Range Resources (NYSE:RRC) Lowered to Sector Perform Rating by Scotiabank

Scotiabank lowered shares of Range Resources (NYSE:RRC) from a sector outperform rating to a sector perform rating in a research report released on Friday, MarketBeat reports. Scotiabank currently has $45.00 price target on the oil and gas exploration company’s stock.

Several other equities analysts have also recently issued reports on the company. Barclays upgraded Range Resources from an “underweight” rating to an “equal weight” rating and dropped their target price for the stock from $35.00 to $34.00 in a research report on Wednesday, October 2nd. Truist Financial increased their price objective on Range Resources from $31.00 to $35.00 and gave the stock a “hold” rating in a research report on Monday, January 13th. Benchmark restated a “hold” rating on shares of Range Resources in a research report on Wednesday, October 23rd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $40.00 price target on shares of Range Resources in a report on Tuesday. Finally, Piper Sandler decreased their price objective on shares of Range Resources from $31.00 to $30.00 and set a “neutral” rating on the stock in a report on Monday, November 18th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Range Resources presently has a consensus rating of “Hold” and an average price target of $37.16.

Range Resources Trading Down 0.5 %

NYSE:RRC opened at $41.09 on Friday. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.28. The stock’s 50 day simple moving average is $35.62 and its 200-day simple moving average is $32.59. Range Resources has a 12-month low of $27.29 and a 12-month high of $41.65. The firm has a market cap of $9.91 billion, a P/E ratio of 20.75 and a beta of 1.81.

Range Resources (NYSE:RRC) last announced its quarterly earnings data on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.16. The company had revenue of $615.03 million during the quarter, compared to the consensus estimate of $617.90 million. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. Range Resources’s quarterly revenue was up .9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.43 EPS. Equities analysts anticipate that Range Resources will post 2 EPS for the current year.

Range Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 13th were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.78%. The ex-dividend date of this dividend was Friday, December 13th. Range Resources’s dividend payout ratio is presently 16.16%.

Insider Buying and Selling

In other Range Resources news, Director Charles G. Griffie bought 1,275 shares of the stock in a transaction dated Thursday, October 24th. The stock was bought at an average cost of $31.46 per share, for a total transaction of $40,111.50. Following the completion of the purchase, the director now directly owns 5,921 shares of the company’s stock, valued at approximately $186,274.66. The trade was a 27.44 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Range Resources

Several hedge funds and other institutional investors have recently bought and sold shares of RRC. Choreo LLC bought a new stake in Range Resources during the second quarter valued at $213,000. Envestnet Asset Management Inc. grew its position in shares of Range Resources by 10.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 96,719 shares of the oil and gas exploration company’s stock valued at $3,243,000 after buying an additional 8,969 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its stake in Range Resources by 9.3% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 35,568 shares of the oil and gas exploration company’s stock worth $1,193,000 after acquiring an additional 3,037 shares during the period. Blair William & Co. IL bought a new position in Range Resources in the second quarter worth about $376,000. Finally, MQS Management LLC acquired a new position in Range Resources in the second quarter valued at approximately $378,000. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

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.