Range Resources Corporation (NYSE:RRC – Get Free Report)’s stock price was down 5.2% during mid-day trading on Wednesday . The stock traded as low as $39.80 and last traded at $39.74. Approximately 570,544 shares were traded during trading, a decline of 82% from the average daily volume of 3,135,338 shares. The stock had previously closed at $41.90.
Wall Street Analyst Weigh In
RRC has been the topic of a number of research analyst reports. Weiss Ratings cut Range Resources from a “buy (b-)” rating to a “hold (c)” rating in a report on Thursday, July 23rd. The Goldman Sachs Group cut their price objective on shares of Range Resources from $44.00 to $39.00 and set a “neutral” rating for the company in a report on Tuesday, June 30th. Susquehanna reduced their price objective on shares of Range Resources from $45.00 to $41.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 21st. Truist Financial lowered their target price on shares of Range Resources from $46.00 to $43.00 and set a “hold” rating on the stock in a report on Friday, July 10th. Finally, Stifel Nicolaus started coverage on shares of Range Resources in a research report on Thursday, September 10th. They set a “hold” rating and a $46.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, fifteen have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $44.29.
View Our Latest Analysis on RRC
Range Resources Stock Down 5.3%
Range Resources (NYSE:RRC – Get Free Report) last released its quarterly earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.13. The business had revenue of $759.58 million during the quarter, compared to analysts’ expectations of $744.78 million. Range Resources had a return on equity of 18.63% and a net margin of 25.04%.The firm’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.66 EPS. As a group, research analysts forecast that Range Resources Corporation will post 3.65 EPS for the current fiscal year.
Range Resources Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 11th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a $0.40 dividend on an annualized basis and a yield of 1.0%. Range Resources’s dividend payout ratio is presently 11.05%.
Insider Buying and Selling
In other Range Resources news, Director Reginal Spiller sold 3,500 shares of Range Resources stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $40.00, for a total value of $140,000.00. Following the completion of the transaction, the director directly owned 13,421 shares of the company’s stock, valued at $536,840. This trade represents a 20.68% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 1.10% of the stock is owned by company insiders.
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in Range Resources during the second quarter worth $868,085,000. Bank of New York Mellon Corp bought a new position in Range Resources during the second quarter valued at $67,470,000. Boston Partners raised its stake in shares of Range Resources by 14.0% in the fourth quarter. Boston Partners now owns 13,467,808 shares of the oil and gas exploration company’s stock valued at $474,585,000 after acquiring an additional 1,650,258 shares during the period. Bank of America Corp DE purchased a new stake in shares of Range Resources in the second quarter valued at $58,524,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of Range Resources in the second quarter valued at $53,264,000. Institutional investors own 98.93% of the company’s stock.
About Range Resources
Range Resources Corporation (NYSE:RRC) is an independent natural gas, natural gas liquids (NGLs) and oil exploration and production company. Its activities include acquiring, developing and operating unconventional properties, with a primary focus on the Marcellus Shale in the Appalachian Basin.
The company’s production portfolio is centered on natural gas, along with NGLs such as ethane, propane, butane and natural gasoline, as well as condensate and oil. Range Resources also manages related gathering, processing, transportation and marketing activities to move its products from production areas to end markets.
Founded in 1976, Range Resources has built its operations through exploration, development and acquisitions in U.S.
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