Range Resources (NYSE:RRC) Now Covered by Analysts at Bank of America

Bank of America started coverage on shares of Range Resources (NYSE:RRC) in a research report report published on Monday morning, StockNewsAPI reports. The firm issued a neutral rating and a $34.00 target price on the oil and gas exploration company’s stock.

Several other research analysts have also recently weighed in on RRC. Jefferies Financial Group increased their price target on shares of Range Resources from $34.00 to $35.00 and gave the company a “hold” rating in a report on Monday, July 8th. Wells Fargo & Company cut their target price on Range Resources from $39.00 to $38.00 and set an “equal weight” rating for the company in a research note on Friday, October 25th. Scotiabank raised 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 report on Tuesday, August 20th. UBS Group dropped their target price on Range Resources from $30.00 to $27.00 and set a “sell” rating for the company in a research report on Wednesday, September 18th. Finally, JPMorgan Chase & Co. reduced 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 note on Thursday, September 12th. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Range Resources presently has a consensus rating of “Hold” and an average price target of $35.00.

Range Resources Trading Down 4.6 %

NYSE:RRC opened at $30.03 on Monday. The business has a 50 day moving average price of $30.26 and a two-hundred day moving average price of $32.89. Range Resources has a twelve month low of $27.29 and a twelve month 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 company has a market cap of $7.29 billion, a P/E ratio of 15.24 and a beta of 1.80.

Range Resources (NYSE:RRC) last released its earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.16. The business had revenue of $615.03 million during the quarter, compared to analysts’ expectations of $617.90 million. Range Resources had a net margin of 17.63% and a return on equity of 13.73%. The firm’s revenue was up .9% on a year-over-year basis. During the same period last year, the business earned $0.43 earnings per share. As a group, analysts expect that Range Resources will post 1.89 EPS for the current fiscal year.

Range Resources Dividend Announcement

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

Insider Activity

In other news, Director Charles G. Griffie purchased 1,275 shares of the business’s stock in a transaction that occurred on Thursday, October 24th. The shares were acquired at an average cost of $31.46 per share, for a total transaction of $40,111.50. Following the completion of the acquisition, the director now owns 5,921 shares in the company, valued at $186,274.66. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Charles G. Griffie bought 1,275 shares of the company’s stock in a transaction on Thursday, October 24th. The shares were purchased at an average cost of $31.46 per share, for a total transaction of $40,111.50. Following the completion of the purchase, the director now directly owns 5,921 shares in the company, valued at $186,274.66. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Ashley Kavanaugh sold 12,700 shares of the firm’s stock in a transaction on 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. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.57% of the company’s stock.

Hedge Funds Weigh In On Range Resources

Several hedge funds have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD increased its holdings in shares of Range Resources by 25.2% in 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 purchasing an additional 5,759,883 shares during the period. William Blair Investment Management LLC bought a new stake in Range Resources during the 2nd quarter valued at $78,223,000. Canoe Financial LP boosted its holdings in shares of Range Resources by 114.9% during the third quarter. Canoe Financial LP now owns 2,660,309 shares of the oil and gas exploration company’s stock worth $81,299,000 after purchasing an additional 1,422,200 shares during the period. Vanguard Group Inc. lifted its holdings in Range Resources by 4.1% in the 1st quarter. Vanguard Group Inc. now owns 24,490,639 shares of the oil and gas exploration company’s stock worth $843,213,000 after buying an additional 959,011 shares during the period. Finally, Herr Investment Group LLC boosted its holdings in Range Resources by 4,594.4% in the first quarter. Herr Investment Group LLC now owns 497,611 shares of the oil and gas exploration company’s stock valued at $17,133,000 after acquiring an additional 487,011 shares in the last quarter. 98.93% of the stock is currently owned by hedge funds and other 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.