Range Resources Co. (NYSE:RRC – Get Rating) – Stock analysts at Capital One Financial dropped their FY2022 EPS estimates for Range Resources in a research note issued on Tuesday, October 4th. Capital One Financial analyst B. Velie now forecasts that the oil and gas exploration company will post earnings of $5.54 per share for the year, down from their prior estimate of $6.04. The consensus estimate for Range Resources’ current full-year earnings is $5.25 per share. Capital One Financial also issued estimates for Range Resources’ Q4 2022 earnings at $1.64 EPS, Q1 2023 earnings at $1.48 EPS, Q2 2023 earnings at $1.55 EPS, Q3 2023 earnings at $1.63 EPS, Q4 2023 earnings at $1.71 EPS and FY2023 earnings at $6.37 EPS.
Range Resources (NYSE:RRC – Get Rating) last posted its earnings results on Monday, July 25th. The oil and gas exploration company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.08. The firm had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $959.91 million. Range Resources had a net margin of 16.40% and a return on equity of 56.92%. The company’s revenue was up 181.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.24 earnings per share.
A number of other analysts have also recently weighed in on the stock. Credit Suisse Group boosted their target price on shares of Range Resources from $34.00 to $35.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 26th. MKM Partners reaffirmed a “neutral” rating and set a $25.00 target price on shares of Range Resources in a research note on Wednesday, July 20th. Truist Financial boosted their price objective on shares of Range Resources to $34.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 27th. Scotiabank reissued an “assumes” rating on shares of Range Resources in a research note on Monday, July 25th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Range Resources from $42.00 to $39.00 and set a “neutral” rating on the stock in a research note on Thursday, September 29th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Range Resources presently has an average rating of “Hold” and an average target price of $35.69.
Range Resources Stock Performance
NYSE RRC opened at $27.09 on Friday. The firm’s fifty day moving average price is $30.74 and its two-hundred day moving average price is $30.31. The stock has a market cap of $7.12 billion, a PE ratio of 13.96, a PEG ratio of 0.19 and a beta of 2.13. Range Resources has a fifty-two week low of $16.71 and a fifty-two week high of $37.44. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.33 and a current ratio of 0.33.
Range Resources Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Thursday, September 15th were given a dividend of $0.08 per share. The ex-dividend date was Wednesday, September 14th. This represents a $0.32 dividend on an annualized basis and a yield of 1.18%. This is a boost from Range Resources’s previous quarterly dividend of $0.02. Range Resources’s dividend payout ratio is 16.49%.
Insider Buying and Selling at Range Resources
In other news, SVP Dori Ginn sold 5,000 shares of the company’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $34.65, for a total transaction of $173,250.00. Following the transaction, the senior vice president now owns 80,801 shares in the company, valued at $2,799,754.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Reginal Spiller sold 1,600 shares of the company’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $31.44, for a total transaction of $50,304.00. Following the transaction, the director now owns 10,685 shares in the company, valued at $335,936.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Dori Ginn sold 5,000 shares of the company’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $34.65, for a total transaction of $173,250.00. Following the transaction, the senior vice president now owns 80,801 shares in the company, valued at approximately $2,799,754.65. The disclosure for this sale can be found here. Insiders own 1.10% of the company’s stock.
Hedge Funds Weigh In On Range Resources
Several institutional investors have recently made changes to their positions in RRC. Segall Bryant & Hamill LLC raised its holdings in shares of Range Resources by 4.4% during the fourth quarter. Segall Bryant & Hamill LLC now owns 643,622 shares of the oil and gas exploration company’s stock valued at $11,475,000 after purchasing an additional 27,410 shares during the period. Energy Opportunities Capital Management LLC acquired a new stake in shares of Range Resources in the 4th quarter worth about $328,000. Wellington Shields Capital Management LLC acquired a new stake in shares of Range Resources in the 4th quarter worth about $316,000. Neo Ivy Capital Management acquired a new stake in shares of Range Resources in the 4th quarter worth about $167,000. Finally, New Mexico Educational Retirement Board acquired a new stake in shares of Range Resources in the 1st quarter worth about $1,574,000. Institutional investors and hedge funds own 84.31% of the company’s stock.
About Range Resources
Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), and oil company in the United States. The company engages in the exploration, development, and acquisition of natural gas and oil properties. As of December 31, 2021, the company owned and operated 1,350 net producing wells and approximately 794,000 net acres under lease located in the Appalachian region of the northeastern United States.
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