Range Resources Corporation (NYSE:RRC) Plans $0.09 Quarterly Dividend

Key Points

• Range Resources Corporation declared a quarterly dividend of $0.09 per share, with intended payments for stockholders recorded by September 12th to be disbursed on September 26th, reflecting an annualized dividend yield of 1.0%.
• The company's dividend payout ratio stands at 8.7%, indicating earnings sufficiently cover the dividends, while analysts forecast earnings per share to be $2.99 next year, maintaining a future payout ratio of 12.0%.
• Range Resources reported a stronger-than-expected quarterly performance, with earnings per share of $0.66 and revenue of $856.28 million, surpassing consensus estimates significantly.

Range Resources Corporation (NYSE:RRC - Get Free Report) declared a quarterly dividend on Friday, August 29th, RTT News reports. Stockholders of record on Friday, September 12th will be paid a dividend of 0.09 per share by the oil and gas exploration company on Friday, September 26th. This represents a c) annualized dividend and a dividend yield of 1.0%.

Range Resources has a dividend payout ratio of 8.7% indicating that its dividend is sufficiently covered by earnings. 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 Down 0.1%

RRC stock opened at $34.39 on Friday. The business has a 50 day moving average of $36.68 and a 200 day moving average of $37.31. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.29. Range Resources has a twelve month low of $27.55 and a twelve month high of $43.50. The firm has a market cap of $8.19 billion, a PE ratio of 17.30, a price-to-earnings-growth ratio of 0.28 and a beta of 0.60.

Range Resources (NYSE:RRC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The oil and gas exploration company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.65 by $0.01. The business had revenue of $856.28 million for the quarter, compared to the consensus estimate of $708.38 million. Range Resources had a return on equity of 15.95% and a net margin of 17.22%.During the same period in the previous year, the business earned $0.46 earnings per share. On average, research analysts forecast that Range Resources will post 2.02 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RRC has been the topic of a number of research reports. Bank of America raised their target price on shares of Range Resources from $45.00 to $47.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd. Roth Capital lowered shares of Range Resources from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $44.00 to $35.00 in a research report on Monday, August 18th. UBS Group cut their price target on shares of Range Resources from $42.00 to $40.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 20th. Mizuho lifted their price target on shares of Range Resources from $46.00 to $48.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 23rd. Finally, Susquehanna lifted their price target on shares of Range Resources from $36.00 to $39.00 and gave the company a "neutral" rating in a report on Wednesday, July 23rd. Seven research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $42.75.

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.

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