Mizuho Trims Range Resources (NYSE:RRC) Target Price to $45.00

Range Resources (NYSE:RRC) had its target price trimmed by Mizuho from $47.00 to $45.00 in a research report released on Monday morning, Benzinga reports. The brokerage currently has an outperform rating on the oil and gas exploration company’s stock.

RRC has been the topic of several other research reports. Scotiabank upgraded shares of Range Resources from a sector perform rating to a sector outperform rating and set a $45.00 price target on the stock in a research report on Tuesday, August 20th. Susquehanna reduced their price target on shares of Range Resources from $36.00 to $31.00 and set a neutral rating on the stock in a research report on Wednesday, September 4th. Royal Bank of Canada reiterated a sector perform rating and set a $39.00 price target on shares of Range Resources in a research report on Thursday, July 25th. JPMorgan Chase & Co. reduced their price target on shares of Range Resources from $37.00 to $31.00 and set an underweight rating on the stock in a research report on Thursday, September 12th. Finally, Jefferies Financial Group upped their price objective on shares of Range Resources from $34.00 to $35.00 and gave the stock a hold rating in a report on Monday, July 8th. Five research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, Range Resources has an average rating of Hold and a consensus price target of $36.10.

Range Resources Stock Performance

Shares of NYSE:RRC opened at $29.99 on Monday. The company has a market cap of $7.28 billion, a price-to-earnings ratio of 15.22 and a beta of 1.80. The company has a 50-day moving average price of $30.63 and a 200-day moving average price of $33.55. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.28. Range Resources has a 12 month low of $27.29 and a 12 month high of $39.33.

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

Range Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date is Friday, September 13th. Range Resources’s payout ratio is 16.24%.

Institutional Investors Weigh In On Range Resources

A number of institutional investors have recently made changes to their positions in RRC. Fifth Third Bancorp lifted its position 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 purchasing an additional 299 shares during the period. Perkins Coie Trust Co bought a new position in Range Resources during the second quarter valued at approximately $67,000. International Assets Investment Management LLC bought a new position in Range Resources during the second quarter valued at approximately $67,000. SYSTM Wealth Solutions LLC lifted its position in Range Resources by 17.9% during 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 during the period. Finally, nVerses Capital LLC bought a new position in Range Resources during the second quarter valued at approximately $107,000. Hedge funds and other institutional investors own 98.93% of the company’s stock.

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.