Range Resources (NYSE:RRC) Price Target Raised to $38.00 at Citigroup

Range Resources (NYSE:RRC) had its target price boosted by Citigroup from $33.00 to $38.00 in a research note released on Friday morning,Benzinga reports. The brokerage currently has a neutral rating on the oil and gas exploration company’s stock.

Other equities research analysts have also recently issued research reports about the company. Wells Fargo & Company dropped their price target on Range Resources from $39.00 to $38.00 and set an “equal weight” rating on the stock in a research note on Friday, October 25th. Susquehanna lowered their price objective on Range Resources from $36.00 to $31.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. UBS Group lowered their price objective on Range Resources from $30.00 to $27.00 and set a “sell” rating on the stock in a research report on Wednesday, September 18th. Bank of America started coverage on Range Resources in a research report on Monday, October 28th. They set a “neutral” rating and a $34.00 price objective on the stock. Finally, JPMorgan Chase & Co. lowered their price objective on Range Resources from $37.00 to $31.00 and set an “underweight” rating on the stock in a research report on Thursday, September 12th. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Range Resources has a consensus rating of “Hold” and an average price target of $35.06.

Range Resources Trading Down 2.2 %

NYSE RRC opened at $33.75 on Friday. The company has a market cap of $8.14 billion, a PE ratio of 17.05 and a beta of 1.85. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.28. Range Resources has a 12 month low of $27.29 and a 12 month high of $39.33. The stock has a 50 day moving average of $32.57 and a 200-day moving average of $32.41.

Range Resources (NYSE:RRC) last released its quarterly earnings data on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 EPS for the quarter, beating the consensus estimate of $0.32 by $0.16. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The company had revenue of $615.03 million during the quarter, compared to the consensus estimate of $617.90 million. During the same quarter in the prior year, the firm posted $0.43 EPS. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. On average, equities research analysts anticipate that Range Resources will post 1.9 EPS for the current fiscal year.

Range Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date of this dividend is Friday, December 13th. Range Resources’s payout ratio is 16.16%.

Insider Activity at Range Resources

In other Range Resources news, VP Ashley Kavanaugh sold 12,700 shares of the company’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 transaction, the vice president now owns 9,670 shares in the company, valued at $304,121.50. This represents a 56.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles G. Griffie acquired 1,275 shares of Range Resources stock in a transaction on Thursday, October 24th. The stock was acquired at an average price of $31.46 per share, with a total value of $40,111.50. Following the purchase, the director now directly owns 5,921 shares in the company, valued at approximately $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. 1.57% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Lingotto Investment Management LLP grew its stake in shares of Range Resources by 1.5% during the 2nd 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 period. KGH Ltd grew its stake in shares of Range Resources by 3.2% during the 2nd 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 period. Geode Capital Management LLC grew its stake in shares of Range Resources by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 4,003,299 shares of the oil and gas exploration company’s stock worth $123,174,000 after acquiring an additional 35,344 shares during the period. Canoe Financial LP grew its stake in shares of Range Resources by 114.9% during the 3rd quarter. Canoe Financial LP now owns 2,660,309 shares of the oil and gas exploration company’s stock worth $81,299,000 after acquiring an additional 1,422,200 shares during the period. Finally, William Blair Investment Management LLC bought a new position in shares of Range Resources during the 2nd quarter worth $78,223,000. Institutional investors own 98.93% of the company’s stock.

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.