Range Resources (NYSE:RRC) Shares Gap Up – Here’s Why

Range Resources Co. (NYSE:RRC) gapped up prior to trading on Monday . The stock had previously closed at $34.79, but opened at $35.92. Range Resources shares last traded at $35.85, with a volume of 322,250 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on RRC. Royal Bank of Canada raised their target price on Range Resources from $35.00 to $40.00 and gave the company a “sector perform” rating in a research note on Monday, November 25th. Mizuho lifted their price objective on shares of Range Resources from $40.00 to $47.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Citigroup upped their target price on shares of Range Resources from $33.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Bank of America initiated coverage on Range Resources in a report on Monday, October 28th. They set a “neutral” rating and a $34.00 price target on the stock. Finally, JPMorgan Chase & Co. decreased their price objective on Range Resources from $37.00 to $31.00 and set an “underweight” rating for the company in a report on Thursday, September 12th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $36.00.

Range Resources Price Performance

The stock has a 50-day moving average of $33.60 and a two-hundred day moving average of $32.19. 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 firm has a market cap of $8.83 billion, a price-to-earnings ratio of 18.48 and a beta of 1.85.

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, 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 quarterly revenue was up .9% compared to the same quarter last year. During the same period last year, the firm posted $0.43 earnings per share. On average, analysts anticipate that Range Resources Co. will post 1.91 EPS for the current year.

Range Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 13th were issued a $0.08 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.87%. Range Resources’s payout ratio is currently 16.16%.

Insider Activity

In related news, Director Charles G. Griffie acquired 1,275 shares of the stock in a transaction that occurred on Thursday, October 24th. The shares were purchased 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 of the company’s stock, valued at approximately $186,274.66. This trade represents a 27.44 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 1.57% of the stock is currently owned by corporate insiders.

Institutional Trading of Range Resources

Institutional investors have recently bought and sold shares of the company. Brooklyn Investment Group acquired a new stake in shares of Range Resources in the 3rd quarter valued at $25,000. Blue Trust Inc. boosted its stake in shares of Range Resources by 107.8% during the 3rd quarter. Blue Trust Inc. now owns 1,359 shares of the oil and gas exploration company’s stock worth $46,000 after acquiring an additional 705 shares in the last quarter. Bogart Wealth LLC acquired a new position in shares of Range Resources during the 3rd quarter valued at about $49,000. International Assets Investment Management LLC bought a new position in shares of Range Resources in the 2nd quarter valued at approximately $67,000. Finally, CWM LLC lifted its holdings in Range Resources by 276.8% in the 3rd quarter. CWM LLC now owns 2,306 shares of the oil and gas exploration company’s stock worth $71,000 after purchasing an additional 1,694 shares during the last quarter. Institutional investors and hedge funds 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.