Royal Bank of Canada Reaffirms Sector Perform Rating for Range Resources (NYSE:RRC)

Royal Bank of Canada reissued their sector perform rating on shares of Range Resources (NYSE:RRC) in a research note issued to investors on Thursday, Benzinga reports. Royal Bank of Canada currently has a $39.00 target price on the oil and gas exploration company’s stock.

Several other research analysts also recently weighed in on the stock. Truist Financial dropped their target price on shares of Range Resources from $32.00 to $30.00 and set a hold rating on the stock in a research report on Friday, April 5th. Stephens lifted their target price on shares of Range Resources from $41.00 to $42.00 and gave the stock an overweight rating in a research report on Wednesday, April 24th. Stifel Nicolaus lifted their target price on shares of Range Resources from $36.00 to $39.00 and gave the stock a buy rating in a research report on Tuesday, April 23rd. Benchmark reissued a hold rating on shares of Range Resources in a research report on Wednesday, July 24th. Finally, Wolfe Research assumed coverage on shares of Range Resources in a research report on Thursday, July 18th. They issued a peer perform rating on the stock. Five equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $37.15.

Range Resources Stock Performance

Shares of RRC opened at $31.78 on Thursday. The firm’s 50 day moving average is $34.87 and its 200-day moving average is $33.61. The stock has a market capitalization of $7.71 billion, a P/E ratio of 16.13 and a beta of 1.87. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.58 and a quick ratio of 1.35. Range Resources has a 12-month low of $27.60 and a 12-month high of $39.33.

Range Resources (NYSE:RRC) last announced its quarterly earnings data on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.05. The company had revenue of $641.30 million for the quarter, compared to analysts’ expectations of $610.24 million. Range Resources had a net margin of 17.62% and a return on equity of 13.93%. The business’s revenue was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.27 EPS. Equities research analysts anticipate that Range Resources will post 2.06 EPS for the current fiscal year.

Range Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 1.01%. The ex-dividend date of this dividend was Friday, June 14th. Range Resources’s dividend payout ratio is 16.24%.

Insiders Place Their Bets

In related news, Director Reginal Spiller sold 1,460 shares of the company’s stock in a transaction on 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 sale, the director now directly owns 15,253 shares of the company’s stock, valued at approximately $589,986.04. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Charles G. Griffie acquired 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was acquired at an average cost of $34.65 per share, with a total value of $51,975.00. Following the acquisition, the director now owns 4,646 shares in the company, valued at $160,983.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Reginal Spiller sold 1,460 shares of the company’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $38.68, for a total transaction of $56,472.80. Following the sale, the director now directly owns 15,253 shares of the company’s stock, valued at $589,986.04. The disclosure for this sale can be found here. Insiders sold 181,129 shares of company stock valued at $6,775,926 over the last ninety days. Corporate insiders own 1.57% of the company’s stock.

Institutional Trading of Range Resources

Several large investors have recently modified their holdings of the company. Fifth Third Bancorp raised its stake in Range Resources by 21.2% during the 2nd quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock valued at $57,000 after purchasing an additional 299 shares during the last quarter. SYSTM Wealth Solutions LLC raised its stake in Range Resources by 17.9% during the 1st quarter. SYSTM Wealth Solutions LLC now owns 2,141 shares of the oil and gas exploration company’s stock valued at $74,000 after purchasing an additional 325 shares during the last quarter. Orser Capital Management LLC raised its stake in Range Resources by 0.8% during the 1st quarter. Orser Capital Management LLC now owns 54,223 shares of the oil and gas exploration company’s stock valued at $1,867,000 after purchasing 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 valued at $317,000 after purchasing an additional 431 shares during the last quarter. Finally, 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 valued at $4,695,000 after purchasing an additional 546 shares during the last quarter. 98.93% of the stock is owned by 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.