Range Resources (NYSE:RRC) Reaches New 12-Month High – What’s Next?

Range Resources Co. (NYSE:RRC) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $41.74 and last traded at $41.71, with a volume of 534382 shares changing hands. The stock had previously closed at $40.97.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Bank of America raised Range Resources from a “neutral” rating to a “buy” rating and upped their price target for the company from $34.00 to $45.00 in a research report on Monday, January 13th. Scotiabank cut Range Resources from a “sector outperform” rating to a “sector perform” rating and set a $45.00 target price for the company. in a research note on Friday, January 17th. StockNews.com upgraded Range Resources to a “sell” rating in a research note on Wednesday, November 27th. Wells Fargo & Company raised their target price on Range Resources from $38.00 to $40.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $40.00 target price on shares of Range Resources in a research note on Tuesday, January 14th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Range Resources presently has a consensus rating of “Hold” and a consensus target price of $37.16.

Range Resources Price Performance

The firm has a 50-day simple moving average of $35.89 and a two-hundred day simple moving average of $32.67. The company has a market capitalization of $9.97 billion, a price-to-earnings ratio of 20.89 and a beta of 1.81. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.28.

Range Resources (NYSE:RRC) last posted its earnings results on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.16. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The firm had revenue of $615.03 million for the quarter, compared to analysts’ expectations of $617.90 million. During the same period last year, the firm earned $0.43 EPS. The company’s quarterly revenue was up .9% on a year-over-year basis. As a group, analysts predict that Range Resources Co. will post 2.02 earnings per share for the current fiscal year.

Range Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 13th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.77%. The ex-dividend date of this dividend was Friday, December 13th. Range Resources’s dividend payout ratio (DPR) is presently 16.16%.

Insider Activity

In other news, Director Charles G. Griffie acquired 1,275 shares of the stock in a transaction that occurred on Thursday, October 24th. The shares were bought at an average cost of $31.46 per share, for a total transaction of $40,111.50. Following the acquisition, the director now owns 5,921 shares in the company, valued at approximately $186,274.66. This represents a 27.44 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On Range Resources

Several institutional investors have recently bought and sold shares of RRC. Envestnet Asset Management Inc. lifted its stake in Range Resources by 10.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 96,719 shares of the oil and gas exploration company’s stock worth $3,243,000 after purchasing an additional 8,969 shares in the last quarter. Blair William & Co. IL acquired a new position in shares of Range Resources during the second quarter worth $376,000. Intech Investment Management LLC purchased a new stake in Range Resources in the second quarter valued at $838,000. Ensign Peak Advisors Inc lifted its position in Range Resources by 72.1% in the second quarter. Ensign Peak Advisors Inc now owns 155,369 shares of the oil and gas exploration company’s stock valued at $5,210,000 after acquiring an additional 65,095 shares during the last quarter. Finally, Magnetar Financial LLC purchased a new stake in shares of Range Resources in the second quarter valued at about $682,000. 98.93% of the stock is currently owned by institutional investors and hedge funds.

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.