Equities Analysts Set Expectations for Range Resources Co.'s Q1 2024 Earnings (NYSE:RRC)

Range Resources Co. (NYSE:RRC - Free Report) - Research analysts at Capital One Financial cut their Q1 2024 earnings estimates for Range Resources in a note issued to investors on Tuesday, April 16th. Capital One Financial analyst B. Velie now forecasts that the oil and gas exploration company will post earnings of $0.45 per share for the quarter, down from their prior estimate of $0.52. The consensus estimate for Range Resources' current full-year earnings is $1.92 per share. Capital One Financial also issued estimates for Range Resources' FY2024 earnings at $2.05 EPS.

Range Resources (NYSE:RRC - Get Free Report) last announced its earnings results on Wednesday, February 21st. The oil and gas exploration company reported $0.63 earnings per share for the quarter, topping analysts' consensus estimates of $0.42 by $0.21. Range Resources had a net margin of 25.82% and a return on equity of 15.87%. The company had revenue of $941.40 million during the quarter, compared to the consensus estimate of $672.25 million. During the same period in the previous year, the firm posted $1.26 earnings per share. The company's revenue was down 42.3% on a year-over-year basis.

Several other equities research analysts have also recently commented on the stock. Royal Bank of Canada reiterated an "outperform" rating and set a $36.00 price target on shares of Range Resources in a research report on Tuesday, April 9th. Morgan Stanley lifted their price target on shares of Range Resources from $23.00 to $33.00 and gave the stock an "underweight" rating in a research report on Wednesday. Benchmark cut shares of Range Resources from a "buy" rating to a "hold" rating in a research report on Thursday, January 11th. Scotiabank cut shares of Range Resources from a "sector outperform" rating to a "sector perform" rating and lifted their price target for the stock from $40.00 to $45.00 in a research report on Thursday, April 11th. Finally, Barclays initiated coverage on shares of Range Resources in a report on Wednesday, April 10th. They set an "underweight" rating and a $35.00 price objective for the company. Five analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $35.75.

Range Resources Trading Down 0.7 %

Shares of NYSE:RRC traded down $0.23 during trading on Wednesday, hitting $34.72. 1,805,100 shares of the company's stock were exchanged, compared to its average volume of 2,551,886. Range Resources has a 1-year low of $23.92 and a 1-year high of $37.88. The firm has a 50-day moving average price of $32.76 and a two-hundred day moving average price of $32.20. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.47. The firm has a market cap of $8.41 billion, a P/E ratio of 9.81 and a beta of 1.83.

Range Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.92%. The ex-dividend date of this dividend was Thursday, March 14th. Range Resources's dividend payout ratio is presently 9.04%.

Institutional Trading of Range Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Raymond James & Associates increased its holdings in shares of Range Resources by 12.4% in the first quarter. Raymond James & Associates now owns 45,351 shares of the oil and gas exploration company's stock valued at $1,378,000 after purchasing an additional 4,987 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Range Resources by 31.8% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 35,865 shares of the oil and gas exploration company's stock valued at $1,090,000 after purchasing an additional 8,648 shares during the last quarter. Vontobel Holding Ltd. acquired a new position in shares of Range Resources in the first quarter valued at $213,000. Lord Abbett & CO. LLC acquired a new position in shares of Range Resources in the first quarter valued at $7,059,000. Finally, Canada Pension Plan Investment Board increased its holdings in shares of Range Resources by 1,102.7% in the first quarter. Canada Pension Plan Investment Board now owns 151,710 shares of the oil and gas exploration company's stock valued at $4,609,000 after purchasing an additional 139,096 shares during the last quarter. 98.93% of the stock is owned by institutional investors.

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.