Range Resources Co. (NYSE:RRC) Declares Quarterly Dividend of $0.09

Range Resources Co. (NYSE:RRC) announced a quarterly dividend on Friday, February 28th, RTT News reports. Stockholders of record on Friday, March 14th will be paid a dividend of 0.09 per share by the oil and gas exploration company on Friday, March 28th. This represents a $0.36 annualized dividend and a dividend yield of 0.97%. This is a boost from Range Resources’s previous quarterly dividend of $0.08.

Range Resources has a dividend payout ratio of 8.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Range Resources to earn $2.99 per share next year, which means the company should continue to be able to cover its $0.32 annual dividend with an expected future payout ratio of 10.7%.

Range Resources Trading Up 2.0 %

NYSE RRC traded up $0.71 during trading hours on Friday, hitting $37.11. 4,294,829 shares of the company’s stock were exchanged, compared to its average volume of 2,813,816. The stock has a 50-day simple moving average of $37.97 and a 200 day simple moving average of $33.92. Range Resources has a 1-year low of $27.29 and a 1-year high of $41.95. The firm has a market cap of $8.96 billion, a price-to-earnings ratio of 18.74, a PEG ratio of 5.11 and a beta of 1.77. 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 released its earnings results on Tuesday, February 25th. The oil and gas exploration company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.55 by $0.13. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The business had revenue of $626.42 million during the quarter, compared to analysts’ expectations of $676.53 million. During the same quarter last year, the firm posted $0.63 earnings per share. On average, equities analysts forecast that Range Resources will post 2.02 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently commented on RRC shares. Wells Fargo & Company raised their target price on Range Resources from $38.00 to $40.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. Benchmark reaffirmed a “hold” rating on shares of Range Resources in a research note on Friday, January 17th. The Goldman Sachs Group increased their price target on Range Resources from $39.00 to $43.00 and gave the stock a “neutral” rating in a report on Wednesday, February 12th. Scotiabank lowered Range Resources from a “sector outperform” rating to a “sector perform” rating and set a $45.00 price target on the stock. in a report on Friday, January 17th. Finally, UBS Group increased their price target on Range Resources from $39.00 to $41.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Range Resources currently has an average rating of “Hold” and a consensus price target of $39.00.

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.