Range Resources (NYSE:RRC) Hits New 52-Week High - What's Next?

Range Resources Corporation (NYSE:RRC - Get Free Report) shares 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 trading hands. The stock had previously closed at $43.23.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on RRC shares. Morgan Stanley set a $41.00 price objective on Range Resources in a report on Tuesday, April 15th. Roth Mkm upgraded Range Resources from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $41.00 to $42.00 in a research report on Tuesday, April 8th. Susquehanna lowered their target price 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. JPMorgan Chase & Co. upgraded shares of Range Resources from an "underweight" rating to a "neutral" rating and increased their price target for the stock from $43.00 to $45.00 in a research note on Thursday, March 13th. Finally, Raymond James Financial boosted their price objective on shares of Range Resources from $46.00 to $55.00 and gave the stock an "outperform" rating in a research note on Monday, March 31st. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $41.95.

Range Resources Price Performance

The firm has a 50-day simple moving average of $37.75 and a 200-day simple moving average of $37.45. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.56 and a quick ratio of 0.56. The firm has a market capitalization of $10.01 billion, a PE ratio of 37.51, a PEG ratio of 0.34 and a beta of 0.63.

Range Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 13th will be issued a $0.09 dividend. The ex-dividend date is Friday, June 13th. This represents a $0.36 dividend on an annualized basis and a yield of 0.86%. Range Resources's dividend payout ratio is currently 32.14%.

Insider Buying and Selling at Range Resources

In related news, Director James M. Funk sold 13,582 shares of Range Resources stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $35.03, for a total value of $475,777.46. Following the completion of the transaction, the director now owns 54,394 shares in the company, valued at approximately $1,905,421.82. This trade represents a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Dennis Degner sold 35,850 shares of the stock in a transaction 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 completion of the sale, the chief executive officer now owns 58,431 shares in the company, valued at approximately $2,361,781.02. The trade was a 38.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 76,080 shares of company stock valued at $2,984,479 over the last 90 days. 1.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Bessemer Group Inc. increased its holdings in Range Resources by 48.0% in the 1st quarter. Bessemer Group Inc. now owns 971 shares of the oil and gas exploration company's stock worth $39,000 after buying an additional 315 shares during the period. Xponance Inc. boosted its holdings in Range Resources by 1.2% in the first quarter. Xponance Inc. now owns 27,512 shares of the oil and gas exploration company's stock valued at $1,099,000 after purchasing an additional 326 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Range Resources by 0.5% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 66,014 shares of the oil and gas exploration company's stock worth $2,636,000 after acquiring an additional 328 shares during the period. Evergreen Capital Management LLC raised its position in Range Resources by 4.8% during the first quarter. Evergreen Capital Management LLC now owns 7,716 shares of the oil and gas exploration company's stock valued at $308,000 after acquiring an additional 351 shares in the last quarter. Finally, Fifth Third Bancorp lifted its holdings in Range Resources by 20.6% in the first quarter. Fifth Third Bancorp now owns 2,078 shares of the oil and gas exploration company's stock valued at $83,000 after acquiring an additional 355 shares during the period. 98.93% of the stock is owned by institutional investors and hedge funds.

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.

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