Range Resources (NYSE:RRC) Upgraded to Hold at Zacks Research

Zacks Research upgraded shares of Range Resources (NYSE:RRC) from a strong sell rating to a hold rating in a report issued on Wednesday morning,Zacks.com reports.

RRC has been the topic of a number of other research reports. Truist Financial reduced their price objective on Range Resources from $46.00 to $43.00 and set a “hold” rating on the stock in a research note on Friday, July 10th. Raymond James Financial set a $45.00 price target on Range Resources in a report on Monday, July 27th. Bank of America increased their price objective on Range Resources from $38.00 to $44.00 and gave the company a “neutral” rating in a research report on Tuesday, April 21st. Freedom Capital upgraded Range Resources from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 24th. Finally, Weiss Ratings lowered Range Resources from a “buy (b-)” rating to a “hold (c)” rating in a research note on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $43.75.

Range Resources Trading Up 1.1%

RRC stock opened at $40.75 on Wednesday. Range Resources has a 1-year low of $32.68 and a 1-year high of $48.31. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.18. The business’s 50 day moving average is $38.05 and its 200-day moving average is $40.06. The firm has a market cap of $9.52 billion, a P/E ratio of 11.26 and a beta of 0.42.

Range Resources (NYSE:RRC) last announced its quarterly earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.13. The firm had revenue of $759.58 million for the quarter, compared to analysts’ expectations of $744.78 million. Range Resources had a return on equity of 18.63% and a net margin of 25.04%.The business’s revenue was down 2.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.66 earnings per share. Equities analysts anticipate that Range Resources will post 3.49 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 12th were paid a $0.10 dividend. The ex-dividend date of this dividend was Friday, June 12th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.0%. Range Resources’s dividend payout ratio is 11.05%.

Insiders Place Their Bets

In related news, Director Reginal Spiller sold 3,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $40.00, for a total transaction of $140,000.00. Following the completion of the transaction, the director owned 13,421 shares in the company, valued at approximately $536,840. The trade was a 20.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Range Resources

Several institutional investors and hedge funds have recently modified their holdings of RRC. Price T Rowe Associates Inc. MD lifted its position in Range Resources by 1.2% in the 4th 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 acquiring an additional 326,748 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Range Resources by 2.8% during the fourth quarter. Vanguard Group Inc. now owns 25,553,637 shares of the oil and gas exploration company’s stock worth $901,021,000 after buying an additional 701,751 shares in the last quarter. BlackRock Inc. acquired a new stake in Range Resources in the 2nd quarter valued at approximately $868,085,000. Boston Partners lifted its stake in Range Resources by 14.0% in the 4th quarter. Boston Partners now owns 13,467,808 shares of the oil and gas exploration company’s stock valued at $474,585,000 after acquiring an additional 1,650,258 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Range Resources by 2.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 9,192,740 shares of the oil and gas exploration company’s stock valued at $415,354,000 after acquiring an additional 227,711 shares in the last quarter. 98.93% of the stock is currently owned by institutional investors and hedge funds.

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.