Range Resources (NYSE:RRC) Coverage Initiated by Analysts at Bank of America

by · The Cerbat Gem

Bank of America assumed coverage on shares of Range Resources (NYSE:RRC – Free Report) in a research note released on Monday, StockNewsAPI reports. The firm issued a neutral rating and a $34.00 target price on the oil and gas exploration company’s stock.

Several other research firms have also issued reports on RRC. Susquehanna cut their target price on Range Resources from $36.00 to $31.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Mizuho reduced their price objective on shares of Range Resources from $45.00 to $40.00 and set an “outperform” rating for the company in a research note on Wednesday, October 9th. Benchmark restated a “hold” rating on shares of Range Resources in a research note on Wednesday, October 23rd. Stephens upped their price target on Range Resources from $36.00 to $37.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. lowered their price objective 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. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Range Resources has a consensus rating of “Hold” and an average target price of $35.00.

Get Our Latest Stock Report on Range Resources

Range Resources Trading Down 1.1 %

Shares of NYSE RRC opened at $30.97 on Monday. Range Resources has a twelve month low of $27.29 and a twelve month high of $39.33. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.28. The business has a fifty day simple moving average of $30.24 and a two-hundred day simple moving average of $32.95. The firm has a market cap of $7.51 billion, a PE ratio of 15.72 and a beta of 1.80.

Range Resources (NYSE:RRC – Get Free Report) last released 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. The firm had revenue of $615.03 million for the quarter, compared to the consensus estimate of $617.90 million. Range Resources had a net margin of 17.63% and a return on equity of 13.73%. The company’s quarterly revenue was up .9% on a year-over-year basis. During the same period last year, the firm earned $0.43 earnings per share. Analysts expect that Range Resources will post 1.89 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were paid a dividend of $0.08 per share. The ex-dividend date was Friday, September 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.03%. Range Resources’s payout ratio is 16.24%.

Insider Activity

In other news, Director Charles G. Griffie purchased 1,275 shares of the company’s stock in a transaction that occurred on Thursday, October 24th. The shares were bought at an average price of $31.46 per share, for a total transaction of $40,111.50. Following the completion of the transaction, the director now owns 5,921 shares in the company, valued at $186,274.66. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. In related news, VP Ashley Kavanaugh sold 12,700 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $31.45, for a total value of $399,415.00. Following the completion of the sale, the vice president now owns 9,670 shares of the company’s stock, valued at approximately $304,121.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles G. Griffie acquired 1,275 shares of the firm’s stock in a transaction 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 completion of the acquisition, the director now owns 5,921 shares of the company’s stock, valued at approximately $186,274.66. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.57% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of RRC. Fifth Third Bancorp raised its holdings in shares of Range Resources by 21.2% during the second quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock valued at $57,000 after acquiring an additional 299 shares during the last quarter. CIBC Asset Management Inc raised its stake in Range Resources by 5.4% in the 2nd quarter. CIBC Asset Management Inc now owns 6,801 shares of the oil and gas exploration company’s stock valued at $228,000 after purchasing an additional 350 shares during the last quarter. Inscription Capital LLC raised its stake in Range Resources by 3.6% in the 3rd quarter. Inscription Capital LLC now owns 12,536 shares of the oil and gas exploration company’s stock valued at $386,000 after purchasing an additional 433 shares during the last quarter. Orser Capital Management LLC boosted its stake in Range Resources by 1.0% during the 3rd quarter. Orser Capital Management LLC now owns 53,993 shares of the oil and gas exploration company’s stock worth $1,661,000 after purchasing an additional 550 shares during the last quarter. Finally, Pekin Hardy Strauss Inc. grew its holdings in shares of Range Resources by 6.0% during the second quarter. Pekin Hardy Strauss Inc. now owns 10,650 shares of the oil and gas exploration company’s stock worth $357,000 after buying an additional 600 shares in the last quarter. Institutional investors and hedge funds own 98.93% of the company’s stock.

About Range Resources

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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.

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