Range Resources (NYSE:RRC) Reaches New 1-Year High on Analyst Upgrade

Shares of Range Resources Co. (NYSE:RRC) reached a new 52-week high during mid-day trading on Tuesday after Truist Financial raised their price target on the stock from $31.00 to $35.00. Truist Financial currently has a hold rating on the stock. Range Resources traded as high as $39.43 and last traded at $39.38, with a volume of 593998 shares traded. The stock had previously closed at $38.49.

RRC has been the subject of a number of other reports. Benchmark reissued a “hold” rating on shares of Range Resources in a research report on Wednesday, October 23rd. UBS Group upgraded shares of Range Resources from a “sell” rating to a “neutral” rating and lifted their price target for the company from $28.00 to $35.00 in a research report on Monday, December 9th. Morgan Stanley decreased their price objective on shares of Range Resources from $33.00 to $31.00 and set an “underweight” rating on the stock in a report on Monday, September 16th. Stephens lifted their target price 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. Finally, Bank of America raised Range Resources from a “neutral” rating to a “buy” rating and boosted their target price for the company from $34.00 to $45.00 in a research report on Monday. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $37.16.

Insider Buying and Selling at Range Resources

In other Range Resources 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 purchased at an average price 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. This trade represents a 27.44 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.57% of the company’s stock.

Institutional Trading of Range Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RRC. Radnor Capital Management LLC boosted its holdings in shares of Range Resources by 156.2% in the 4th quarter. Radnor Capital Management LLC now owns 42,993 shares of the oil and gas exploration company’s stock valued at $1,547,000 after buying an additional 26,213 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in Range Resources in the fourth quarter valued at $4,792,000. GAMMA Investing LLC boosted its stake in Range Resources by 36.4% in the fourth quarter. GAMMA Investing LLC now owns 4,391 shares of the oil and gas exploration company’s stock valued at $158,000 after acquiring an additional 1,172 shares in the last quarter. Versant Capital Management Inc grew its holdings in shares of Range Resources by 42.8% during the fourth quarter. Versant Capital Management Inc now owns 1,544 shares of the oil and gas exploration company’s stock worth $56,000 after purchasing an additional 463 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Range Resources by 61.9% during the third quarter. JPMorgan Chase & Co. now owns 1,579,579 shares of the oil and gas exploration company’s stock worth $48,588,000 after purchasing an additional 604,199 shares in the last quarter. Institutional investors and hedge funds own 98.93% of the company’s stock.

Range Resources Price Performance

The firm has a market capitalization of $9.56 billion, a PE ratio of 20.01 and a beta of 1.81. 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 fifty day moving average price of $34.96 and a two-hundred day moving average price of $32.38.

Range Resources (NYSE:RRC) last issued its quarterly earnings data on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.16. The company had revenue of $615.03 million during the quarter, compared to analysts’ expectations of $617.90 million. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The firm’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.43 earnings per share. Sell-side analysts forecast that Range Resources Co. will post 1.91 earnings per share for the current year.

Range Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 13th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.81%. The ex-dividend date was Friday, December 13th. Range Resources’s payout ratio is currently 16.16%.

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.