Range Resources (NYSE:RRC) Price Target Increased to $37.00 by Analysts at Citigroup

Range Resources (NYSE:RRCFree Report) had its target price boosted by Citigroup from $33.00 to $37.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has a neutral rating on the oil and gas exploration company’s stock.

RRC has been the topic of a number of other reports. Mizuho reissued a buy rating and issued a $39.00 target price (up from $37.00) on shares of Range Resources in a research note on Wednesday, March 13th. Raymond James dropped their target price on shares of Range Resources from $37.00 to $36.00 and set an outperform rating on the stock in a research note on Wednesday, January 24th. JPMorgan Chase & Co. downgraded shares of Range Resources from a neutral rating to an underweight rating and reduced their price target for the company from $33.00 to $32.00 in a research report on Wednesday, December 6th. Piper Sandler lowered their price objective on Range Resources from $42.00 to $40.00 and set an overweight rating on the stock in a research report on Thursday, March 7th. Finally, Morgan Stanley lifted their target price on Range Resources from $22.00 to $23.00 and gave the stock an underweight rating in a report on Thursday, March 28th. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $35.11.

Check Out Our Latest Analysis on Range Resources

Range Resources Trading Up 0.4 %

NYSE:RRC opened at $35.14 on Wednesday. The firm has a market capitalization of $8.51 billion, a P/E ratio of 9.93 and a beta of 1.83. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.49 and a quick ratio of 1.49. Range Resources has a one year low of $23.92 and a one year high of $37.88. The company’s 50-day simple moving average is $31.46 and its 200 day simple moving average is $31.90.

Range Resources (NYSE:RRCGet Free Report) last released its earnings results on Wednesday, February 21st. The oil and gas exploration company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.21. The firm had revenue of $941.40 million during the quarter, compared to analyst estimates of $672.25 million. Range Resources had a net margin of 25.82% and a return on equity of 15.87%. The business’s revenue was down 42.3% on a year-over-year basis. During the same period last year, the business earned $1.26 earnings per share. As a group, analysts forecast that Range Resources will post 1.98 EPS for the current fiscal year.

Range Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were paid a $0.08 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.91%. Range Resources’s dividend payout ratio (DPR) is presently 9.04%.

Institutional Investors Weigh In On Range Resources

A number of institutional investors and hedge funds have recently bought and sold shares of RRC. Raymond James & Associates raised its stake in Range Resources by 12.4% during the 1st quarter. Raymond James & Associates now owns 45,351 shares of the oil and gas exploration company’s stock valued at $1,378,000 after purchasing an additional 4,987 shares during the period. Raymond James Financial Services Advisors Inc. raised its position in shares of Range Resources by 31.8% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 35,865 shares of the oil and gas exploration company’s stock valued at $1,090,000 after buying an additional 8,648 shares during the last quarter. Vontobel Holding Ltd. bought a new position in shares of Range Resources during the first quarter worth $213,000. Lord Abbett & CO. LLC bought a new position in shares of Range Resources during the first quarter worth $7,059,000. Finally, Canada Pension Plan Investment Board grew its stake in Range Resources by 1,102.7% during the first quarter. Canada Pension Plan Investment Board now owns 151,710 shares of the oil and gas exploration company’s stock valued at $4,609,000 after acquiring an additional 139,096 shares in the last quarter. 98.93% of the stock is owned by institutional investors.

About Range Resources

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Range Resources (NYSE:RRC)

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