Citigroup Boosts Range Resources (NYSE:RRC) Price Target to $37.00

Range Resources (NYSE:RRC - Free Report) had its price objective lifted by Citigroup from $33.00 to $37.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a neutral rating on the oil and gas exploration company's stock.

Several other research firms have also weighed in on RRC. JPMorgan Chase & Co. lowered shares of Range Resources from a neutral rating to an underweight rating and cut their target price for the stock from $33.00 to $32.00 in a report on Wednesday, December 6th. Raymond James cut their target price on shares of Range Resources from $37.00 to $36.00 and set an outperform rating on the stock in a report on Wednesday, January 24th. Morgan Stanley increased their target price on shares of Range Resources from $22.00 to $23.00 and gave the stock an underweight rating in a report on Thursday, March 28th. Benchmark lowered shares of Range Resources from a buy rating to a hold rating in a report on Thursday, January 11th. Finally, Royal Bank of Canada restated an outperform rating and set a $36.00 price objective on shares of Range Resources in a report on Tuesday, March 5th. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $35.11.

Range Resources Stock Up 0.4 %

NYSE:RRC traded up $0.14 during mid-day trading on Wednesday, reaching $35.14. The stock had a trading volume of 1,825,150 shares, compared to its average volume of 2,632,226. The company has a market capitalization of $8.51 billion, a price-to-earnings ratio of 9.93 and a beta of 1.83. Range Resources has a 1-year low of $23.92 and a 1-year high of $37.88. The stock's 50 day simple moving average is $31.46 and its two-hundred day simple moving average is $31.90. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.49 and a quick ratio of 1.49.

Range Resources (NYSE:RRC - Get Free Report) last posted its earnings results on Wednesday, February 21st. The oil and gas exploration company reported $0.63 earnings per share for the quarter, beating 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 business had revenue of $941.40 million for the quarter, compared to analysts' expectations of $672.25 million. During the same quarter in the previous year, the firm posted $1.26 earnings per share. The firm's revenue for the quarter was down 42.3% on a year-over-year basis. Equities analysts anticipate that Range Resources will post 1.98 EPS for the current year.

Range Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.91%. The ex-dividend date was Thursday, March 14th. Range Resources's payout ratio is currently 9.04%.

Hedge Funds Weigh In On Range Resources

Several institutional investors and hedge funds have recently bought and sold shares of RRC. Kapitalo Investimentos Ltda increased its holdings in shares of Range Resources by 108.0% in the 4th quarter. Kapitalo Investimentos Ltda now owns 7,052 shares of the oil and gas exploration company's stock worth $215,000 after buying an additional 3,661 shares during the last quarter. B. Riley Wealth Advisors Inc. purchased a new position in shares of Range Resources during the fourth quarter worth approximately $682,000. Congress Asset Management Co. MA increased its position in shares of Range Resources by 7.6% during the fourth quarter. Congress Asset Management Co. MA now owns 390,765 shares of the oil and gas exploration company's stock worth $11,895,000 after acquiring an additional 27,579 shares during the period. Integrated Advisors Network LLC purchased a new position in shares of Range Resources during the fourth quarter worth approximately $265,000. Finally, DRW Securities LLC increased its position in shares of Range Resources by 150.0% during the fourth quarter. DRW Securities LLC now owns 50,000 shares of the oil and gas exploration company's stock worth $1,522,000 after acquiring an additional 30,000 shares during the period. 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.