Range Resources (NYSE:RRC) Sets New 52-Week High - Still a Buy?

Shares of Range Resources Corporation (NYSE:RRC - Get Free Report) hit a new 52-week high on Monday . The company traded as high as $43.50 and last traded at $42.10, with a volume of 605595 shares. The stock had previously closed at $43.23.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Bank of America boosted their price target on Range Resources from $45.00 to $47.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd. UBS Group boosted their price target on Range Resources from $36.00 to $37.00 and gave the stock a "neutral" rating in a research note on Thursday, April 24th. Susquehanna dropped their price target on Range Resources from $40.00 to $36.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 22nd. Morgan Stanley set a $41.00 price target on Range Resources in a research note on Tuesday, April 15th. Finally, Truist Financial boosted their price target on Range Resources from $35.00 to $37.00 and gave the stock a "hold" rating in a research note on Monday, March 17th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $41.95.

Range Resources Price Performance

The stock has a market cap of $9.79 billion, a price-to-earnings ratio of 36.57, a P/E/G ratio of 0.32 and a beta of 0.63. The stock has a fifty day moving average of $38.35 and a 200 day moving average of $37.61. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.56 and a quick ratio of 0.56.

Range Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 13th will be given a $0.09 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.36 annualized dividend and a yield of 0.88%. Range Resources's dividend payout ratio is presently 32.14%.

Insiders Place Their Bets

In other news, Director James M. Funk sold 13,582 shares of the company's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $35.03, for a total transaction of $475,777.46. Following the completion of the transaction, the director now directly owns 54,394 shares of the company's stock, valued at $1,905,421.82. This represents a 19.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Dennis Degner sold 35,850 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $40.42, for a total value of $1,449,057.00. Following the transaction, the chief executive officer now directly owns 58,431 shares of the company's stock, valued at approximately $2,361,781.02. The trade was a 38.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 76,080 shares of company stock worth $2,984,479. Corporate insiders own 1.00% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in RRC. Sanctuary Advisors LLC raised its stake in shares of Range Resources by 169.1% during the 4th quarter. Sanctuary Advisors LLC now owns 17,944 shares of the oil and gas exploration company's stock worth $674,000 after buying an additional 11,276 shares during the period. Lingotto Investment Management LLP raised its stake in shares of Range Resources by 2.5% during the 4th quarter. Lingotto Investment Management LLP now owns 6,864,038 shares of the oil and gas exploration company's stock worth $246,968,000 after buying an additional 165,242 shares during the period. Oppenheimer Asset Management Inc. acquired a new position in shares of Range Resources during the 4th quarter worth approximately $380,000. Oppenheimer & Co. Inc. acquired a new position in shares of Range Resources during the 4th quarter worth approximately $986,000. Finally, Proficio Capital Partners LLC acquired a new position in Range Resources in the 4th quarter valued at $1,192,000. 98.93% of the stock is owned by institutional investors and hedge funds.

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.