Range Resources Co. (NYSE:RRC) Raises Dividend to $0.09 Per Share

Range Resources Co. (NYSE:RRC) announced a quarterly dividend on Friday, February 28th, RTT News reports. Shareholders of record on Friday, March 14th will be given a dividend of 0.09 per share by the oil and gas exploration company on Friday, March 28th. This represents a $0.36 annualized dividend and a dividend yield of 0.97%. This is an increase from Range Resources’s previous quarterly dividend of $0.08.

Range Resources has a payout ratio of 8.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Range Resources to earn $2.99 per share next year, which means the company should continue to be able to cover its $0.32 annual dividend with an expected future payout ratio of 10.7%.

Range Resources Stock Up 2.0 %

Shares of NYSE RRC traded up $0.71 during trading hours on Friday, hitting $37.11. 4,294,829 shares of the stock were exchanged, compared to its average volume of 2,813,790. The company has a market cap of $8.96 billion, a PE ratio of 18.74, a PEG ratio of 5.11 and a beta of 1.77. Range Resources has a 12 month low of $27.29 and a 12 month high of $41.95. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.28. The firm has a fifty day moving average price of $37.89 and a 200-day moving average price of $33.88.

Range Resources (NYSE:RRC) last posted its quarterly earnings data on Tuesday, February 25th. The oil and gas exploration company reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.13. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The firm had revenue of $626.42 million during the quarter, compared to analysts’ expectations of $676.53 million. During the same quarter last year, the firm earned $0.63 EPS. On average, sell-side analysts expect that Range Resources will post 2.02 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on RRC shares. StockNews.com raised shares of Range Resources from a “sell” rating to a “hold” rating in a research report on Thursday. Scotiabank downgraded shares of Range Resources from a “sector outperform” rating to a “sector perform” rating and set a $45.00 price objective for the company. in a research note on Friday, January 17th. Benchmark reissued a “hold” rating on shares of Range Resources in a report on Friday, January 17th. Wells Fargo & Company raised their target price on Range Resources from $38.00 to $40.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. Finally, Truist Financial lifted their price target on Range Resources from $31.00 to $35.00 and gave the stock a “hold” rating in a research report on Monday, January 13th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Range Resources currently has a consensus rating of “Hold” and an average price target of $39.00.

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.