Range Resources (NYSE:RRC) Stock Rating Reaffirmed by Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of Range Resources (NYSE:RRC - Free Report) in a research report sent to investors on Tuesday morning, Benzinga reports. The firm currently has a $36.00 price target on the oil and gas exploration company's stock.

Several other brokerages also recently commented on RRC. Morgan Stanley raised 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. Mizuho restated a buy rating and set a $39.00 target price (up from $37.00) on shares of Range Resources in a report on Wednesday, March 13th. Piper Sandler dropped their target price on shares of Range Resources from $42.00 to $40.00 and set an overweight rating on the stock in a report on Thursday, March 7th. Raymond James dropped 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. Finally, Wells Fargo & Company cut shares of Range Resources from an overweight rating to an equal weight rating and decreased their price target for the stock from $40.00 to $32.00 in a research note on Thursday, December 14th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of Hold and a consensus target price of $35.00.

Range Resources Trading Up 1.0 %

Shares of NYSE:RRC traded up $0.35 during mid-day trading on Tuesday, reaching $36.20. The stock had a trading volume of 2,223,239 shares, compared to its average volume of 2,607,617. The firm has a market cap of $8.76 billion, a PE ratio of 10.21 and a beta of 1.83. The firm has a 50 day simple moving average of $31.80 and a two-hundred day simple moving average of $32.00. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.47. Range Resources has a twelve month low of $23.92 and a twelve month high of $37.88.

Range Resources (NYSE:RRC - Get Free Report) last announced its quarterly 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. The business had revenue of $941.40 million for the quarter, compared to the consensus estimate of $672.25 million. Range Resources had a net margin of 25.82% and a return on equity of 15.87%. Range Resources's revenue for the quarter was down 42.3% on a year-over-year basis. During the same period last year, the company posted $1.26 EPS. On average, research analysts predict that Range Resources will post 1.92 EPS for the current fiscal year.

Range Resources Dividend Announcement

The firm 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 0.88%. The ex-dividend date of this dividend was Thursday, March 14th. Range Resources's dividend payout ratio is 9.04%.

Institutional Investors Weigh In On Range Resources

Hedge funds and other institutional investors have recently modified their holdings of the company. Kapitalo Investimentos Ltda grew its position in Range Resources by 108.0% in the fourth quarter. Kapitalo Investimentos Ltda now owns 7,052 shares of the oil and gas exploration company's stock valued at $215,000 after acquiring an additional 3,661 shares during the last quarter. B. Riley Wealth Advisors Inc. bought a new stake in shares of Range Resources during the fourth quarter worth about $682,000. Congress Asset Management Co. MA grew its holdings 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 purchasing an additional 27,579 shares during the last quarter. Integrated Advisors Network LLC bought a new stake in shares of Range Resources during the fourth quarter worth about $265,000. Finally, DRW Securities LLC grew its holdings 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 purchasing an additional 30,000 shares during the last quarter. Institutional investors and hedge funds own 98.93% of the company's stock.

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.