Range Resources (NYSE:RRC) Shares Down 4.1% - Here's Why

Shares of Range Resources Corporation (NYSE:RRC - Get Free Report) were down 4.1% during mid-day trading on Monday . The company traded as low as $36.96 and last traded at $36.72. Approximately 874,396 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 2,543,298 shares. The stock had previously closed at $38.28.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on RRC shares. Royal Bank Of Canada reissued a "sector perform" rating and set a $45.00 target price on shares of Range Resources in a research note on Tuesday, July 15th. Piper Sandler boosted their target price on Range Resources from $40.00 to $41.00 and gave the company a "neutral" rating in a research note on Thursday. Roth Mkm raised Range Resources from a "neutral" rating to a "buy" rating and upped their target price for the stock from $41.00 to $42.00 in a research report on Tuesday, April 8th. Mizuho raised their price target on Range Resources from $46.00 to $48.00 and gave the stock an "outperform" rating in a research note on Wednesday. Finally, Bank of America boosted their target price on shares of Range Resources from $45.00 to $47.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $43.11.

Range Resources Price Performance

The firm has a market cap of $8.64 billion, a P/E ratio of 18.22, a price-to-earnings-growth ratio of 0.29 and a beta of 0.63. The stock's 50-day moving average is $39.26 and its 200-day moving average is $38.04. The company has a quick ratio of 0.56, a current ratio of 0.55 and a debt-to-equity ratio of 0.29.

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

Range Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 13th were given a $0.09 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.99%. Range Resources's dividend payout ratio is currently 32.14%.

Insiders Place Their Bets

In other Range Resources news, Director James M. Funk sold 13,582 shares of Range Resources 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 sale, the director directly owned 54,394 shares of the company's stock, valued at approximately $1,905,421.82. The trade was a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Ashley Kavanaugh sold 12,880 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $39.00, for a total value of $502,320.00. Following the completion of the transaction, the vice president directly owned 1,723 shares of the company's stock, valued at approximately $67,197. The trade was a 88.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 76,080 shares of company stock valued at $2,984,479 in the last ninety days. 1.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Range Resources

Several institutional investors and hedge funds have recently made changes to their positions in the company. Hollencrest Capital Management bought a new stake in Range Resources during the 1st quarter worth about $33,000. Bessemer Group Inc. grew its stake in shares of Range Resources by 48.0% during the first quarter. Bessemer Group Inc. now owns 971 shares of the oil and gas exploration company's stock valued at $39,000 after purchasing an additional 315 shares during the last quarter. Cullen Frost Bankers Inc. acquired a new stake in shares of Range Resources in the first quarter valued at approximately $39,000. Barrett & Company Inc. bought a new position in Range Resources in the 2nd quarter worth approximately $41,000. Finally, Headlands Technologies LLC acquired a new position in Range Resources during the 4th quarter worth $42,000. Institutional investors and hedge funds own 98.93% of the company's stock.

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.