FY2024 EPS Estimates for Range Resources Co. Reduced by Analyst (NYSE:RRC)

Range Resources Co. (NYSE:RRC) – Equities research analysts at Capital One Financial lowered their FY2024 earnings per share (EPS) estimates for shares of Range Resources in a research note issued to investors on Monday, July 8th. Capital One Financial analyst B. Velie now anticipates that the oil and gas exploration company will post earnings per share of $2.32 for the year, down from their prior forecast of $2.38. The consensus estimate for Range Resources’ current full-year earnings is $2.10 per share.

A number of other research firms have also issued reports on RRC. Jefferies Financial Group increased their price target on Range Resources from $34.00 to $35.00 and gave the company a “hold” rating in a research report on Monday, July 8th. Royal Bank of Canada lowered Range Resources from an “outperform” rating to a “sector perform” rating and raised their target price for the stock from $36.00 to $39.00 in a research report on Friday, April 26th. Benchmark reissued a “hold” rating on shares of Range Resources in a research report on Tuesday. Truist Financial cut their target price on Range Resources from $32.00 to $30.00 and set a “hold” rating on the stock in a research report on Friday, April 5th. Finally, Scotiabank lowered Range Resources from a “sector outperform” rating to a “sector perform” rating and raised their target price for the stock from $40.00 to $45.00 in a research report on Thursday, April 11th. Five analysts have rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $37.15.

Range Resources Price Performance

RRC stock opened at $34.82 on Thursday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.35 and a quick ratio of 1.35. The firm has a market capitalization of $8.45 billion, a P/E ratio of 17.68 and a beta of 1.87. The business’s 50-day moving average is $35.61 and its two-hundred day moving average is $33.41. Range Resources has a 1 year low of $27.60 and a 1 year 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 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.21. The company had revenue of $718.20 million for the quarter, compared to analyst estimates 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 last year, the company earned $0.96 EPS.

Institutional Trading of Range Resources

A number of institutional investors have recently modified their holdings of RRC. Raleigh Capital Management Inc. purchased a new stake in shares of Range Resources in the third quarter valued at approximately $26,000. Benjamin F. Edwards & Company Inc. raised its holdings in Range Resources by 333.0% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 866 shares of the oil and gas exploration company’s stock worth $26,000 after purchasing an additional 666 shares during the last quarter. Delos Wealth Advisors LLC acquired a new position in Range Resources during the fourth quarter worth $52,000. Private Wealth Management Group LLC acquired a new position in Range Resources during the fourth quarter worth $73,000. Finally, SYSTM Wealth Solutions LLC raised its holdings in Range Resources by 17.9% during the first quarter. SYSTM Wealth Solutions LLC now owns 2,141 shares of the oil and gas exploration company’s stock worth $74,000 after purchasing an additional 325 shares during the last quarter. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Range Resources

In related news, Director Charles G. Griffie bought 1,500 shares of the stock in a transaction on Thursday, May 2nd. The shares were bought at an average cost of $34.65 per share, for a total transaction of $51,975.00. Following the purchase, the director now owns 4,646 shares of the company’s stock, valued at approximately $160,983.90. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Range Resources news, Director Charles G. Griffie purchased 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were purchased at an average cost of $34.65 per share, for a total transaction of $51,975.00. Following the completion of the purchase, the director now directly owns 4,646 shares in the company, valued at $160,983.90. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Reginal Spiller sold 1,460 shares of Range Resources stock in a transaction that occurred 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 owns 15,253 shares in the company, valued at $589,986.04. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 197,107 shares of company stock worth $7,379,095. 1.57% of the stock is currently owned by insiders.

Range Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a $0.08 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.32 annualized dividend and a dividend yield of 0.92%. Range Resources’s dividend payout ratio (DPR) is currently 16.24%.

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.