Range Resources (NYSE:RRC) Posts Quarterly Earnings Results, Beats Estimates By $0.07 EPS

Key Points

• Range Resources reported quarterly EPS of $0.74, topping analyst estimates by $0.07. Revenue also came in ahead of expectations at $759.58 million versus the $744.26 million consensus.
• The company’s shares rose to $37.70 on the news, with trading volume above average. Range Resources now has a market cap of about $8.88 billion and a low debt-to-equity ratio of 0.18.
• Range Resources also paid a quarterly dividend of $0.10 per share, equal to an annualized yield of about 1.1%. Despite the earnings beat, Wall Street’s overall rating remains Hold with a consensus price target of $43.12.

Range Resources (NYSE:RRC - Get Free Report) posted its quarterly earnings data on Tuesday. The oil and gas exploration company reported $0.74 earnings per share for the quarter, beating analysts' consensus estimates of $0.67 by $0.07, Zacks reports. Range Resources had a return on equity of 18.64% and a net margin of 26.09%.The firm had revenue of $759.58 million for the quarter, compared to analysts' expectations of $744.26 million.

Range Resources Price Performance

Shares of Range Resources stock traded up $1.03 on Tuesday, hitting $37.70. 4,586,719 shares of the company traded hands, compared to its average volume of 3,310,097. The stock has a market capitalization of $8.88 billion, a P/E ratio of 9.97 and a beta of 0.41. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.55 and a current ratio of 0.55. Range Resources has a 52 week low of $32.60 and a 52 week high of $48.31. The business has a 50-day simple moving average of $38.47 and a 200 day simple moving average of $39.36.

Range Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Friday, June 12th. Range Resources's dividend payout ratio (DPR) is 10.58%.

Hedge Funds Weigh In On Range Resources

Several institutional investors have recently bought and sold shares of RRC. Los Angeles Capital Management LLC bought a new position in shares of Range Resources during the 4th quarter valued at about $34,000. Parkside Financial Bank & Trust increased its holdings in shares of Range Resources by 50.2% in the fourth quarter. Parkside Financial Bank & Trust now owns 2,413 shares of the oil and gas exploration company's stock worth $85,000 after purchasing an additional 807 shares during the last quarter. UMB Bank n.a. lifted its position in shares of Range Resources by 13.0% in the fourth quarter. UMB Bank n.a. now owns 2,431 shares of the oil and gas exploration company's stock worth $86,000 after buying an additional 279 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Range Resources by 63.5% in the second quarter. EverSource Wealth Advisors LLC now owns 2,932 shares of the oil and gas exploration company's stock worth $119,000 after buying an additional 1,139 shares in the last quarter. Finally, Banco Bilbao Vizcaya Argentaria S.A. bought a new position in Range Resources during the third quarter valued at approximately $231,000. 98.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on RRC. Bank of America increased their target price on shares of Range Resources from $38.00 to $44.00 and gave the stock a "neutral" rating in a report on Tuesday, April 21st. Stephens dropped their price target on shares of Range Resources from $53.00 to $52.00 and set an "overweight" rating for the company in a research report on Friday, July 10th. Morgan Stanley reduced their price objective on shares of Range Resources from $50.00 to $44.00 and set an "equal weight" rating for the company in a research note on Monday, June 29th. Zacks Research downgraded shares of Range Resources from a "hold" rating to a "strong sell" rating in a research report on Monday, July 13th. Finally, The Goldman Sachs Group lowered their target price on shares of Range Resources from $44.00 to $39.00 and set a "neutral" rating on the stock in a research note on Tuesday, June 30th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $43.12.

Range Resources Company Profile

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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