Range Resources (NYSE:RRC) Downgraded to "Sector Perform" at Royal Bank of Canada

Royal Bank of Canada lowered shares of Range Resources (NYSE:RRC - Free Report) from an outperform rating to a sector perform rating in a report issued on Friday, MarketBeat reports. The brokerage currently has $39.00 price target on the oil and gas exploration company's stock, up from their prior price target of $36.00.

Other equities research analysts have also recently issued reports about the company. Susquehanna increased their target price on Range Resources from $34.00 to $36.00 and gave the stock a neutral rating in a research note on Monday. Citigroup increased their target price on Range Resources from $33.00 to $37.00 and gave the stock a neutral rating in a research note on Wednesday, April 3rd. Truist Financial lowered their price target on Range Resources from $32.00 to $30.00 and set a hold rating on the stock in a report on Friday, April 5th. Stephens upped their price target on Range Resources from $41.00 to $42.00 and gave the company an overweight rating in a report on Wednesday. Finally, Barclays assumed coverage on Range Resources in a report on Wednesday, April 10th. They set an underweight rating and a $35.00 price target on the stock. Five equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, the company has an average rating of Hold and a consensus price target of $36.65.

Range Resources Stock Down 0.9 %

RRC stock traded down $0.33 during midday trading on Friday, hitting $37.32. The stock had a trading volume of 2,583,140 shares, compared to its average volume of 2,592,411. The firm has a market cap of $9.05 billion, a price-to-earnings ratio of 18.94 and a beta of 1.83. The business has a 50-day moving average of $33.80 and a two-hundred day moving average of $32.42. Range Resources has a 52-week low of $23.92 and a 52-week high of $38.25. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.35 and a quick ratio of 1.49.

Range Resources (NYSE:RRC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.21. The company had revenue of $718.20 million for the quarter, compared to analysts' expectations of $680.72 million. Range Resources had a return on equity of 13.30% and a net margin of 17.00%. The firm's revenue for the quarter was down 15.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.96 earnings per share. As a group, equities research analysts forecast that Range Resources will post 2 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.86%. The ex-dividend date was Thursday, March 14th. Range Resources's dividend payout ratio is presently 16.24%.

Insider Activity

In other news, VP Ashley Kavanaugh sold 15,978 shares of the firm's stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $37.75, for a total value of $603,169.50. Following the completion of the sale, the vice president now directly owns 22,370 shares of the company's stock, valued at approximately $844,467.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.57% of the company's stock.

Institutional Investors Weigh In On Range Resources

Institutional investors and hedge funds have recently bought and sold shares of the company. Raleigh Capital Management Inc. purchased a new position in shares of Range Resources in the 3rd quarter valued at $26,000. Cary Street Partners Investment Advisory LLC purchased a new position in Range Resources during the 3rd quarter worth $27,000. Benjamin F. Edwards & Company Inc. grew its stake in Range Resources by 333.0% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 866 shares of the oil and gas exploration company's stock worth $26,000 after buying an additional 666 shares during the last quarter. Larson Financial Group LLC grew its stake in Range Resources by 267.9% during the 3rd quarter. Larson Financial Group LLC now owns 1,236 shares of the oil and gas exploration company's stock worth $40,000 after buying an additional 900 shares during the last quarter. Finally, Fifth Third Bancorp grew its stake in Range Resources by 57.7% during the 3rd quarter. Fifth Third Bancorp now owns 1,339 shares of the oil and gas exploration company's stock worth $43,000 after buying an additional 490 shares during the last quarter. 98.93% of the stock is owned by 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.