Range Resources Corporation (NYSE:RRC) Given Consensus Recommendation of "Hold" by Brokerages

Key Points

• Range Resources has a consensus “Hold” rating from 19 brokerages, with 14 holds, three buys, one strong buy, and one sell. The average 12-month price target is $43.75, modestly above the stock’s reported $41.13 price.
• The company recently exceeded quarterly expectations, reporting adjusted earnings of $0.79 per share versus the $0.66 consensus estimate and revenue of $759.58 million, though revenue declined 2.7% year over year.
• Institutional investors own 98.93% of the shares, with major investors including BlackRock, Boston Partners, and AQR Capital increasing or initiating positions. Range Resources also pays a quarterly dividend of $0.10 per share, representing a 1.0% annual yield.

Range Resources Corporation (NYSE:RRC - Get Free Report) has received a consensus rating of "Hold" from the nineteen brokerages that are covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, three have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $43.75.

A number of analysts recently issued reports on RRC shares. Morgan Stanley lowered their target price on Range Resources from $44.00 to $43.00 and set an "equal weight" rating on the stock in a research report on Wednesday. Zacks Research upgraded Range Resources from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 19th. UBS Group restated a "neutral" rating on shares of Range Resources in a research note on Thursday, August 13th. The Goldman Sachs Group lowered their price target on Range Resources from $44.00 to $39.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 30th. Finally, Truist Financial cut their price objective on Range Resources from $46.00 to $43.00 and set a "hold" rating for the company in a report on Friday, July 10th.

Insider Transactions at Range Resources

In other Range Resources news, Director Reginal Spiller sold 3,500 shares of the business's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $40.00, for a total transaction of $140,000.00. Following the transaction, the director owned 13,421 shares of the company's stock, valued at $536,840. The trade was a 20.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.10% of the company's stock.

Hedge Funds Weigh In On Range Resources

Several large investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of Range Resources in the second quarter valued at about $868,085,000. Boston Partners raised its stake in Range Resources by 59.3% in the 3rd quarter. Boston Partners now owns 11,817,550 shares of the oil and gas exploration company's stock worth $445,196,000 after purchasing an additional 4,398,042 shares in the last quarter. AQR Capital Management LLC raised its stake in Range Resources by 517.6% in the 3rd quarter. AQR Capital Management LLC now owns 2,440,277 shares of the oil and gas exploration company's stock worth $91,852,000 after purchasing an additional 2,045,165 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in Range Resources in the 2nd quarter worth about $67,470,000. Finally, Bank of America Corp DE bought a new stake in Range Resources in the 2nd quarter valued at about $58,524,000. 98.93% of the stock is owned by institutional investors.

Range Resources Price Performance

Shares of RRC opened at $41.13 on Monday. The stock has a market capitalization of $9.61 billion, a P/E ratio of 11.36 and a beta of 0.42. Range Resources has a twelve month low of $32.68 and a twelve month high of $48.31. The company has a 50 day moving average of $38.10 and a 200-day moving average of $40.10. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.18.

Range Resources (NYSE:RRC - Get Free Report) last released its earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share for the quarter, beating analysts' consensus estimates of $0.66 by $0.13. Range Resources had a net margin of 25.04% and a return on equity of 18.63%. The business had revenue of $759.58 million during the quarter, compared to the consensus estimate of $744.78 million. During the same quarter last year, the firm earned $0.66 earnings per share. The firm's revenue for the quarter was down 2.7% compared to the same quarter last year. As a group, equities research analysts forecast that Range Resources will post 3.59 EPS for the current fiscal year.

Range Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 12th were paid a dividend of $0.10 per share. The ex-dividend date was Friday, June 12th. This represents a $0.40 annualized dividend and a dividend yield of 1.0%. Range Resources's payout ratio is currently 11.05%.

About Range Resources

Range Resources Corporation, headquartered in Fort Worth, Texas, is an independent energy company engaged in the exploration, development and production of natural gas, oil and natural gas liquids. The company focuses its core operations on the Appalachian Basin, with a significant presence in Pennsylvania's Marcellus Shale. Through its drilling and completion activities, Range Resources seeks to optimize production efficiency while maintaining a disciplined approach to capital allocation and cost management.

The company's technical expertise centers on advanced horizontal drilling and hydraulic fracturing techniques, which it applies to unlock unconventional resources.

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