Range Resources (NYSE:RRC) Upgraded to “Sector Outperform” by Scotiabank

Scotiabank upgraded shares of Range Resources (NYSE:RRC) from a sector perform rating to a sector outperform rating in a research note released on Tuesday morning, Marketbeat reports. The brokerage currently has $45.00 price objective on the oil and gas exploration company’s stock.

Several other equities research analysts also recently commented on RRC. Stifel Nicolaus boosted their price objective on shares of Range Resources from $36.00 to $39.00 and gave the company a buy rating in a report on Tuesday, April 23rd. Royal Bank of Canada reiterated a sector perform rating and set a $39.00 price target on shares of Range Resources in a research note on Thursday, July 25th. Susquehanna decreased their target price on Range Resources from $38.00 to $36.00 and set a neutral rating for the company in a report on Monday, July 22nd. Mizuho increased their price target on shares of Range Resources from $41.00 to $45.00 and gave the stock a buy rating in a report on Monday, May 13th. Finally, Jefferies Financial Group lifted their price objective on shares of Range Resources from $34.00 to $35.00 and gave the company a hold rating in a research note on Monday, July 8th. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $37.11.

Range Resources Stock Up 1.3 %

Shares of RRC stock opened at $30.57 on Tuesday. The stock’s fifty day moving average price is $32.37 and its 200 day moving average price is $33.61. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.58 and a quick ratio of 0.58. Range Resources has a 1-year low of $27.29 and a 1-year high of $39.33. The company has a market cap of $7.42 billion, a price-to-earnings ratio of 15.53 and a beta of 1.88.

Range Resources (NYSE:RRC) last issued its quarterly earnings results on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.05. The business had revenue of $641.30 million for the quarter, compared to analyst estimates of $610.24 million. Range Resources had a return on equity of 13.93% and a net margin of 17.62%. The company’s revenue was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.27 earnings per share. On average, research analysts expect that Range Resources will post 2.08 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. Investors of record on Friday, June 14th were issued a $0.08 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.32 dividend on an annualized basis and a yield of 1.05%. Range Resources’s payout ratio is 16.24%.

Institutional Trading of Range Resources

Several institutional investors 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 buying 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 position in shares of 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 purchasing an additional 299 shares during the period. Perkins Coie Trust Co purchased a new stake in shares of Range Resources during the second quarter worth about $67,000. Finally, International Assets Investment Management LLC acquired a new position in shares of Range Resources during the 2nd quarter worth about $67,000. 98.93% of the stock is owned by institutional investors and hedge funds.

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.