Piper Sandler Cuts Range Resources (NYSE:RRC) Price Target to $30.00

Range Resources (NYSE:RRC) had its price target cut by Piper Sandler from $31.00 to $30.00 in a research report sent to investors on Monday morning,Benzinga reports. They currently have a neutral rating on the oil and gas exploration company’s stock.

Several other analysts also recently commented on RRC. UBS Group reduced their price objective on shares of Range Resources from $30.00 to $27.00 and set a “sell” rating for the company in a research report on Wednesday, September 18th. Stephens upped their price objective on shares of Range Resources from $36.00 to $37.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Barclays raised Range Resources from an “underweight” rating to an “equal weight” rating and dropped their price target for the stock from $35.00 to $34.00 in a research note on Wednesday, October 2nd. Mizuho decreased their price objective on Range Resources from $45.00 to $40.00 and set an “outperform” rating for the company in a report on Wednesday, October 9th. Finally, Bank of America initiated coverage on Range Resources in a report on Monday, October 28th. They issued a “neutral” rating and a $34.00 target price on the stock. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $34.94.

Range Resources Trading Up 2.4 %

Shares of RRC opened at $35.16 on Monday. The business’s fifty day moving average is $31.35 and its 200-day moving average is $32.59. The firm has a market cap of $8.48 billion, a price-to-earnings ratio of 17.76 and a beta of 1.80. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.54 and a current ratio of 0.54. Range Resources has a 52-week low of $27.29 and a 52-week high of $39.33.

Range Resources (NYSE:RRC) last posted its earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.32 by $0.16. The business had revenue of $615.03 million for the quarter, compared to the consensus estimate of $617.90 million. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. The firm’s revenue was up .9% compared to the same quarter last year. During the same period last year, the company earned $0.43 EPS. Equities analysts anticipate that Range Resources will post 1.89 EPS for the current fiscal year.

Range Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a dividend of $0.08 per share. The ex-dividend date was Friday, September 13th. This represents a $0.32 dividend on an annualized basis and a yield of 0.91%. Range Resources’s dividend payout ratio is presently 16.16%.

Insider Buying and Selling

In other Range Resources news, 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 transaction of $399,415.00. Following the completion of the transaction, the vice president now owns 9,670 shares of the company’s stock, valued at approximately $304,121.50. This trade represents a 56.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Charles G. Griffie purchased 1,275 shares of the stock in a transaction that occurred on Thursday, October 24th. The shares were acquired at an average cost of $31.46 per share, with a total value of $40,111.50. Following the completion of the transaction, the director now owns 5,921 shares in the company, valued at $186,274.66. This trade represents a 27.44 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Range Resources

Several large investors have recently bought and sold shares of RRC. Brooklyn Investment Group purchased a new position in Range Resources during the third quarter valued at $25,000. Blue Trust Inc. boosted its holdings in shares of Range Resources by 107.8% in the third quarter. Blue Trust Inc. now owns 1,359 shares of the oil and gas exploration company’s stock valued at $46,000 after purchasing an additional 705 shares during the period. Bogart Wealth LLC bought a new position in Range Resources during the 3rd quarter worth about $49,000. Fifth Third Bancorp lifted its holdings in Range Resources by 21.2% during the second quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock worth $57,000 after buying an additional 299 shares during the period. Finally, Perkins Coie Trust Co purchased a new position in shares of Range Resources in the 2nd quarter worth approximately $67,000. 98.93% of the stock is currently 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.