Range Resources (NYSE:RRC) Downgraded by Scotiabank to “Sector Perform”

Scotiabank cut shares of Range Resources (NYSE:RRC) from a sector outperform rating to a sector perform rating in a report published on Friday morning, Marketbeat Ratings reports. The firm currently has $45.00 price objective on the oil and gas exploration company’s stock.

A number of other research analysts have also commented on RRC. Truist Financial raised their price target on Range Resources from $31.00 to $35.00 and gave the company a “hold” rating in a report on Monday, January 13th. Piper Sandler lowered their target price on shares of Range Resources from $31.00 to $30.00 and set a “neutral” rating on the stock in a research note on Monday, November 18th. Mizuho upped their price target on shares of Range Resources from $40.00 to $47.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. Stephens raised their price objective on shares of Range Resources from $36.00 to $37.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Finally, UBS Group raised Range Resources from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $28.00 to $35.00 in a report on Monday, December 9th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $37.16.

Range Resources Trading Down 0.5 %

Range Resources stock opened at $41.09 on Friday. Range Resources has a 52-week low of $27.29 and a 52-week high of $41.65. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $9.91 billion, a price-to-earnings ratio of 20.75 and a beta of 1.81. The firm has a 50-day moving average price of $35.62 and a two-hundred day moving average price of $32.59.

Range Resources (NYSE:RRC) last issued its quarterly earnings data on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.16. The business had revenue of $615.03 million during the quarter, compared to analyst estimates of $617.90 million. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The business’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.43 EPS. Sell-side analysts expect that Range Resources will post 2 earnings per share for the current year.

Range Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 13th were given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.78%. The ex-dividend date of this dividend was Friday, December 13th. Range Resources’s dividend payout ratio (DPR) is currently 16.16%.

Insider Activity

In other Range Resources news, Director Charles G. Griffie purchased 1,275 shares of the stock in a transaction dated Thursday, October 24th. The shares were acquired at an average price of $31.46 per share, for a total transaction of $40,111.50. Following the completion of the acquisition, the director now owns 5,921 shares of the company’s stock, valued at $186,274.66. This represents a 27.44 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Range Resources

Several hedge funds have recently bought and sold shares of the business. Brooklyn Investment Group purchased a new position in Range Resources during the 3rd quarter valued at about $25,000. UMB Bank n.a. grew its position in Range Resources by 59.0% during the fourth quarter. UMB Bank n.a. now owns 1,148 shares of the oil and gas exploration company’s stock valued at $41,000 after purchasing an additional 426 shares in the last quarter. Blue Trust Inc. grew its position in Range Resources by 107.8% during the third quarter. Blue Trust Inc. now owns 1,359 shares of the oil and gas exploration company’s stock valued at $46,000 after purchasing an additional 705 shares in the last quarter. Versant Capital Management Inc increased its stake in Range Resources by 42.8% in the 4th quarter. Versant Capital Management Inc now owns 1,544 shares of the oil and gas exploration company’s stock valued at $56,000 after buying an additional 463 shares during the period. Finally, Bogart Wealth LLC purchased a new stake in Range Resources in the 3rd quarter worth approximately $49,000. 98.93% of the stock is owned by hedge funds and other institutional investors.

About Range Resources

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.