Capital One Financial Weighs in on Range Resources Co.’s FY2024 Earnings (NYSE:RRC)

Range Resources Co. (NYSE:RRC) – Research analysts at Capital One Financial lowered their FY2024 EPS estimates for Range Resources in a report released on Tuesday, September 17th. Capital One Financial analyst B. Velie now expects that the oil and gas exploration company will post earnings per share of $1.98 for the year, down from their previous forecast of $2.25. The consensus estimate for Range Resources’ current full-year earnings is $2.07 per share. Capital One Financial also issued estimates for Range Resources’ Q4 2024 earnings at $0.52 EPS.

Several other equities analysts have also commented on RRC. Susquehanna dropped their price target on shares of Range Resources from $36.00 to $31.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Wolfe Research began coverage on shares of Range Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Benchmark restated a “hold” rating on shares of Range Resources in a research report on Wednesday, July 24th. JPMorgan Chase & Co. lowered their target price on shares of Range Resources from $37.00 to $31.00 and set an “underweight” rating on the stock in a research report on Thursday, September 12th. Finally, UBS Group lowered their target price on shares of Range Resources from $30.00 to $27.00 and set a “sell” rating on the stock in a research report on Wednesday. Five research analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $36.10.

Range Resources Stock Performance

Shares of Range Resources stock opened at $30.51 on Thursday. The firm has a market capitalization of $7.40 billion, a P/E ratio of 15.49 and a beta of 1.80. Range Resources has a 52 week low of $27.29 and a 52 week high of $39.33. 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 firm’s 50 day moving average is $30.56 and its two-hundred day moving average is $33.52.

Range Resources (NYSE:RRC) last issued 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. The firm had revenue of $641.30 million for the quarter, compared to analysts’ expectations of $610.24 million. Range Resources had a net margin of 17.62% and a return on equity of 13.93%. The firm’s revenue was up 8.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.27 earnings per share.

Range Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.05%. The ex-dividend date of this dividend is Friday, September 13th. Range Resources’s dividend payout ratio is presently 16.24%.

Institutional Investors Weigh In On Range Resources

Several hedge funds have recently modified their holdings of the stock. Fifth Third Bancorp lifted its holdings in 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 acquiring an additional 299 shares during the period. Perkins Coie Trust Co acquired a new stake in Range Resources in the second quarter valued at $67,000. International Assets Investment Management LLC acquired a new stake in Range Resources in the second quarter valued at $67,000. SYSTM Wealth Solutions LLC lifted its holdings in Range Resources by 17.9% in the first quarter. SYSTM Wealth Solutions LLC now owns 2,141 shares of the oil and gas exploration company’s stock valued at $74,000 after acquiring an additional 325 shares during the period. Finally, nVerses Capital LLC acquired a new stake in Range Resources in the second quarter valued at $107,000. 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.