sold 15,978 shares of the business’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $37.75, for a total transaction of $603,169.50. Following the transaction, the vice president now directly owns 22,370 shares in the company, valued at $844,467.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, VP Ashley Kavanaugh sold 15,978 shares of the business’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $37.75, for a total transaction of $603,169.50. Following the transaction, the vice president now directly owns 22,370 shares in the company, valued at $844,467.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles G. Griffie purchased 1,500 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were purchased at an average price of $34.65 per share, for a total transaction of $51,975.00. Following the completion of the purchase, the director now directly owns 4,646 shares of the company’s stock, valued at $160,983.90. The disclosure for this purchase can be found here. Insiders have sold 197,107 shares of company stock worth $7,379,095 over the last three months. Company insiders own 1.57% of the company’s stock.

Institutional Investors Weigh In On Range Resources

Several large investors have recently modified their holdings of RRC. Townsquare Capital LLC grew its stake in shares of Range Resources by 13.0% in the 3rd quarter. Townsquare Capital LLC now owns 36,215 shares of the oil and gas exploration company’s stock valued at $1,174,000 after purchasing an additional 4,158 shares during the period. Trust Co. of Vermont bought a new stake in shares of Range Resources in the 3rd quarter valued at approximately $97,000. Raleigh Capital Management Inc. bought a new stake in shares of Range Resources in the 3rd quarter valued at approximately $26,000. Teachers Retirement System of The State of Kentucky grew its stake in shares of Range Resources by 91.4% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 83,377 shares of the oil and gas exploration company’s stock valued at $2,702,000 after purchasing an additional 39,813 shares during the period. Finally, Radnor Capital Management LLC bought a new stake in shares of Range Resources in the 4th quarter valued at approximately $519,000. 98.93% of the stock is currently owned by institutional investors.

Range Resources Company Profile

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.