FY2024 EPS Forecast for Range Resources Raised by Analyst

Range Resources Co. (NYSE:RRC) – Stock analysts at Capital One Financial raised their FY2024 earnings per share estimates for Range Resources in a report released on Wednesday, January 8th. Capital One Financial analyst B. Velie now forecasts that the oil and gas exploration company will earn $2.03 per share for the year, up from their previous estimate of $2.02. The consensus estimate for Range Resources’ current full-year earnings is $1.91 per share. Capital One Financial also issued estimates for Range Resources’ Q1 2025 earnings at $0.78 EPS.

Range Resources (NYSE:RRC) last issued 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 firm had revenue of $615.03 million for 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 firm’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 earnings per share.

A number of other research analysts have also issued reports on RRC. UBS Group upgraded Range Resources from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $28.00 to $35.00 in a research report on Monday, December 9th. Barclays upgraded Range Resources from an “underweight” rating to an “equal weight” rating and lowered their price target for the company from $35.00 to $34.00 in a research report on Wednesday, October 2nd. Piper Sandler cut their price objective on Range Resources from $31.00 to $30.00 and set a “neutral” rating for the company in a report on Monday, November 18th. Benchmark reaffirmed a “hold” rating on shares of Range Resources in a report on Wednesday, October 23rd. Finally, StockNews.com upgraded shares of Range Resources to a “sell” rating in a research report on Wednesday, November 27th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $36.32.

Range Resources Trading Up 2.0 %

Range Resources stock opened at $38.27 on Friday. Range Resources has a 52-week low of $27.29 and a 52-week high of $39.33. The firm has a market capitalization of $9.23 billion, a price-to-earnings ratio of 19.33 and a beta of 1.81. The firm has a 50-day moving average price of $34.63 and a two-hundred day moving average price of $32.34. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.28.

Range Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 27th. Investors 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 0.84%. The ex-dividend date was Friday, December 13th. Range Resources’s payout ratio is 16.16%.

Insider Buying and Selling

In related news, Director Charles G. Griffie acquired 1,275 shares of the company’s stock in a transaction on Thursday, October 24th. The shares were purchased at an average price of $31.46 per share, for a total transaction of $40,111.50. Following the purchase, the director now owns 5,921 shares in the company, valued at $186,274.66. This represents a 27.44 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On Range Resources

Several institutional investors and hedge funds have recently modified their holdings of the stock. William Blair Investment Management LLC acquired a new stake in Range Resources during the second quarter valued at $78,223,000. Canoe Financial LP raised 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 purchasing an additional 1,422,200 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Range Resources by 61.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,579,579 shares of the oil and gas exploration company’s stock valued at $48,588,000 after buying an additional 604,199 shares during the last quarter. HITE Hedge Asset Management LLC bought a new stake in shares of Range Resources in the 3rd quarter valued at approximately $11,508,000. Finally, Verition Fund Management LLC increased its holdings in Range Resources by 379.3% in the third quarter. Verition Fund Management LLC now owns 409,427 shares of the oil and gas exploration company’s stock worth $12,594,000 after buying an additional 324,011 shares during the last quarter. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

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.