Zacks Research Weighs in on Range Resources Co.’s FY2024 Earnings (NYSE:RRC)

Range Resources Co. (NYSE:RRCFree Report) – Equities research analysts at Zacks Research raised their FY2024 EPS estimates for shares of Range Resources in a report released on Tuesday, June 11th. Zacks Research analyst R. Department now expects that the oil and gas exploration company will post earnings per share of $1.97 for the year, up from their prior forecast of $1.96. The consensus estimate for Range Resources’ current full-year earnings is $2.08 per share.

Several other brokerages also recently issued reports on RRC. Scotiabank downgraded Range Resources from a “sector outperform” rating to a “sector perform” rating and raised their price target for the company from $40.00 to $45.00 in a report on Thursday, April 11th. Susquehanna lifted their target price on Range Resources from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Monday, April 22nd. Piper Sandler lifted their target price on Range Resources from $41.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, April 30th. Benchmark reaffirmed a “hold” rating on shares of Range Resources in a research note on Wednesday, April 24th. Finally, Stifel Nicolaus boosted their price target on Range Resources from $36.00 to $39.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Five investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $37.10.

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Range Resources Price Performance

NYSE:RRC opened at $35.25 on Thursday. Range Resources has a 1-year low of $26.29 and a 1-year high of $39.33. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.46. The firm has a fifty day simple moving average of $36.39 and a 200 day simple moving average of $32.92. The stock has a market capitalization of $8.55 billion, a PE ratio of 17.89 and a beta of 1.81.

Range Resources (NYSE:RRCGet Free Report) last issued its quarterly earnings results on Tuesday, April 23rd. 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 company had revenue of $718.20 million during the quarter, compared to analysts’ expectations of $680.72 million. Range Resources had a net margin of 17.00% and a return on equity of 13.30%. The business’s quarterly revenue was down 15.7% on a year-over-year basis. During the same period last year, the business earned $0.96 EPS.

Range Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a dividend of $0.08 per share. The ex-dividend date is Friday, June 14th. This represents a $0.32 dividend on an annualized basis and a yield of 0.91%. Range Resources’s dividend payout ratio (DPR) is 16.24%.

Insider Buying and Selling

In other Range Resources news, Director Reginal Spiller sold 1,460 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $38.68, for a total value of $56,472.80. Following the sale, the director now owns 15,253 shares of the company’s stock, valued at approximately $589,986.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Reginal Spiller sold 1,460 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $38.68, for a total transaction of $56,472.80. Following the transaction, the director now directly owns 15,253 shares of the company’s stock, valued at approximately $589,986.04. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Dennis Degner sold 101,000 shares of the firm’s stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $37.78, for a total value of $3,815,780.00. Following the transaction, the chief executive officer now directly owns 198,154 shares in the company, valued at $7,486,258.12. The disclosure for this sale can be found here. In the last quarter, insiders have sold 197,107 shares of company stock valued at $7,379,095. Corporate insiders own 1.57% of the company’s stock.

Institutional Investors Weigh In On Range Resources

A number of large investors have recently made changes to their positions in the business. Raleigh Capital Management Inc. bought a new stake in shares of Range Resources during the third quarter valued at approximately $26,000. Cary Street Partners Investment Advisory LLC purchased a new position in Range Resources during the third quarter valued at $27,000. Benjamin F. Edwards & Company Inc. raised its stake in Range Resources by 333.0% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 866 shares of the oil and gas exploration company’s stock valued at $26,000 after buying an additional 666 shares during the last quarter. Headlands Technologies LLC purchased a new position in Range Resources during the third quarter valued at $49,000. Finally, Covestor Ltd raised its stake in Range Resources by 152.0% during the third quarter. Covestor Ltd now owns 1,550 shares of the oil and gas exploration company’s stock valued at $50,000 after buying an additional 935 shares during the last quarter. 98.93% of the stock is currently owned by institutional investors.

Range Resources Company Profile

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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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Earnings History and Estimates for Range Resources (NYSE:RRC)

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