Range Resources (NYSE:RRC) Reaches New 1-Year High on Strong Earnings

Range Resources Co. (NYSE:RRC)’s share price hit a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $37.89 and last traded at $37.65, with a volume of 2630581 shares changing hands. The stock had previously closed at $36.58.

The oil and gas exploration company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.21. The firm had revenue of $718.20 million for the quarter, compared to analysts’ expectations of $680.72 million. Range Resources had a net margin of 25.82% and a return on equity of 15.87%. The business’s quarterly revenue was down 15.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.96 earnings per share.

Range Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were paid a $0.08 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.32 dividend on an annualized basis and a yield of 0.85%. Range Resources’s dividend payout ratio is presently 9.04%.

Wall Street Analyst Weigh In

A number of research firms recently commented on RRC. Stephens increased their target price on Range Resources from $41.00 to $42.00 and gave the company an “overweight” rating in a research note on Wednesday. Barclays began coverage on Range Resources in a research note on Wednesday, April 10th. They issued an “underweight” rating and a $35.00 target price on the stock. Susquehanna increased their target price on Range Resources from $34.00 to $36.00 and gave the company a “neutral” rating in a research note on Monday. Mizuho reissued a “buy” rating and issued a $39.00 target price on shares of Range Resources in a research note on Thursday, April 11th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $36.00 target price on shares of Range Resources in a research note on Tuesday, April 9th. Five equities research analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Range Resources has an average rating of “Hold” and an average target price of $36.40.

Hedge Funds Weigh In On Range Resources

Institutional investors have recently bought and sold shares of the stock. Cary Street Partners Investment Advisory LLC bought a new position in Range Resources in the third quarter worth about $27,000. Schroder Investment Management Group raised its stake in Range Resources by 23.7% in the third quarter. Schroder Investment Management Group now owns 456,752 shares of the oil and gas exploration company’s stock worth $14,803,000 after buying an additional 87,624 shares in the last quarter. Kennedy Capital Management LLC raised its stake in Range Resources by 17.7% in the third quarter. Kennedy Capital Management LLC now owns 224,573 shares of the oil and gas exploration company’s stock worth $7,278,000 after buying an additional 33,793 shares in the last quarter. Vaughan Nelson Investment Management L.P. bought a new position in Range Resources in the third quarter worth about $19,704,000. Finally, Cambria Investment Management L.P. increased its stake in shares of Range Resources by 8.5% during the third quarter. Cambria Investment Management L.P. now owns 264,965 shares of the oil and gas exploration company’s stock valued at $8,588,000 after purchasing an additional 20,685 shares in the last quarter. 98.93% of the stock is owned by institutional investors.

Range Resources Stock Up 3.3 %

The stock’s 50 day simple moving average is $33.52 and its two-hundred day simple moving average is $32.37. The firm has a market cap of $9.14 billion, a P/E ratio of 10.67 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.

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.