Range Resources (NYSE:RRC) Shares Gap Up on Earnings Beat

Shares of Range Resources Co. (NYSE:RRC) gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $29.90, but opened at $31.39. Range Resources shares last traded at $30.79, with a volume of 1,350,007 shares changing hands.

The oil and gas exploration company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.16. The firm had revenue of $615.03 million for the quarter, compared to analysts’ expectations of $617.90 million. Range Resources had a net margin of 17.62% and a return on equity of 13.93%. The firm’s revenue was up .9% compared to the same quarter last year. During the same quarter last year, the company earned $0.43 earnings per share.

Range Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a $0.08 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.32 annualized dividend and a yield of 1.02%. Range Resources’s dividend payout ratio (DPR) is 16.24%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Royal Bank of Canada reissued a “sector perform” rating and set a $39.00 price objective on shares of Range Resources in a report on Thursday, July 25th. Susquehanna cut their price objective on shares of Range Resources from $36.00 to $31.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. JPMorgan Chase & Co. cut their price objective on shares of Range Resources from $37.00 to $31.00 and set an “underweight” rating on the stock in a report on Thursday, September 12th. Wells Fargo & Company raised shares of Range Resources from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $35.00 to $39.00 in a report on Tuesday, October 1st. Finally, Benchmark reissued a “hold” rating on shares of Range Resources in a report on Wednesday. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $35.12.

Insiders Place Their Bets

In other news, 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 owns 9,670 shares of the company’s stock, valued at $304,121.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 1.57% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in RRC. Blue Trust Inc. raised 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 buying an additional 705 shares during the last quarter. Bogart Wealth LLC acquired a new position in Range Resources in the 3rd quarter valued at about $49,000. Fifth Third Bancorp raised its stake in Range Resources by 21.2% in the 2nd quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock valued at $57,000 after purchasing an additional 299 shares during the last quarter. Perkins Coie Trust Co acquired a new position in Range Resources in the 2nd quarter valued at about $67,000. Finally, International Assets Investment Management LLC acquired a new position in Range Resources in the 2nd quarter valued at about $67,000. Institutional investors and hedge funds own 98.93% of the company’s stock.

Range Resources Stock Up 1.6 %

The firm’s 50 day moving average is $30.23 and its two-hundred day moving average is $33.06. The stock has a market cap of $7.63 billion, a price-to-earnings ratio of 15.96 and a beta of 1.80. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.28.

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.