Range Resources (NYSE:RRC) Stock Jumps 4.2% - What's Next?

Key Points

• Range Resources shares rose 4.2% to $43.15, though trading volume was 64% below the average session volume.
• Analyst sentiment remains cautious: the stock has a consensus “Hold” rating and an average price target of $44, close to its trading price.
• The company exceeded quarterly expectations with adjusted EPS of $0.79 versus the $0.66 consensus and revenue of $759.6 million, while revenue declined 2.7% year over year.

Range Resources Corporation (NYSE:RRC - Get Free Report) traded up 4.2% during mid-day trading on Friday. The company traded as high as $43.11 and last traded at $43.15. 1,111,188 shares traded hands during trading, a decline of 64% from the average session volume of 3,108,389 shares. The stock had previously closed at $41.42.

Analysts Set New Price Targets

A number of research firms have commented on RRC. Raymond James Financial set a $45.00 price objective on shares of Range Resources in a research note on Monday, July 27th. Zacks Research upgraded shares of Range Resources from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 19th. UBS Group reduced their price target on shares of Range Resources from $49.00 to $44.00 and set a "neutral" rating on the stock in a research report on Friday, October 2nd. Morgan Stanley upped their price objective on Range Resources from $43.00 to $45.00 and gave the company an "equal weight" rating in a research note on Thursday. Finally, Truist Financial decreased their target price on Range Resources from $45.00 to $43.00 and set a "hold" rating for the company in a research report on Monday, October 5th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, seventeen have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $44.00.

Range Resources Price Performance

The company has a market capitalization of $10.09 billion, a P/E ratio of 11.93 and a beta of 0.71. The company has a fifty day moving average price of $40.30 and a 200 day moving average price of $40.01. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.65 and a quick ratio of 0.65.

Range Resources (NYSE:RRC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 21st. The oil and gas exploration company reported $0.79 EPS for the quarter, topping analysts' consensus estimates of $0.66 by $0.13. Range Resources had a return on equity of 18.63% and a net margin of 25.04%. The firm had revenue of $759.58 million during the quarter, compared to the consensus estimate of $744.78 million. During the same period in the prior year, the business earned $0.66 EPS. The firm's revenue was down 2.7% on a year-over-year basis. On average, sell-side analysts forecast that Range Resources Corporation will post 3.74 EPS for the current fiscal year.

Range Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 11th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Friday, September 11th. Range Resources's dividend payout ratio is 11.05%.

Insider Activity at Range Resources

In other news, Director Reginal Spiller sold 3,500 shares of the company's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $40.00, for a total value of $140,000.00. Following the completion of the sale, the director owned 13,421 shares in the company, valued at $536,840. This represents a 20.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 1.10% of the company's stock.

Institutional Trading of Range Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Copeland Capital Management LLC bought a new stake in shares of Range Resources during the 3rd quarter worth $14,880,000. GK Wealth Management LLC acquired a new stake in Range Resources during the 3rd quarter worth about $75,000. Wedmont Private Capital acquired a new stake in Range Resources during the third quarter valued at $254,000. GAMMA Investing LLC boosted its position in Range Resources by 19.8% during the third quarter. GAMMA Investing LLC now owns 9,952 shares of the oil and gas exploration company's stock valued at $369,000 after purchasing an additional 1,643 shares during the last quarter. Finally, Congress Asset Management Co. grew its stake in Range Resources by 3.5% in the third quarter. Congress Asset Management Co. now owns 652,173 shares of the oil and gas exploration company's stock valued at $24,156,000 after purchasing an additional 21,895 shares in the last quarter. 98.93% of the stock is owned by institutional investors and hedge funds.

About Range Resources

Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil producer headquartered in Fort Worth, Texas. The company explores for, develops and produces hydrocarbons, with a primary focus on unconventional shale resources in the Appalachian Basin.

Range's principal operating area is the Marcellus Shale in southwestern Pennsylvania, where it produces natural gas, NGLs and condensate. Its products are sold to customers through regional and interstate pipeline systems and other market channels serving utilities, industrial users, power generators and other energy markets.

Founded in 1976, Range Resources has historically operated in several U.S.

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