Range Resources (NYSE:RRC) Issues Quarterly Earnings Results

Range Resources (NYSE:RRC) posted its quarterly earnings results on Tuesday. The oil and gas exploration company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.41 by $0.05, Briefing.com reports. Range Resources had a net margin of 17.00% and a return on equity of 13.30%. The company had revenue of $641.30 million for the quarter, compared to analyst estimates of $610.24 million. During the same period in the prior year, the company earned $0.27 earnings per share. The firm’s revenue was up 8.7% on a year-over-year basis.

Range Resources Price Performance

RRC stock traded down $1.09 during mid-day trading on Wednesday, reaching $32.00. The company’s stock had a trading volume of 2,929,340 shares, compared to its average volume of 2,476,009. The stock has a market cap of $7.76 billion, a PE ratio of 16.46 and a beta of 1.87. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.46. Range Resources has a fifty-two week low of $27.60 and a fifty-two week high of $39.33. The company’s 50 day moving average is $35.20 and its two-hundred day moving average is $33.59.

Range Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a $0.08 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.32 dividend on an annualized basis and a yield of 1.00%. Range Resources’s payout ratio is 16.24%.

Insider Buying and Selling at Range Resources

In other news, CEO Dennis Degner sold 101,000 shares of the stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $37.78, for a total value of $3,815,780.00. Following the completion of the sale, the chief executive officer now owns 198,154 shares of the company’s stock, valued at approximately $7,486,258.12. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Dennis Degner sold 101,000 shares of the stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $37.78, for a total value of $3,815,780.00. Following the completion of the sale, the chief executive officer now owns 198,154 shares of the company’s stock, valued at approximately $7,486,258.12. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Reginal Spiller sold 1,460 shares of the stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $38.68, for a total transaction of $56,472.80. Following the completion of the sale, the director now directly owns 15,253 shares of the company’s stock, valued at approximately $589,986.04. The disclosure for this sale can be found here. In the last quarter, insiders sold 197,107 shares of company stock worth $7,379,095. Insiders own 1.57% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Royal Bank of Canada lowered shares of Range Resources from an “outperform” rating to a “sector perform” rating and increased their target price for the stock from $36.00 to $39.00 in a research note on Friday, April 26th. Citigroup increased their target price on shares of Range Resources from $33.00 to $37.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 3rd. Scotiabank lowered shares of Range Resources from a “sector outperform” rating to a “sector perform” rating and increased their target price for the stock from $40.00 to $45.00 in a research note on Thursday, April 11th. Stephens increased their target price on shares of Range Resources from $41.00 to $42.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 24th. Finally, Jefferies Financial Group increased their target price on shares of Range Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a research note on Monday, July 8th. Five research analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Range Resources has an average rating of “Hold” and a consensus price target of $37.15.

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.