Range Resources (NYSE:RRC) Sets New 52-Week High – Time to Buy?

Range Resources Corporation (NYSE:RRC) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $46.27 and last traded at $46.1410, with a volume of 533378 shares trading hands. The stock had previously closed at $45.94.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. UBS Group boosted their target price on Range Resources from $38.00 to $43.00 and gave the stock a “neutral” rating in a report on Friday, December 12th. Wells Fargo & Company raised their price target on Range Resources from $43.00 to $46.00 and gave the company an “equal weight” rating in a report on Thursday, February 26th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $39.00 price objective (down from $44.00) on shares of Range Resources in a research report on Monday, December 8th. Truist Financial initiated coverage on shares of Range Resources in a report on Tuesday. They issued a “hold” rating and a $48.00 price objective on the stock. Finally, Bank of America reissued a “neutral” rating and issued a $38.00 price objective (down from $44.00) on shares of Range Resources in a research report on Friday, January 16th. Four equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $42.76.

Range Resources Stock Performance

The company has a fifty day moving average of $38.89 and a two-hundred day moving average of $37.45. The firm has a market capitalization of $10.87 billion, a price-to-earnings ratio of 16.86, a PEG ratio of 0.41 and a beta of 0.57. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.67 and a current ratio of 0.67.

Range Resources (NYSE:RRC) last issued its quarterly earnings data on Tuesday, February 24th. The oil and gas exploration company reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.13. Range Resources had a return on equity of 16.31% and a net margin of 21.12%.The firm had revenue of $786.89 million for the quarter, compared to analyst estimates of $770.92 million. During the same period in the prior year, the firm posted $0.68 EPS. The company’s revenue for the quarter was up 30.9% on a year-over-year basis. As a group, equities research analysts predict that Range Resources Corporation 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 27th. Investors of record on Friday, March 13th will be given a dividend of $0.10 per share. This is a positive change from Range Resources’s previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend is Friday, March 13th. Range Resources’s payout ratio is 14.60%.

Institutional Trading of Range Resources

Institutional investors have recently bought and sold shares of the business. Empowered Funds LLC increased its holdings in shares of Range Resources by 2.1% during the first quarter. Empowered Funds LLC now owns 75,851 shares of the oil and gas exploration company’s stock worth $3,029,000 after purchasing an additional 1,563 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Range Resources by 1.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 466,796 shares of the oil and gas exploration company’s stock worth $18,639,000 after buying an additional 8,816 shares in the last quarter. Focus Partners Wealth acquired a new stake in Range Resources during the first quarter worth approximately $285,000. Boston Partners increased its stake in Range Resources by 6.1% during the 2nd quarter. Boston Partners now owns 7,419,508 shares of the oil and gas exploration company’s stock worth $301,133,000 after acquiring an additional 425,704 shares during the period. Finally, Cetera Investment Advisers raised its holdings in Range Resources by 3.1% in the 2nd quarter. Cetera Investment Advisers now owns 73,393 shares of the oil and gas exploration company’s stock valued at $2,985,000 after acquiring an additional 2,214 shares in the last quarter. Institutional investors own 98.93% of the company’s stock.

Range Resources Company Profile

Range Resources Corporation, headquartered in Fort Worth, Texas, is an independent energy company engaged in the exploration, development and production of natural gas, oil and natural gas liquids. The company focuses its core operations on the Appalachian Basin, with a significant presence in Pennsylvania’s Marcellus Shale. Through its drilling and completion activities, Range Resources seeks to optimize production efficiency while maintaining a disciplined approach to capital allocation and cost management.

The company’s technical expertise centers on advanced horizontal drilling and hydraulic fracturing techniques, which it applies to unlock unconventional resources.