Range Resources Co. (NYSE:RRC) Announces $0.09 Quarterly Dividend

Range Resources Co. (NYSE:RRC - Get Free Report) announced a quarterly dividend on Friday, May 30th, RTT News reports. Investors of record on Friday, June 13th will be paid a dividend of 0.09 per share by the oil and gas exploration company on Friday, June 27th. This represents a $0.36 dividend on an annualized basis and a yield of 0.95%.

Range Resources has a dividend payout ratio of 8.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Range Resources to earn $2.99 per share next year, which means the company should continue to be able to cover its $0.36 annual dividend with an expected future payout ratio of 12.0%.

Range Resources Stock Performance

NYSE RRC traded down $1.24 during mid-day trading on Friday, reaching $37.97. 4,435,952 shares of the stock were exchanged, compared to its average volume of 2,481,673. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.54 and a current ratio of 0.54. The company has a market capitalization of $9.07 billion, a P/E ratio of 19.18, a P/E/G ratio of 5.11 and a beta of 0.60. Range Resources has a 1 year low of $27.29 and a 1 year high of $41.95. The business's 50 day moving average is $36.55 and its 200-day moving average is $36.90.

Analyst Ratings Changes

Several equities analysts have issued reports on RRC shares. Truist Financial increased their price objective on shares of Range Resources from $35.00 to $37.00 and gave the company a "hold" rating in a report on Monday, March 17th. Roth Mkm upgraded Range Resources from a "neutral" rating to a "buy" rating and increased their price target for the stock from $41.00 to $42.00 in a report on Tuesday, April 8th. Susquehanna dropped their price objective on Range Resources from $40.00 to $36.00 and set a "neutral" rating for the company in a research note on Tuesday, April 22nd. Roth Capital upgraded shares of Range Resources from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 8th. Finally, Williams Trading set a $40.00 price target on shares of Range Resources in a report on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $41.95.

Insiders Place Their Bets

In related news, SVP Erin W. Mcdowell sold 9,568 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $40.62, for a total value of $388,652.16. Following the completion of the sale, the senior vice president now owns 13,800 shares in the company, valued at $560,556. This trade represents a 40.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Dennis Degner sold 35,850 shares of the firm's stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $40.42, for a total transaction of $1,449,057.00. Following the completion of the sale, the chief executive officer now owns 58,431 shares of the company's stock, valued at $2,361,781.02. This trade represents a 38.02% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 76,080 shares of company stock worth $2,984,479. 1.00% of the stock is owned by insiders.

Institutional Trading of Range Resources

Several hedge funds and other institutional investors have recently made changes to their positions in RRC. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Range Resources by 1.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 466,796 shares of the oil and gas exploration company's stock worth $18,639,000 after acquiring an additional 8,816 shares during the last quarter. Empowered Funds LLC grew its holdings in Range Resources by 2.1% in the first quarter. Empowered Funds LLC now owns 75,851 shares of the oil and gas exploration company's stock valued at $3,029,000 after purchasing an additional 1,563 shares during the period. Finally, Focus Partners Wealth purchased a new stake in Range Resources in the first quarter valued at approximately $285,000. Institutional investors and hedge funds own 98.93% of the company's stock.

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.