Mizuho Issues Pessimistic Forecast for Range Resources (NYSE:RRC) Stock Price

Key Points

• Mizuho has lowered its price target for Range Resources from $48.00 to $42.00, while maintaining an "outperform" rating, indicating a potential upside of 19.95% from the stock's previous close.
• Other analysts have mixed views: while Piper Sandler and Roth Capital lowered their price objectives, Bank of America raised theirs, reflecting differing expectations on the company's performance.
• Range Resources reported $0.66 earnings per share for the last quarter, surpassing analyst expectations, with revenues of $856.28 million compared to estimates of $708.38 million.

Range Resources (NYSE:RRC - Free Report) had its target price decreased by Mizuho from $48.00 to $42.00 in a report issued on Monday morning, Marketbeat reports. Mizuho currently has an outperform rating on the oil and gas exploration company's stock.

A number of other research firms have also commented on RRC. UBS Group cut their price target on Range Resources from $42.00 to $40.00 and set a "neutral" rating for the company in a report on Wednesday, August 20th. Barclays increased their price objective on Range Resources from $39.00 to $44.00 and gave the stock an "equal weight" rating in a research report on Monday, July 7th. Wall Street Zen downgraded Range Resources from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Bank of America increased their price objective on Range Resources from $45.00 to $47.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Finally, Piper Sandler lowered their price objective on Range Resources from $41.00 to $39.00 and set a "neutral" rating on the stock in a research report on Thursday, August 14th. Seven equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $41.75.

Range Resources Stock Performance

Shares of Range Resources stock traded down $0.86 during trading hours on Monday, reaching $34.43. The company had a trading volume of 5,784,170 shares, compared to its average volume of 2,892,629. Range Resources has a one year low of $28.99 and a one year high of $43.50. The business has a fifty day simple moving average of $35.18 and a 200 day simple moving average of $36.94. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.55 and a quick ratio of 0.55. The firm has a market cap of $8.20 billion, a PE ratio of 17.30, a price-to-earnings-growth ratio of 0.30 and a beta of 0.55.

Range Resources (NYSE:RRC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 EPS for the quarter, topping analysts' consensus estimates of $0.65 by $0.01. Range Resources had a return on equity of 15.95% and a net margin of 17.22%.The firm had revenue of $856.28 million during the quarter, compared to analyst estimates of $708.38 million. During the same period last year, the company earned $0.46 earnings per share. On average, analysts anticipate that Range Resources will post 2.02 earnings per share for the current fiscal year.

Range Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be given a dividend of $0.09 per share. The ex-dividend date is Friday, September 12th. This represents a $0.36 dividend on an annualized basis and a yield of 1.0%. Range Resources's dividend payout ratio (DPR) is presently 18.09%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. GAMMA Investing LLC increased its holdings in Range Resources by 4.7% during the 2nd quarter. GAMMA Investing LLC now owns 6,013 shares of the oil and gas exploration company's stock valued at $245,000 after purchasing an additional 270 shares during the period. Public Employees Retirement System of Ohio boosted its position in Range Resources by 0.4% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 73,294 shares of the oil and gas exploration company's stock valued at $2,981,000 after acquiring an additional 299 shares in the last quarter. Bessemer Group Inc. boosted its position in shares of Range Resources by 48.0% in the 1st quarter. Bessemer Group Inc. now owns 971 shares of the oil and gas exploration company's stock worth $39,000 after purchasing an additional 315 shares in the last quarter. ProShare Advisors LLC boosted its position in shares of Range Resources by 3.1% in the 2nd quarter. ProShare Advisors LLC now owns 10,596 shares of the oil and gas exploration company's stock worth $431,000 after purchasing an additional 315 shares in the last quarter. Finally, Xponance Inc. boosted its position in shares of Range Resources by 1.2% in the 1st quarter. Xponance Inc. now owns 27,512 shares of the oil and gas exploration company's stock worth $1,099,000 after purchasing an additional 326 shares in the last quarter. Hedge funds and other institutional investors own 98.93% of the company's stock.

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.