GMP Securities assumed coverage on shares of Range Resources Corp. (NYSE:RRC) in a research report released on Wednesday morning. The brokerage issued a buy rating and a $47.00 target price on the oil and gas exploration company’s stock.
RRC has been the topic of a number of other research reports. JPMorgan Chase & Co. reissued a hold rating on shares of Range Resources Corp. in a research note on Sunday, July 17th. BMO Capital Markets reissued a market perform rating and issued a $44.00 target price on shares of Range Resources Corp. in a research note on Wednesday, July 27th. They noted that the move was a valuation call. Zacks Investment Research raised Range Resources Corp. from a hold rating to a buy rating and set a $49.00 target price on the stock in a research note on Tuesday, July 12th. Cantor Fitzgerald reissued a neutral rating on shares of Range Resources Corp. in a research note on Thursday, June 2nd. Finally, Deutsche Bank AG reduced their target price on Range Resources Corp. from $45.00 to $40.00 and set a hold rating on the stock in a research note on Tuesday, June 14th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and seventeen have assigned a buy rating to the stock. Range Resources Corp. currently has an average rating of Hold and a consensus target price of $44.35.
Range Resources Corp. (NYSE:RRC) opened at 39.11 on Wednesday. The company’s market capitalization is $6.52 billion. The stock has a 50 day moving average price of $39.54 and a 200 day moving average price of $40.14. Range Resources Corp. has a 52-week low of $19.21 and a 52-week high of $46.96.
Range Resources Corp. (NYSE:RRC) last released its quarterly earnings results on Tuesday, July 26th. The oil and gas exploration company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.07. The firm had revenue of $362.67 million for the quarter, compared to analysts’ expectations of $327.40 million. Range Resources Corp. had a negative net margin of 71.00% and a negative return on equity of 14.57%. The business’s quarterly revenue was down 10.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.01 earnings per share. Equities research analysts forecast that Range Resources Corp. will post ($0.21) earnings per share for the current year.
The business also recently announced 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 annualized dividend and a yield of 0.20%. The ex-dividend date of this dividend was Wednesday, September 14th. Range Resources Corp.’s dividend payout ratio is currently -1.42%.
In other Range Resources Corp. news, Director Gregory Gene Maxwell purchased 1,000 shares of the company’s stock in a transaction dated Tuesday, September 27th. The shares were acquired at an average price of $37.00 per share, for a total transaction of $37,000.00. Following the purchase, the director now directly owns 12,211 shares of the company’s stock, valued at approximately $451,807. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Ray N. Walker, Jr. sold 13,350 shares of Range Resources Corp. stock in a transaction 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 transaction, the chief operating officer now 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.
Hedge funds and other institutional investors have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. boosted its position in shares of Range Resources Corp. by 49.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,322 shares of the oil and gas exploration company’s stock valued at $100,000 after buying an additional 769 shares in the last quarter. SevenBridge Financial Group LLC acquired a new position in shares of Range Resources Corp. during the second quarter valued at $115,000. AXA boosted its position in shares of Range Resources Corp. by 26.4% in the first quarter. AXA now owns 3,128 shares of the oil and gas exploration company’s stock valued at $101,000 after buying an additional 653 shares in the last quarter. Euclid Advisors LLC acquired a new position in shares of Range Resources Corp. during the second quarter valued at $170,000. Finally, Stephens Inc. AR boosted its position in shares of Range Resources Corp. by 24.9% in the second quarter. Stephens Inc. AR now owns 4,049 shares of the oil and gas exploration company’s stock valued at $175,000 after buying an additional 808 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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