Range Resources (NYSE:RRC) Price Target Raised to $41.00

Range Resources (NYSE:RRC) had its price objective boosted by Barclays from $39.00 to $41.00 in a research note released on Monday,Benzinga reports. The brokerage currently has an equal weight rating on the oil and gas exploration company’s stock.

RRC has been the subject of several other research reports. Weiss Ratings upgraded shares of Range Resources from a “hold (c)” rating to a “buy (b)” rating in a research note on Friday, February 27th. Piper Sandler boosted their target price on Range Resources from $41.00 to $42.00 and gave the stock a “neutral” rating in a research note on Thursday, March 12th. Morgan Stanley reduced their target price on Range Resources from $42.00 to $40.00 and set an “equal weight” rating for the company in a report on Friday, January 23rd. UBS Group increased their price target on Range Resources from $38.00 to $43.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. Finally, Royal Bank Of Canada dropped their price target on Range Resources from $46.00 to $44.00 and set a “sector perform” rating on the stock in a report on Wednesday, January 14th. Four research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Range Resources presently has an average rating of “Hold” and a consensus price target of $42.44.

Range Resources Stock Performance

NYSE RRC opened at $43.52 on Monday. Range Resources has a 1 year low of $30.32 and a 1 year high of $44.56. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.67 and a quick ratio of 0.67. The firm has a market cap of $10.24 billion, a price-to-earnings ratio of 15.88, a PEG ratio of 0.40 and a beta of 0.57. The company has a fifty day moving average price of $37.97 and a 200-day moving average price of $37.13.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, February 24th. The oil and gas exploration company reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.13. Range Resources had a net margin of 21.12% and a return on equity of 16.31%. The company had revenue of $786.89 million for the quarter, compared to analyst estimates of $770.92 million. During the same period last year, the firm earned $0.68 earnings per share. The firm’s revenue was up 30.9% on a year-over-year basis. As a group, equities research analysts predict that Range Resources will post 2.02 EPS for the current fiscal year.

Range Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.9%. This is an increase from Range Resources’s previous quarterly dividend of $0.09. Range Resources’s payout ratio is currently 14.60%.

Institutional Investors Weigh In On Range Resources

A number of hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD grew its holdings in Range Resources by 1.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 27,660,494 shares of the oil and gas exploration company’s stock valued at $975,311,000 after purchasing an additional 326,748 shares during the period. Vanguard Group Inc. raised its stake in shares of Range Resources by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 25,553,637 shares of the oil and gas exploration company’s stock valued at $901,021,000 after buying an additional 701,751 shares during the period. Boston Partners raised its stake in shares of Range Resources by 14.0% in the fourth quarter. Boston Partners now owns 13,467,808 shares of the oil and gas exploration company’s stock valued at $474,585,000 after buying an additional 1,650,258 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Range Resources by 8.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 8,965,029 shares of the oil and gas exploration company’s stock valued at $316,123,000 after buying an additional 673,827 shares during the last quarter. Finally, Lingotto Investment Management LLP lifted its position in shares of Range Resources by 2.0% during the 2nd quarter. Lingotto Investment Management LLP now owns 7,161,614 shares of the oil and gas exploration company’s stock valued at $291,263,000 after buying an additional 138,877 shares during the last quarter. Institutional investors own 98.93% of the company’s stock.

About Range Resources

Range Resources Corporation, headquartered in Fort Worth, Texas, is an independent energy company engaged in the exploration, development and production of natural gas, oil and natural gas liquids. The company focuses its core operations on the Appalachian Basin, with a significant presence in Pennsylvania’s Marcellus Shale. Through its drilling and completion activities, Range Resources seeks to optimize production efficiency while maintaining a disciplined approach to capital allocation and cost management.

The company’s technical expertise centers on advanced horizontal drilling and hydraulic fracturing techniques, which it applies to unlock unconventional resources.