Wells Fargo & Company Issues Positive Forecast for Range Resources (NYSE:RRC) Stock Price

Range Resources (NYSE:RRC) had its target price hoisted by Wells Fargo & Company from $38.00 to $40.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have an overweight rating on the oil and gas exploration company’s stock.

Several other research firms have also commented on RRC. Susquehanna dropped their price objective on shares of Range Resources from $36.00 to $31.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Piper Sandler cut their price target on shares of Range Resources from $31.00 to $30.00 and set a “neutral” rating on the stock in a report on Monday, November 18th. JPMorgan Chase & Co. decreased their price objective on shares of Range Resources from $37.00 to $31.00 and set an “underweight” rating for the company in a research note on Thursday, September 12th. StockNews.com raised Range Resources to a “sell” rating in a research note on Wednesday, November 27th. Finally, UBS Group raised Range Resources from a “sell” rating to a “neutral” rating and raised their price target for the stock from $28.00 to $35.00 in a research note on Monday, December 9th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $36.00.

Range Resources Stock Down 1.2 %

Shares of NYSE:RRC opened at $34.15 on Tuesday. The company has a market cap of $8.24 billion, a price-to-earnings ratio of 17.25 and a beta of 1.85. Range Resources has a 12 month low of $27.29 and a 12 month high of $39.33. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.28. The company has a 50-day moving average price of $33.02 and a 200 day moving average price of $32.34.

Range Resources (NYSE:RRC) last posted its quarterly earnings data on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share (EPS) 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 analyst estimates of $617.90 million. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The company’s revenue for the quarter was up .9% on a year-over-year basis. During the same period last year, the company earned $0.43 EPS. As a group, equities research analysts predict that Range Resources will post 1.91 earnings per share for the current year.

Range Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.32 dividend on an annualized basis and a yield of 0.94%. Range Resources’s dividend payout ratio is currently 16.16%.

Insider Buying and Selling at Range Resources

In other news, Director Charles G. Griffie bought 1,275 shares of the firm’s stock in a transaction that occurred on Thursday, October 24th. The stock was bought at an average price of $31.46 per share, with a total value of $40,111.50. Following the completion of the transaction, the director now directly owns 5,921 shares of the company’s stock, valued at approximately $186,274.66. The trade was a 27.44 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Ashley Kavanaugh sold 12,700 shares of Range Resources 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 directly owns 9,670 shares in the company, valued at $304,121.50. This represents a 56.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.57% of the company’s stock.

Institutional Trading of Range Resources

A number of institutional investors have recently made changes to their positions in the business. HITE Hedge Asset Management LLC purchased a new stake in shares of Range Resources during the third quarter worth about $11,508,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Range Resources by 4.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,017,704 shares of the oil and gas exploration company’s stock worth $62,065,000 after buying an additional 92,217 shares during the last quarter. Aptus Capital Advisors LLC lifted its stake in shares of Range Resources by 135.5% during the third quarter. Aptus Capital Advisors LLC now owns 112,008 shares of the oil and gas exploration company’s stock worth $3,445,000 after buying an additional 64,443 shares during the period. HighTower Advisors LLC grew its holdings in shares of Range Resources by 59.9% during the third quarter. HighTower Advisors LLC now owns 131,571 shares of the oil and gas exploration company’s stock valued at $4,045,000 after buying an additional 49,276 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of Range Resources by 32.5% in the 3rd quarter. Victory Capital Management Inc. now owns 65,819 shares of the oil and gas exploration company’s stock valued at $2,025,000 after acquiring an additional 16,134 shares during the period. 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.