Range Resources (NYSE:RRC) Given New $31.00 Price Target at Morgan Stanley

Range Resources (NYSE:RRC) had its price objective reduced by Morgan Stanley from $33.00 to $31.00 in a research report report published on Monday, Benzinga reports. They currently have an underweight rating on the oil and gas exploration company’s stock.

A number of other analysts have also recently commented on the stock. Royal Bank of Canada reaffirmed a sector perform rating and set a $39.00 target price on shares of Range Resources in a report on Thursday, July 25th. Jefferies Financial Group upped their price objective on Range Resources from $34.00 to $35.00 and gave the stock a hold rating in a research note on Monday, July 8th. Scotiabank upgraded Range Resources from a sector perform rating to a sector outperform rating and set a $45.00 target price on the stock in a research report on Tuesday, August 20th. Wells Fargo & Company cut their price target on Range Resources from $37.00 to $35.00 and set an equal weight rating for the company in a report on Monday, July 29th. Finally, Susquehanna decreased their price objective on Range Resources from $36.00 to $31.00 and set a neutral rating on the stock in a research note on Wednesday, September 4th. Five analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Range Resources presently has an average rating of Hold and a consensus target price of $36.10.

Range Resources Stock Performance

RRC stock opened at $30.51 on Monday. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.58 and a quick ratio of 0.58. Range Resources has a 1 year low of $27.29 and a 1 year high of $39.33. The company has a market cap of $7.40 billion, a P/E ratio of 15.49 and a beta of 1.80. The stock’s fifty day moving average price is $30.56 and its 200-day moving average price is $33.52.

Range Resources (NYSE:RRC) last announced its earnings results on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.05. The business had revenue of $641.30 million for the quarter, compared to analysts’ expectations of $610.24 million. Range Resources had a return on equity of 13.93% and a net margin of 17.62%. During the same period last year, the firm posted $0.27 earnings per share. The business’s revenue for the quarter was up 8.7% on a year-over-year basis. On average, equities analysts forecast that Range Resources will post 2.07 earnings per share for the current year.

Range Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be paid a dividend of $0.08 per share. The ex-dividend date is Friday, September 13th. This represents a $0.32 annualized dividend and a yield of 1.05%. Range Resources’s payout ratio is 16.24%.

Institutional Investors Weigh In On Range Resources

Large investors have recently made changes to their positions in the company. Fifth Third Bancorp boosted its stake in Range Resources by 21.2% during the second quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock valued at $57,000 after buying an additional 299 shares during the last quarter. Perkins Coie Trust Co purchased a new stake in shares of Range Resources during the 2nd quarter worth approximately $67,000. International Assets Investment Management LLC bought a new position in shares of Range Resources during the 2nd quarter valued at approximately $67,000. SYSTM Wealth Solutions LLC grew its holdings in shares of Range Resources by 17.9% in the first quarter. SYSTM Wealth Solutions LLC now owns 2,141 shares of the oil and gas exploration company’s stock valued at $74,000 after purchasing an additional 325 shares in the last quarter. Finally, nVerses Capital LLC purchased a new position in shares of Range Resources in the second quarter valued at $107,000. 98.93% of the stock is owned by institutional investors.

Range Resources Company Profile

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.