Range Resources (NYSE:RRC) Downgraded by Piper Sandler to “Neutral”

Piper Sandler cut shares of Range Resources (NYSE:RRC) from an overweight rating to a neutral rating in a research report released on Thursday morning, MarketBeat reports. Piper Sandler currently has $31.00 target price on the oil and gas exploration company’s stock, down from their previous target price of $43.00.

Several other equities research analysts have also recently weighed in on RRC. Wells Fargo & Company lowered their price objective on shares of Range Resources from $37.00 to $35.00 and set an equal weight rating for the company in a research report on Monday, July 29th. Stifel Nicolaus lifted their price target 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. Stephens lifted their price target 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. Benchmark reiterated a hold rating on shares of Range Resources in a research report on Wednesday, July 24th. Finally, Wolfe Research began coverage on shares of Range Resources in a research report on Thursday, July 18th. They set a peer perform rating for the company. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $37.11.

Range Resources Trading Down 0.1 %

RRC opened at $30.51 on Thursday. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $7.40 billion, a PE ratio of 15.49 and a beta of 1.88. Range Resources has a 1-year low of $27.29 and a 1-year high of $39.33. The firm has a 50-day moving average price of $32.88 and a two-hundred day moving average price of $33.60.

Range Resources (NYSE:RRC) last posted its quarterly earnings data on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.05. The firm had revenue of $641.30 million during 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 company’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.27 EPS. As a group, equities analysts anticipate that Range Resources will post 2.08 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date was Friday, June 14th. Range Resources’s dividend payout ratio is currently 16.24%.

Insider Activity at Range Resources

In other Range Resources news, Director Reginal Spiller sold 1,460 shares of Range Resources stock in a transaction that occurred 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 transaction, the director now owns 15,253 shares of the company’s stock, valued at $589,986.04. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.57% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Benjamin F. Edwards & Company Inc. lifted its stake in 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 valued at $26,000 after buying an additional 666 shares in the last quarter. Delos Wealth Advisors LLC bought a new position in Range Resources in the fourth quarter valued at approximately $52,000. Fifth Third Bancorp lifted its stake in Range Resources by 21.2% in 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 buying an additional 299 shares in the last quarter. Perkins Coie Trust Co bought a new position in Range Resources in the second quarter valued at approximately $67,000. Finally, International Assets Investment Management LLC bought a new position in Range Resources in the second quarter valued at approximately $67,000. Institutional investors own 98.93% of the company’s stock.

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.