Range Resources (NYSE:RRC) PT Lowered to $35.00 at Wells Fargo & Company

Range Resources (NYSE:RRC) had its price objective trimmed by Wells Fargo & Company from $37.00 to $35.00 in a research report released on Monday morning, Benzinga reports. The firm currently has an equal weight rating on the oil and gas exploration company’s stock.

A number of other equities research analysts have also recently commented on the stock. Piper Sandler increased their price target on shares of Range Resources from $41.00 to $43.00 and gave the company an overweight rating in a report on Tuesday, April 30th. Royal Bank of Canada reiterated a sector perform rating and set a $39.00 price target on shares of Range Resources in a report on Thursday, July 25th. Scotiabank downgraded shares of Range Resources from a sector outperform rating to a sector perform rating and increased their price objective for the company from $40.00 to $45.00 in a research report on Thursday, April 11th. Benchmark restated a hold rating on shares of Range Resources in a research report on Wednesday, July 24th. Finally, Wolfe Research initiated coverage on shares of Range Resources in a research report on Thursday, July 18th. They set a peer perform rating on the stock. Five investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $37.30.

Range Resources Price Performance

Shares of RRC opened at $31.25 on Monday. The stock has a market cap of $7.57 billion, a PE ratio of 15.86 and a beta of 1.87. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.58 and a current ratio of 0.58. Range Resources has a fifty-two week low of $27.60 and a fifty-two week high of $39.33. The firm’s 50-day simple moving average is $34.48 and its two-hundred day simple moving average is $33.60.

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

Range Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a $0.08 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.32 annualized dividend and a yield of 1.02%. Range Resources’s payout ratio is presently 16.24%.

Insiders Place Their Bets

In other news, Director Reginal Spiller sold 1,460 shares of the stock in a transaction on 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 sale, the director now directly owns 15,253 shares of the company’s stock, valued at $589,986.04. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Reginal Spiller sold 1,460 shares of the stock in a transaction on 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 sale, the director now directly owns 15,253 shares of the company’s stock, valued at $589,986.04. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Dennis Degner sold 101,000 shares of the stock in a transaction on Friday, May 17th. The stock was sold at an average price of $37.78, for a total transaction of $3,815,780.00. Following the completion of the sale, the chief executive officer now directly owns 198,154 shares of the company’s stock, valued at $7,486,258.12. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 181,129 shares of company stock worth $6,775,926. Company insiders own 1.57% of the company’s stock.

Institutional Trading of Range Resources

Hedge funds and other institutional investors have recently modified their holdings of the company. Benjamin F. Edwards & Company Inc. increased its stake in shares of Range Resources by 333.0% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 866 shares of the oil and gas exploration company’s stock worth $26,000 after purchasing an additional 666 shares in the last quarter. Delos Wealth Advisors LLC purchased a new position in Range Resources during the fourth quarter valued at $52,000. Fifth Third Bancorp grew its stake in 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 valued at $57,000 after acquiring an additional 299 shares in the last quarter. Perkins Coie Trust Co purchased a new position in Range Resources during the second quarter valued at $67,000. Finally, International Assets Investment Management LLC purchased a new position in Range Resources during the second quarter valued at $67,000. 98.93% of the stock is owned by hedge funds and other 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.