Mizuho Lowers Range Resources (NYSE:RRC) Price Target to $45.00

Range Resources (NYSE:RRC) had its target price decreased by Mizuho from $47.00 to $45.00 in a research note published on Monday morning, Benzinga reports. Mizuho currently has an outperform rating on the oil and gas exploration company’s stock.

Several other equities analysts also recently weighed in on RRC. JPMorgan Chase & Co. dropped their target price on Range Resources from $37.00 to $31.00 and set an underweight rating for the company in a research report on Thursday, September 12th. Wells Fargo & Company lowered their price objective on Range Resources from $37.00 to $35.00 and set an equal weight rating for the company in a research report on Monday, July 29th. Royal Bank of Canada reissued a sector perform rating and set a $39.00 price objective on shares of Range Resources in a research report on Thursday, July 25th. Piper Sandler downgraded Range Resources from an overweight rating to a neutral rating and lowered their price objective for the stock from $43.00 to $31.00 in a research report on Thursday, August 15th. Finally, The Goldman Sachs Group lowered their price objective on Range Resources from $40.00 to $35.00 and set a neutral rating for the company in a research report on Friday, September 6th. Five equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $36.10.

Range Resources Stock Performance

NYSE RRC opened at $30.51 on Monday. The company has a market cap of $7.40 billion, a P/E ratio of 15.49 and a beta of 1.80. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.58 and a quick ratio of 0.58. The stock has a 50-day moving average of $30.56 and a two-hundred day moving average of $33.52. Range Resources has a 1-year low of $27.29 and a 1-year high of $39.33.

Range Resources (NYSE:RRC) last released its earnings results on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.05. The company had revenue of $641.30 million during the quarter, compared to the consensus estimate of $610.24 million. Range Resources had a return on equity of 13.93% and a net margin of 17.62%. Range Resources’s revenue was up 8.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.27 EPS. As a group, analysts anticipate that Range Resources will post 2.07 EPS for the current year.

Range Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date of this dividend is Friday, September 13th. Range Resources’s dividend payout ratio is currently 16.24%.

Institutional Investors Weigh In On Range Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RRC. Price T Rowe Associates Inc. MD lifted its stake in Range Resources by 25.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 28,633,567 shares of the oil and gas exploration company’s stock valued at $985,855,000 after buying an additional 5,759,883 shares during the last quarter. William Blair Investment Management LLC acquired a new position in shares of Range Resources in the second quarter valued at approximately $78,223,000. Vanguard Group Inc. increased its holdings in shares of Range Resources by 4.1% in the first quarter. Vanguard Group Inc. now owns 24,490,639 shares of the oil and gas exploration company’s stock valued at $843,213,000 after purchasing an additional 959,011 shares during the period. Herr Investment Group LLC increased its holdings in shares of Range Resources by 4,594.4% in the first quarter. Herr Investment Group LLC now owns 497,611 shares of the oil and gas exploration company’s stock valued at $17,133,000 after purchasing an additional 487,011 shares during the period. Finally, TD Asset Management Inc increased its holdings in shares of Range Resources by 177.7% in the fourth quarter. TD Asset Management Inc now owns 692,722 shares of the oil and gas exploration company’s stock valued at $21,086,000 after purchasing an additional 443,298 shares during the period. Hedge funds and other 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.