Brokers Offer Predictions for Range Resources Co.’s Q3 2024 Earnings (NYSE:RRC)

Range Resources Co. (NYSE:RRC) – Stock analysts at Zacks Research boosted their Q3 2024 earnings per share estimates for shares of Range Resources in a research note issued to investors on Wednesday, June 26th. Zacks Research analyst R. Department now forecasts that the oil and gas exploration company will post earnings per share of $0.43 for the quarter, up from their prior forecast of $0.41. The consensus estimate for Range Resources’ current full-year earnings is $2.11 per share. Zacks Research also issued estimates for Range Resources’ FY2024 earnings at $1.99 EPS.

RRC has been the topic of a number of other reports. Truist Financial reduced their price target on shares of Range Resources from $32.00 to $30.00 and set a “hold” rating on the stock in a research note on Friday, April 5th. Royal Bank of Canada cut shares of Range Resources from an “outperform” rating to a “sector perform” rating and boosted their target price for the stock from $36.00 to $39.00 in a research note on Friday, April 26th. Mizuho raised their price objective on Range Resources from $41.00 to $45.00 and gave the company a “buy” rating in a report on Monday, May 13th. StockNews.com raised Range Resources to a “sell” rating in a report on Wednesday, March 13th. Finally, Piper Sandler lifted their price target on Range Resources from $41.00 to $43.00 and gave the company an “overweight” rating in a research note on Tuesday, April 30th. Five research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, Range Resources has an average rating of “Hold” and a consensus price target of $37.10.

Range Resources Price Performance

Range Resources stock opened at $33.53 on Friday. The stock has a fifty day moving average of $36.10 and a 200-day moving average of $33.17. The stock has a market capitalization of $8.14 billion, a P/E ratio of 17.02 and a beta of 1.81. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.35 and a current ratio of 1.35. Range Resources has a 52 week low of $27.60 and a 52 week high of $39.33.

Range Resources (NYSE:RRC) last posted its quarterly earnings results on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.21. The business had revenue of $718.20 million during the quarter, compared to the consensus estimate of $680.72 million. Range Resources had a return on equity of 13.30% and a net margin of 17.00%. Range Resources’s revenue for the quarter was down 15.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.96 earnings per share.

Range Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.32 annualized dividend and a yield of 0.95%. Range Resources’s dividend payout ratio is currently 16.24%.

Insiders Place Their Bets

In other Range Resources news, Director Reginal Spiller sold 1,460 shares of the firm’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $38.68, for a total value of $56,472.80. Following the completion of the sale, the director now directly owns 15,253 shares in the company, valued at $589,986.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Range Resources news, Director Reginal Spiller sold 1,460 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $38.68, for a total value of $56,472.80. Following the transaction, the director now owns 15,253 shares in the company, valued at $589,986.04. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Mark Scucchi sold 49,569 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $36.91, for a total value of $1,829,591.79. Following the sale, the chief financial officer now owns 94,713 shares of the company’s stock, valued at approximately $3,495,856.83. The disclosure for this sale can be found here. In the last three months, insiders have sold 197,107 shares of company stock worth $7,379,095. Corporate insiders own 1.57% of the company’s stock.

Institutional Investors Weigh In On Range Resources

A number of institutional investors and hedge funds have recently made changes to their positions in RRC. Price T Rowe Associates Inc. MD boosted its holdings in Range Resources by 25.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 28,633,567 shares of the oil and gas exploration company’s stock worth $985,855,000 after acquiring an additional 5,759,883 shares during the last quarter. Vanguard Group Inc. grew its position in Range Resources by 4.1% in the 1st quarter. Vanguard Group Inc. now owns 24,490,639 shares of the oil and gas exploration company’s stock worth $843,213,000 after purchasing an additional 959,011 shares in the last quarter. Boston Partners increased its stake in Range Resources by 2.1% in the 1st quarter. Boston Partners now owns 6,531,086 shares of the oil and gas exploration company’s stock valued at $224,912,000 after buying an additional 133,565 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Range Resources by 1.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,931,670 shares of the oil and gas exploration company’s stock worth $180,568,000 after buying an additional 90,028 shares in the last quarter. Finally, Kopernik Global Investors LLC boosted its stake in shares of Range Resources by 2.7% in the 4th quarter. Kopernik Global Investors LLC now owns 3,106,518 shares of the oil and gas exploration company’s stock worth $94,562,000 after buying an additional 82,095 shares during the last quarter. 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.