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

Range Resources (NYSE:RRC) had its target price boosted by Mizuho from $40.00 to $47.00 in a research note released on Monday morning,Benzinga reports. The brokerage currently has an outperform rating on the oil and gas exploration company’s stock.

Other research analysts also recently issued reports about the company. Piper Sandler dropped their price target on Range Resources from $31.00 to $30.00 and set a “neutral” rating for the company in a research note on Monday, November 18th. Morgan Stanley dropped their target price on shares of Range Resources from $33.00 to $31.00 and set an “underweight” rating for the company in a research report on Monday, September 16th. Royal Bank of Canada lifted their price target on shares of Range Resources from $35.00 to $40.00 and gave the company a “sector perform” rating in a report on Monday, November 25th. JPMorgan Chase & Co. dropped their price objective on shares of Range Resources from $37.00 to $31.00 and set an “underweight” rating for the company in a report on Thursday, September 12th. Finally, Benchmark reaffirmed a “hold” rating on shares of Range Resources in a report on Wednesday, October 23rd. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $36.00.

Range Resources Stock Performance

Shares of NYSE RRC opened at $32.92 on Monday. Range Resources has a 12-month low of $27.29 and a 12-month high of $39.33. The firm has a market capitalization of $7.94 billion, a price-to-earnings ratio of 16.63 and a beta of 1.85. 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 firm has a 50 day moving average of $33.06 and a 200 day moving average of $32.35.

Range Resources (NYSE:RRC) last issued its quarterly earnings data on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.16. Range Resources had a net margin of 17.63% and a return on equity of 13.69%. The firm had revenue of $615.03 million during the quarter, compared to the consensus estimate of $617.90 million. During the same quarter in the previous year, the firm posted $0.43 EPS. The company’s revenue for the quarter was up .9% compared to the same quarter last year. On average, research analysts anticipate that Range Resources will post 1.91 earnings per share for the current year.

Range Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.32 annualized dividend and a yield of 0.97%. Range Resources’s payout ratio is presently 16.16%.

Insider Buying and Selling

In related news, VP Ashley Kavanaugh sold 12,700 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $31.45, for a total value of $399,415.00. Following the sale, the vice president now directly owns 9,670 shares of the company’s stock, valued at $304,121.50. This represents a 56.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Charles G. Griffie bought 1,275 shares of the company’s stock in a transaction on Thursday, October 24th. The shares were acquired at an average price of $31.46 per share, with a total value of $40,111.50. Following the transaction, the director now directly owns 5,921 shares of the company’s stock, valued at approximately $186,274.66. This trade represents a 27.44 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.57% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Range Resources

Several hedge funds have recently bought and sold shares of the business. Brooklyn Investment Group purchased a new stake in Range Resources in the 3rd quarter valued at about $25,000. Blue Trust Inc. boosted its holdings in shares of Range Resources by 107.8% in the third quarter. Blue Trust Inc. now owns 1,359 shares of the oil and gas exploration company’s stock valued at $46,000 after purchasing an additional 705 shares during the period. Bogart Wealth LLC bought a new position in Range Resources in the third quarter worth approximately $49,000. Fifth Third Bancorp grew its stake in Range Resources by 21.2% in the second quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock worth $57,000 after purchasing an additional 299 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new position in Range Resources during the 2nd quarter worth $67,000. Institutional investors 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.