Range Resources (NYSE:RRC) Downgraded to Sell Rating by StockNews.com

StockNews.com downgraded shares of Range Resources (NYSE:RRC) from a hold rating to a sell rating in a research note issued to investors on Wednesday morning.

Other analysts have also recently issued research reports about the company. Mizuho lifted their price objective on Range Resources from $40.00 to $47.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Wolfe Research upgraded Range Resources from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a report on Friday, January 3rd. Williams Trading set a $40.00 target price on shares of Range Resources in a research note on Wednesday, March 5th. UBS Group increased their price target on shares of Range Resources from $39.00 to $41.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $40.00 price objective on shares of Range Resources in a research note on Tuesday, January 14th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $39.95.

Range Resources Stock Performance

Shares of RRC stock opened at $40.48 on Wednesday. The stock’s fifty day simple moving average is $38.47 and its 200-day simple moving average is $34.62. The company has a market capitalization of $9.77 billion, a price-to-earnings ratio of 20.44, a P/E/G ratio of 5.11 and a beta of 1.80. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.28. Range Resources has a 1-year low of $27.29 and a 1-year high of $41.95.

Range Resources (NYSE:RRC) last issued its earnings results on Tuesday, February 25th. The oil and gas exploration company reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.13. The company had revenue of $626.42 million for the quarter, compared to the consensus estimate of $676.53 million. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. During the same quarter in the prior year, the company earned $0.63 EPS. On average, sell-side analysts predict that Range Resources will post 2.02 earnings per share for the current fiscal year.

Range Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued a dividend of $0.09 per share. The ex-dividend date is Friday, March 14th. This is a positive change from Range Resources’s previous quarterly dividend of $0.08. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.89%. Range Resources’s payout ratio is 32.73%.

Hedge Funds Weigh In On Range Resources

Institutional investors and hedge funds have recently bought and sold shares of the stock. M&T Bank Corp grew its position in Range Resources by 3.1% in the 3rd quarter. M&T Bank Corp now owns 10,790 shares of the oil and gas exploration company’s stock worth $332,000 after purchasing an additional 327 shares during the last quarter. Commerce Bank lifted its stake in shares of Range Resources by 5.7% in the third quarter. Commerce Bank now owns 6,848 shares of the oil and gas exploration company’s stock valued at $211,000 after buying an additional 369 shares during the period. CIBC Asset Management Inc grew its position in Range Resources by 5.4% during the fourth quarter. CIBC Asset Management Inc now owns 7,435 shares of the oil and gas exploration company’s stock worth $268,000 after buying an additional 378 shares in the last quarter. Commonwealth Equity Services LLC increased its stake in Range Resources by 2.8% during the fourth quarter. Commonwealth Equity Services LLC now owns 14,120 shares of the oil and gas exploration company’s stock valued at $508,000 after acquiring an additional 379 shares during the period. Finally, King Luther Capital Management Corp raised its holdings in Range Resources by 1.3% in the 4th quarter. King Luther Capital Management Corp now owns 31,410 shares of the oil and gas exploration company’s stock valued at $1,130,000 after acquiring an additional 390 shares in the last quarter. Institutional investors own 98.93% of the company’s stock.

About Range Resources

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.