Q3 EPS Estimates for Range Resources Cut by Analyst

Range Resources Co. (NYSE:RRC) – Investment analysts at Capital One Financial dropped their Q3 2024 earnings per share (EPS) estimates for Range Resources in a research report issued to clients and investors on Tuesday, October 15th. Capital One Financial analyst B. Velie now anticipates that the oil and gas exploration company will post earnings per share of $0.35 for the quarter, down from their prior estimate of $0.38. The consensus estimate for Range Resources’ current full-year earnings is $1.88 per share. Capital One Financial also issued estimates for Range Resources’ FY2024 earnings at $1.95 EPS.

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 analysts’ consensus estimates of $0.41 by $0.05. Range Resources had a return on equity of 13.93% and a net margin of 17.62%. The firm had revenue of $641.30 million for the quarter, compared to analysts’ expectations of $610.24 million. During the same quarter last year, the firm earned $0.27 earnings per share. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year.

A number of other research analysts have also recently weighed in on the company. Wells Fargo & Company upgraded Range Resources from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $35.00 to $39.00 in a report on Tuesday, October 1st. Scotiabank raised Range Resources from a “sector perform” rating to a “sector outperform” rating and set a $45.00 price objective on the stock in a research report on Tuesday, August 20th. Barclays raised Range Resources from an “underweight” rating to an “equal weight” rating and cut their price objective for the company from $35.00 to $34.00 in a research report on Wednesday, October 2nd. Morgan Stanley cut their price objective on Range Resources from $33.00 to $31.00 and set an “underweight” rating on the stock in a research report on Monday, September 16th. Finally, Piper Sandler lowered Range Resources from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $43.00 to $31.00 in a research report on Thursday, August 15th. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, Range Resources has a consensus rating of “Hold” and a consensus target price of $35.06.

Range Resources Price Performance

Shares of Range Resources stock opened at $29.87 on Wednesday. Range Resources has a twelve month low of $27.29 and a twelve month high of $39.33. The stock has a market capitalization of $7.25 billion, a P/E ratio of 15.16 and a beta of 1.80. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.28. The business’s fifty day moving average price is $30.20 and its 200 day moving average price is $33.23.

Range Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 1.07%. The ex-dividend date of this dividend was Friday, September 13th. Range Resources’s dividend payout ratio is currently 16.24%.

Insider Activity at Range Resources

In related news, VP Ashley Kavanaugh sold 12,700 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was 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 directly owns 9,670 shares of the company’s stock, valued at $304,121.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.57% of the stock is owned by corporate insiders.

Institutional Trading of Range Resources

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Fifth Third Bancorp increased 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 buying an additional 299 shares during the last quarter. CIBC Asset Management Inc increased its holdings in Range Resources by 5.4% in the second quarter. CIBC Asset Management Inc now owns 6,801 shares of the oil and gas exploration company’s stock valued at $228,000 after buying an additional 350 shares during the last quarter. Orser Capital Management LLC boosted its stake in Range Resources by 0.8% in the first quarter. Orser Capital Management LLC now owns 54,223 shares of the oil and gas exploration company’s stock valued at $1,867,000 after acquiring an additional 427 shares during the period. Pekin Hardy Strauss Inc. boosted its stake in Range Resources by 6.0% in the second quarter. Pekin Hardy Strauss Inc. now owns 10,650 shares of the oil and gas exploration company’s stock valued at $357,000 after acquiring an additional 600 shares during the period. Finally, GAMMA Investing LLC boosted its stake in Range Resources by 20.8% in the second quarter. GAMMA Investing LLC now owns 3,529 shares of the oil and gas exploration company’s stock valued at $118,000 after acquiring an additional 608 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.