Zacks Research Equities Analysts Increase Earnings Estimates for Range Resources Co. (NYSE:RRC)

Range Resources Co. (NYSE:RRC) – Stock analysts at Zacks Research increased their Q3 2024 earnings per share estimates for shares of Range Resources in a research note issued on Wednesday, June 26th. Zacks Research analyst R. Department now forecasts that the oil and gas exploration company will earn $0.43 per share for the quarter, up from their previous estimate of $0.41. The consensus estimate for Range Resources’ current full-year earnings is $2.11 per share. Zacks Research also issued estimates for Range Resources’ FY2024 earnings at $1.99 EPS.

A number of other research analysts also recently weighed in on the stock. Royal Bank of Canada downgraded shares of Range Resources from an “outperform” rating to a “sector perform” rating and increased their price objective for the company from $36.00 to $39.00 in a research report on Friday, April 26th. StockNews.com raised Range Resources to a “sell” rating in a report on Wednesday, March 13th. Barclays initiated coverage on Range Resources in a research report on Wednesday, April 10th. They set an “underweight” rating and a $35.00 price objective for the company. Citigroup raised their target price on Range Resources from $33.00 to $37.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 3rd. Finally, Benchmark reaffirmed a “hold” rating on shares of Range Resources in a research report on Wednesday, April 24th. Five equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Range Resources currently has an average rating of “Hold” and an average price target of $37.10.

Range Resources Price Performance

RRC opened at $33.51 on Friday. The company’s 50-day simple moving average is $36.10 and its two-hundred day simple moving average is $33.14. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.35 and a current ratio of 1.35. The stock has a market capitalization of $8.13 billion, a P/E ratio of 17.01 and a beta of 1.81. Range Resources has a 52-week low of $27.60 and a 52-week high of $39.33.

Range Resources (NYSE:RRC) last announced its quarterly earnings results on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.21. Range Resources had a return on equity of 13.30% and a net margin of 17.00%. The firm had revenue of $718.20 million for the quarter, compared to the consensus estimate of $680.72 million. During the same period in the prior year, the company posted $0.96 earnings per share. The company’s quarterly revenue was down 15.7% on a year-over-year basis.

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 of this dividend was Friday, June 14th. This represents a $0.32 dividend on an annualized basis and a yield of 0.95%. Range Resources’s dividend payout ratio is presently 16.24%.

Insider Transactions at Range Resources

In other Range Resources news, Director Reginal Spiller sold 1,460 shares of the stock in a transaction dated 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 transaction, the director now 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 Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Ashley Kavanaugh sold 15,978 shares of the company’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $37.75, for a total transaction of $603,169.50. Following the sale, the vice president now directly owns 22,370 shares in the company, valued at approximately $844,467.50. The sale 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 Range Resources stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $38.68, for a total value of $56,472.80. Following the completion of the transaction, the director now owns 15,253 shares of the company’s stock, valued at approximately $589,986.04. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 197,107 shares of company stock valued at $7,379,095. 1.57% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Range Resources

Several institutional investors have recently modified their holdings of the stock. Glenorchy Capital Ltd bought a new position in Range Resources during the 4th quarter valued at about $1,799,000. TFO Wealth Partners LLC grew its stake in shares of Range Resources by 302,571.4% during the fourth quarter. TFO Wealth Partners LLC now owns 21,187 shares of the oil and gas exploration company’s stock valued at $645,000 after buying an additional 21,180 shares during the last quarter. DRW Securities LLC raised its holdings in shares of Range Resources by 150.0% in the fourth quarter. DRW Securities LLC now owns 50,000 shares of the oil and gas exploration company’s stock worth $1,522,000 after buying an additional 30,000 shares during the period. Cary Street Partners Investment Advisory LLC bought a new stake in shares of Range Resources during the 3rd quarter worth approximately $27,000. Finally, Dimensional Fund Advisors LP boosted its holdings in Range Resources by 1.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,931,670 shares of the oil and gas exploration company’s stock valued at $180,568,000 after acquiring an additional 90,028 shares during the period. 98.93% of the stock is owned by institutional investors.

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.