Range Resources (NYSE:RRC) Upgraded by Wells Fargo & Company to Overweight

Wells Fargo & Company upgraded shares of Range Resources (NYSE:RRC) from an equal weight rating to an overweight rating in a research note issued to investors on Tuesday morning, MarketBeat reports. Wells Fargo & Company currently has $39.00 target price on the oil and gas exploration company’s stock, up from their prior target price of $35.00.

Other research analysts also recently issued reports about the stock. Morgan Stanley lowered their price objective on shares of Range Resources from $33.00 to $31.00 and set an underweight rating on the stock in a research report on Monday, September 16th. Royal Bank of Canada reissued a sector perform rating and set a $39.00 price objective on shares of Range Resources in a research report on Thursday, July 25th. Piper Sandler downgraded shares of Range Resources from an overweight rating to a neutral rating and lowered their price objective for the stock from $43.00 to $31.00 in a research report on Thursday, August 15th. JPMorgan Chase & Co. lowered their price objective 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, Mizuho lowered their price objective on shares of Range Resources from $47.00 to $45.00 and set an outperform rating on the stock in a research report on Monday, September 16th. Five research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $35.74.

Range Resources Trading Up 0.4 %

NYSE RRC opened at $30.88 on Tuesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.58 and a quick ratio of 0.58. The firm’s fifty day moving average price is $30.01 and its 200 day moving average price is $33.41. The company has a market capitalization of $7.49 billion, a price-to-earnings ratio of 15.68 and a beta of 1.80. Range Resources has a 12 month low of $27.29 and a 12 month high of $39.33.

Range Resources (NYSE:RRC) last posted its earnings results on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.05. The firm had revenue of $641.30 million for the quarter, compared to the consensus estimate of $610.24 million. Range Resources had a net margin of 17.62% and a return on equity of 13.93%. The company’s revenue was up 8.7% on a year-over-year basis. During the same period last year, the firm posted $0.27 EPS. On average, sell-side analysts expect that Range Resources will post 1.87 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 1.04%. The ex-dividend date was Friday, September 13th. Range Resources’s dividend payout ratio (DPR) is 16.24%.

Insider Activity at Range Resources

In related news, VP Ashley Kavanaugh sold 12,700 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $31.45, for a total value of $399,415.00. Following the completion of the sale, the vice president now owns 9,670 shares in the company, valued at $304,121.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.57% of the company’s stock.

Hedge Funds Weigh In On Range Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD raised 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. raised its position in Range Resources by 4.1% during the first quarter. Vanguard Group Inc. now owns 24,490,639 shares of the oil and gas exploration company’s stock worth $843,213,000 after acquiring an additional 959,011 shares during the last quarter. Boston Partners raised its position in Range Resources by 2.1% during the first quarter. Boston Partners now owns 6,531,086 shares of the oil and gas exploration company’s stock worth $224,912,000 after acquiring an additional 133,565 shares during the last quarter. Lingotto Investment Management LLP raised its position in Range Resources by 1.5% during the second quarter. Lingotto Investment Management LLP now owns 6,451,726 shares of the oil and gas exploration company’s stock worth $216,326,000 after acquiring an additional 93,782 shares during the last quarter. Finally, KGH Ltd raised 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 acquiring an additional 190,000 shares during the last quarter. Institutional investors and hedge funds 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.