Mizuho Issues Positive Forecast for Range Resources (NYSE:RRC) Stock Price

Range Resources (NYSE:RRC) had its target price upped by Mizuho from $45.00 to $46.00 in a research report released on Tuesday morning,Benzinga reports. The firm currently has an outperform rating on the oil and gas exploration company’s stock.

Several other brokerages have also recently issued reports on RRC. Royal Bank of Canada reissued a “sector perform” rating and set a $42.00 price target on shares of Range Resources in a research report on Friday, April 11th. StockNews.com upgraded shares of Range Resources from a “sell” rating to a “hold” rating in a report on Wednesday, April 23rd. Scotiabank downgraded shares of Range Resources from a “sector outperform” rating to a “sector perform” rating and set a $45.00 price objective for the company. in a research report on Friday, January 17th. Roth Capital upgraded shares of Range Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 8th. Finally, Stephens restated an “overweight” rating and set a $49.00 price objective on shares of Range Resources in a research report on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $41.85.

Range Resources Stock Performance

NYSE RRC opened at $40.62 on Tuesday. Range Resources has a twelve month low of $27.29 and a twelve month high of $41.95. The stock has a market capitalization 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 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 has a 50-day moving average of $36.33 and a 200 day moving average of $36.22.

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

Range Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were given a dividend of $0.09 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.36 dividend on an annualized basis and a yield of 0.89%. This is an increase from Range Resources’s previous quarterly dividend of $0.08. Range Resources’s dividend payout ratio is presently 32.14%.

Insiders Place Their Bets

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

Institutional Trading of Range Resources

A number of institutional investors have recently bought and sold shares of the company. Barclays PLC lifted its position in shares of Range Resources by 180.8% in the third quarter. Barclays PLC now owns 222,017 shares of the oil and gas exploration company’s stock valued at $6,830,000 after acquiring an additional 142,938 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in Range Resources during the fourth quarter worth about $4,792,000. Radnor Capital Management LLC increased its stake in Range Resources by 156.2% during the fourth quarter. Radnor Capital Management LLC now owns 42,993 shares of the oil and gas exploration company’s stock worth $1,547,000 after acquiring an additional 26,213 shares during the last quarter. Canoe Financial LP increased its stake in Range Resources by 9.4% during the fourth quarter. Canoe Financial LP now owns 2,911,509 shares of the oil and gas exploration company’s stock worth $104,595,000 after acquiring an additional 251,200 shares during the last quarter. Finally, Diversify Wealth Management LLC increased its stake in Range Resources by 30.1% during the fourth quarter. Diversify Wealth Management LLC now owns 14,997 shares of the oil and gas exploration company’s stock worth $572,000 after acquiring an additional 3,466 shares during the last quarter. 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.