JPMorgan Chase & Co. upgraded shares of Range Resources Corp. (NYSE:RRC) from a neutral rating to an overweight rating in a research report sent to investors on Friday. JPMorgan Chase & Co. currently has $46.00 price objective on the oil and gas exploration company’s stock.
A number of other equities research analysts have also recently issued reports on the stock. Jefferies Group reaffirmed a buy rating and issued a $50.00 price objective (up previously from $45.00) on shares of Range Resources Corp. in a research note on Sunday, July 10th. Vetr raised shares of Range Resources Corp. from a hold rating to a buy rating and set a $45.28 price target for the company in a research report on Monday, July 4th. Zacks Investment Research cut shares of Range Resources Corp. from a buy rating to a hold rating in a research report on Monday, August 1st. Piper Jaffray Cos. reissued an overweight rating and set a $52.00 price target on shares of Range Resources Corp. in a research report on Friday, July 15th. Finally, Imperial Capital raised shares of Range Resources Corp. from an in-line rating to an outperform rating and increased their price target for the company from $45.00 to $55.00 in a research report on Thursday, July 14th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and eighteen have issued a buy rating to the stock. Range Resources Corp. currently has a consensus rating of Buy and a consensus target price of $44.31.
Range Resources Corp. (NYSE:RRC) opened at 38.78 on Friday. The company’s 50-day moving average is $39.43 and its 200-day moving average is $40.37. Range Resources Corp. has a 52 week low of $19.21 and a 52 week high of $46.96. The company’s market cap is $6.46 billion.
Range Resources Corp. (NYSE:RRC) last announced its quarterly earnings data on Tuesday, July 26th. The oil and gas exploration company reported ($0.14) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.21) by $0.07. Range Resources Corp. had a negative net margin of 71.00% and a negative return on equity of 14.57%. The company earned $362.67 million during the quarter, compared to analysts’ expectations of $327.40 million. During the same quarter in the prior year, the company earned $0.01 EPS. The firm’s revenue was down 10.4% on a year-over-year basis. On average, analysts anticipate that Range Resources Corp. will post ($0.20) EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Friday, September 16th were issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.21%. The ex-dividend date was Wednesday, September 14th. Range Resources Corp.’s payout ratio is -1.42%.
In other Range Resources Corp. news, Director Gregory Gene Maxwell acquired 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 27th. The shares were bought at an average price of $37.00 per share, with a total value of $37,000.00. Following the completion of the acquisition, the director now owns 12,211 shares in the company, valued at approximately $451,807. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Ray N. Walker, Jr. sold 13,350 shares of the firm’s stock in a transaction that occurred on Monday, September 19th. The stock was sold at an average price of $37.53, for a total transaction of $501,025.50. Following the completion of the transaction, the chief operating officer now directly owns 42,598 shares in the company, valued at approximately $1,598,702.94. The disclosure for this sale can be found here. 2.40% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of RRC. British Airways Pensions Investment Management Ltd acquired a new position in Range Resources Corp. during the second quarter worth about $23,916,000. Zurich Insurance Group Ltd FI purchased a new position in shares of Range Resources Corp. during the first quarter valued at $583,000. Canada Pension Plan Investment Board increased its position in shares of Range Resources Corp. by 382.5% in the first quarter. Canada Pension Plan Investment Board now owns 61,053 shares of the oil and gas exploration company’s stock valued at $1,977,000 after buying an additional 48,400 shares in the last quarter. Legal & General Group Plc increased its position in shares of Range Resources Corp. by 3.6% in the first quarter. Legal & General Group Plc now owns 691,388 shares of the oil and gas exploration company’s stock valued at $22,388,000 after buying an additional 24,206 shares in the last quarter. Finally, Exxonmobil Investment Management Inc. TX increased its position in shares of Range Resources Corp. by 6.4% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 43,939 shares of the oil and gas exploration company’s stock valued at $1,896,000 after buying an additional 2,649 shares in the last quarter.
Range Resources Corp. Company Profile
Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil company. The Company operates through the exploration and production of natural gas, NGLs and oil in the United States segment. The Company is engaged in the exploration, development and acquisition of natural gas and oil properties, focused in the Appalachian region of the United States.
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