Range Resources Co. to Post Q3 2024 Earnings of $0.46 Per Share, Zacks Research Forecasts (NYSE:RRC)

Range Resources Co. (NYSE:RRC) – Zacks Research increased their Q3 2024 earnings per share estimates for Range Resources in a report released on Thursday, July 18th. Zacks Research analyst R. Department now forecasts that the oil and gas exploration company will post earnings of $0.46 per share for the quarter, up from their prior forecast of $0.43. The consensus estimate for Range Resources’ current full-year earnings is $2.09 per share. Zacks Research also issued estimates for Range Resources’ FY2024 earnings at $2.02 EPS, Q1 2025 earnings at $0.85 EPS, Q3 2025 earnings at $0.63 EPS, Q4 2025 earnings at $0.63 EPS and FY2025 earnings at $2.81 EPS.

Range Resources (NYSE:RRC) last released its earnings results on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 earnings per share for the quarter, beating 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 net margin of 17.00% and a return on equity of 13.30%. The firm’s revenue was down 15.7% on a year-over-year basis. During the same quarter last year, the company earned $0.96 earnings per share.

Other equities analysts have also recently issued research reports about the stock. Morgan Stanley increased their price objective on shares of Range Resources from $23.00 to $33.00 and gave the company an “underweight” rating in a research note on Wednesday, April 17th. Jefferies Financial Group raised their price objective on shares of Range Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a report on Monday, July 8th. Barclays assumed coverage on Range Resources in a report on Wednesday, April 10th. They issued an “underweight” rating and a $35.00 price target for the company. Mizuho upped their target price on shares of Range Resources from $41.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Finally, Truist Financial cut their price target on Range Resources from $32.00 to $30.00 and set a “hold” rating on the stock in a research note on Friday, April 5th. Five investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $37.15.

Range Resources Price Performance

Shares of RRC stock opened at $33.09 on Monday. The company has a market capitalization of $8.03 billion, a P/E ratio of 16.80 and a beta of 1.88. The company has a current ratio of 1.35, a quick 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. The stock has a 50 day moving average of $35.20 and a two-hundred day moving average of $33.59.

Range Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a dividend of $0.08 per share. The ex-dividend date was Friday, June 14th. This represents a $0.32 annualized dividend and a dividend yield of 0.97%. Range Resources’s dividend payout ratio is currently 16.24%.

Insiders Place Their Bets

In other news, Director Reginal Spiller sold 1,460 shares of the stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $38.68, for a total transaction of $56,472.80. Following the completion of the transaction, the director now directly owns 15,253 shares in the company, valued at approximately $589,986.04. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Reginal Spiller sold 1,460 shares of Range Resources stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $38.68, for a total value of $56,472.80. Following the completion of the transaction, the director now owns 15,253 shares of the company’s stock, valued at approximately $589,986.04. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Ashley Kavanaugh sold 15,978 shares of the stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $37.75, for a total value of $603,169.50. Following the completion of the sale, the vice president now owns 22,370 shares in the company, valued at approximately $844,467.50. The disclosure for this sale can be found here. Insiders sold a total of 197,107 shares of company stock valued at $7,379,095 in the last quarter. 1.57% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Range Resources

A number of hedge funds have recently bought and sold shares of the business. Benjamin F. Edwards & Company Inc. lifted its position in shares of Range Resources by 333.0% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 866 shares of the oil and gas exploration company’s stock valued at $26,000 after acquiring an additional 666 shares during the period. Delos Wealth Advisors LLC bought a new stake in shares of Range Resources during the 4th quarter valued at approximately $52,000. Fifth Third Bancorp increased its holdings in shares of Range Resources by 21.2% during the second quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock worth $57,000 after buying an additional 299 shares in the last quarter. Perkins Coie Trust Co acquired a new position in shares of Range Resources in the second quarter valued at approximately $67,000. Finally, Private Wealth Management Group LLC acquired a new position in shares of Range Resources during the fourth quarter worth $73,000. 98.93% of the stock is 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.