Range Resources (NYSE:RRC) Price Target Raised to $40.00 at Piper Sandler

Range Resources (NYSE:RRC) had its price target hoisted by Piper Sandler from $32.00 to $40.00 in a research note released on Tuesday,Benzinga reports. The brokerage currently has a neutral rating on the oil and gas exploration company’s stock.

Several other research firms have also issued reports on RRC. Mizuho increased their target price on shares of Range Resources from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Tuesday. JPMorgan Chase & Co. raised shares of Range Resources from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $43.00 to $45.00 in a research note on Thursday, March 13th. StockNews.com raised shares of Range Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, April 23rd. Stephens reissued an “overweight” rating and set a $49.00 target price on shares of Range Resources in a research note on Wednesday, April 23rd. Finally, UBS Group increased their target price on shares of Range Resources from $36.00 to $37.00 and gave the stock a “neutral” rating in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Range Resources presently has an average rating of “Hold” and an average target price of $41.85.

Range Resources Price Performance

NYSE:RRC opened at $40.62 on Tuesday. Range Resources has a one year low of $27.29 and a one year high of $41.95. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.54 and a current ratio of 0.54. The firm has a market cap of $9.71 billion, a price-to-earnings ratio of 20.52, a PEG ratio of 5.11 and a beta of 0.60. The firm’s fifty day moving average is $36.33 and its two-hundred day moving average is $36.22.

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

Range Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 0.89%. This is a positive change from Range Resources’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Friday, March 14th. Range Resources’s dividend payout ratio (DPR) is 32.14%.

Insiders Place Their Bets

In other news, Director James M. Funk sold 13,582 shares of the firm’s stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $35.03, for a total transaction of $475,777.46. Following the completion of the sale, the director now owns 54,394 shares in the company, valued at $1,905,421.82. This trade represents a 19.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.00% of the company’s stock.

Institutional Trading of Range Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in RRC. Barclays PLC increased its holdings in shares of Range Resources by 180.8% during the 3rd quarter. Barclays PLC now owns 222,017 shares of the oil and gas exploration company’s stock worth $6,830,000 after buying an additional 142,938 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Range Resources during the 4th quarter worth approximately $4,792,000. Radnor Capital Management LLC increased its holdings in shares of Range Resources by 156.2% during the 4th quarter. Radnor Capital Management LLC now owns 42,993 shares of the oil and gas exploration company’s stock worth $1,547,000 after buying an additional 26,213 shares during the last quarter. Canoe Financial LP increased its holdings in shares of Range Resources by 9.4% during the 4th quarter. Canoe Financial LP now owns 2,911,509 shares of the oil and gas exploration company’s stock worth $104,595,000 after buying an additional 251,200 shares during the last quarter. Finally, Diversify Wealth Management LLC increased its holdings in shares of Range Resources by 30.1% during the 4th quarter. Diversify Wealth Management LLC now owns 14,997 shares of the oil and gas exploration company’s stock worth $572,000 after buying an additional 3,466 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.