Capital One Financial Equities Analysts Cut Earnings Estimates for Range Resources Co. (NYSE:RRC)

Range Resources Co. (NYSE:RRC) – Equities research analysts at Capital One Financial decreased their FY2024 EPS estimates for Range Resources in a research note issued on Tuesday, September 10th. Capital One Financial analyst B. Velie now anticipates that the oil and gas exploration company will earn $2.25 per share for the year, down from their prior forecast of $2.32. The consensus estimate for Range Resources’ current full-year earnings is $2.08 per share.

A number of other brokerages have also recently weighed in on RRC. Susquehanna dropped their price objective on Range Resources from $36.00 to $31.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Scotiabank upgraded shares of Range Resources from a “sector perform” rating to a “sector outperform” rating and set a $45.00 price target on the stock in a research note on Tuesday, August 20th. Royal Bank of Canada reissued a “sector perform” rating and issued a $39.00 price objective on shares of Range Resources in a research note on Thursday, July 25th. JPMorgan Chase & Co. dropped their price objective on shares of Range Resources from $37.00 to $31.00 and set an “underweight” rating for the company in a report on Thursday. Finally, Jefferies Financial Group increased their target price on shares of Range Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a report on Monday, July 8th. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $36.68.

Range Resources Stock Down 0.5 %

Shares of NYSE RRC opened at $29.00 on Thursday. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.28. The business’s 50 day moving average is $30.89 and its two-hundred day moving average is $33.57. Range Resources has a 52-week low of $27.29 and a 52-week high of $39.33. The firm has a market cap of $7.03 billion, a price-to-earnings ratio of 14.72 and a beta of 1.80.

Range Resources (NYSE:RRC) last issued its quarterly earnings data on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.41 by $0.05. The firm had revenue of $641.30 million for the quarter, compared to analyst estimates of $610.24 million. Range Resources had a net margin of 17.62% and a return on equity of 13.93%. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.27 EPS.

Range Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be given a dividend of $0.08 per share. The ex-dividend date is Friday, September 13th. This represents a $0.32 annualized dividend and a dividend yield of 1.10%. Range Resources’s dividend payout ratio is currently 16.24%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. TFO Wealth Partners LLC boosted its holdings in Range Resources by 302,571.4% in 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 purchasing an additional 21,180 shares in the last quarter. DRW Securities LLC grew its position in shares of Range Resources by 150.0% in the 4th quarter. DRW Securities LLC now owns 50,000 shares of the oil and gas exploration company’s stock valued at $1,522,000 after buying an additional 30,000 shares during the last quarter. Norden Group LLC raised its stake in Range Resources by 1,599.9% during the 1st quarter. Norden Group LLC now owns 149,697 shares of the oil and gas exploration company’s stock worth $5,154,000 after acquiring an additional 140,891 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Range Resources by 1.5% in the fourth 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 last quarter. Finally, State Board of Administration of Florida Retirement System boosted its stake in Range Resources by 11.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 159,729 shares of the oil and gas exploration company’s stock valued at $5,499,000 after acquiring an additional 16,619 shares in the last quarter. Hedge funds and other 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.