FY2024 EPS Estimates for Range Resources Co. Cut by Analyst (NYSE:RRC)

Range Resources Co. (NYSE:RRC) – Equities research analysts at Zacks Research cut their FY2024 earnings per share estimates for shares of Range Resources in a research report issued to clients and investors on Wednesday, September 11th. Zacks Research analyst R. Department now anticipates that the oil and gas exploration company will post earnings of $1.92 per share for the year, down from their previous forecast of $2.05. The consensus estimate for Range Resources’ current full-year earnings is $2.07 per share.

Range Resources (NYSE:RRC) last released its earnings results 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. Range Resources had a return on equity of 13.93% and a net margin of 17.62%. The company had revenue of $641.30 million during the quarter, compared to the consensus estimate of $610.24 million. During the same period in the previous year, the company posted $0.27 EPS. Range Resources’s revenue was up 8.7% compared to the same quarter last year.

A number of other equities analysts also recently issued reports on RRC. Jefferies Financial Group upped their price target on Range Resources from $34.00 to $35.00 and gave the company a “hold” rating in a report on Monday, July 8th. Piper Sandler cut Range Resources from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $43.00 to $31.00 in a research note on Thursday, August 15th. Wells Fargo & Company reduced their price objective on Range Resources from $37.00 to $35.00 and set an “equal weight” rating for the company in a research note on Monday, July 29th. The Goldman Sachs Group reduced their price objective on Range Resources from $40.00 to $35.00 and set a “neutral” rating for the company in a research note on Friday, September 6th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $39.00 price target on shares of Range Resources in a research note on Thursday, July 25th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $36.68.

Range Resources Stock Performance

Shares of Range Resources stock opened at $29.04 on Friday. Range Resources has a one year low of $27.29 and a one year high of $39.33. The company has a market cap of $7.03 billion, a PE ratio of 14.74 and a beta of 1.80. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.58 and a current ratio of 0.58. The business has a 50-day simple moving average of $30.80 and a 200-day simple moving average of $33.55.

Institutional Trading of Range Resources

Institutional investors and hedge funds have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD boosted its position in Range Resources by 25.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 28,633,567 shares of the oil and gas exploration company’s stock worth $985,855,000 after acquiring an additional 5,759,883 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Range Resources by 4.1% in the first quarter. Vanguard Group Inc. now owns 24,490,639 shares of the oil and gas exploration company’s stock valued at $843,213,000 after purchasing an additional 959,011 shares during the period. Boston Partners increased its stake in Range Resources by 2.1% in the first quarter. Boston Partners now owns 6,531,086 shares of the oil and gas exploration company’s stock valued at $224,912,000 after purchasing an additional 133,565 shares during the last quarter. Lingotto Investment Management LLP increased its stake in Range Resources by 1.5% in the second quarter. Lingotto Investment Management LLP now owns 6,451,726 shares of the oil and gas exploration company’s stock valued at $216,326,000 after purchasing an additional 93,782 shares during the last quarter. Finally, KGH Ltd lifted its position in Range Resources by 3.2% during the second quarter. KGH Ltd now owns 6,080,000 shares of the oil and gas exploration company’s stock worth $203,862,000 after buying an additional 190,000 shares during the period. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Range Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.10%. The ex-dividend date is Friday, September 13th. Range Resources’s payout ratio is currently 16.24%.

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.