Susquehanna Trims Range Resources (NYSE:RRC) Target Price to $36.00

Range Resources (NYSE:RRC) had its price objective cut by Susquehanna from $38.00 to $36.00 in a research report report published on Monday morning, Benzinga reports. They currently have a neutral rating on the oil and gas exploration company’s stock.

Several other brokerages have also recently issued reports on RRC. Morgan Stanley upped their price objective on shares of Range Resources from $23.00 to $33.00 and gave the company an underweight rating in a research note on Wednesday, April 17th. Jefferies Financial Group upped their price objective on shares of Range Resources from $34.00 to $35.00 and gave the company a hold rating in a research note on Monday, July 8th. Benchmark reiterated a hold rating on shares of Range Resources in a report on Tuesday, July 9th. Royal Bank of Canada lowered shares of Range Resources from an outperform rating to a sector perform rating and boosted their target price for the company from $36.00 to $39.00 in a report on Friday, April 26th. Finally, Scotiabank lowered shares of Range Resources from a sector outperform rating to a sector perform rating and boosted their target price for the company from $40.00 to $45.00 in a report on Thursday, April 11th. Five analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $37.15.

Range Resources Stock Down 3.9 %

RRC stock opened at $31.80 on Monday. The stock has a market capitalization of $7.72 billion, a P/E ratio of 16.14 and a beta of 1.87. The firm has a 50-day simple moving average of $35.10 and a 200-day simple moving average of $33.57. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.46. Range Resources has a 52 week low of $27.60 and a 52 week high of $39.33.

Range Resources (NYSE:RRC) last announced its quarterly earnings data 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 17.00% and a return on equity of 13.30%. The company had revenue of $641.30 million during the quarter, compared to analysts’ expectations of $610.24 million. During the same quarter in the prior year, the company earned $0.27 EPS. Range Resources’s revenue was up 8.7% compared to the same quarter last year. Equities analysts forecast that Range Resources will post 2.09 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a dividend of $0.08 per share. The ex-dividend date was Friday, June 14th. This represents a $0.32 dividend on an annualized basis and a yield of 1.01%. Range Resources’s dividend payout ratio (DPR) is presently 16.24%.

Insiders Place Their Bets

In other Range Resources news, 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 sale, the director now directly owns 15,253 shares in the company, valued at approximately $589,986.04. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Range Resources news, 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 value of $56,472.80. Following the sale, the director now directly owns 15,253 shares of the company’s stock, valued at approximately $589,986.04. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, 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 transaction of $3,815,780.00. Following the completion of the sale, the chief executive officer now directly owns 198,154 shares in the company, valued at $7,486,258.12. The disclosure for this sale can be found here. Insiders have sold a total of 181,129 shares of company stock worth $6,775,926 in the last ninety days. 1.57% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Range Resources

A number of large investors have recently modified their holdings of RRC. SG Americas Securities LLC increased its position in shares of Range Resources by 157.4% in the 4th quarter. SG Americas Securities LLC now owns 20,440 shares of the oil and gas exploration company’s stock valued at $622,000 after purchasing an additional 12,500 shares during the last quarter. Raymond James & Associates raised its stake in Range Resources by 121.4% during the 4th quarter. Raymond James & Associates now owns 232,854 shares of the oil and gas exploration company’s stock worth $7,088,000 after acquiring an additional 127,658 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in Range Resources by 16.9% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 33,440 shares of the oil and gas exploration company’s stock worth $1,018,000 after acquiring an additional 4,832 shares in the last quarter. Spirit of America Management Corp NY acquired a new stake in Range Resources during the 4th quarter worth $335,000. Finally, International Assets Investment Management LLC raised its stake in Range Resources by 2,944.0% during the 4th quarter. International Assets Investment Management LLC now owns 60,880 shares of the oil and gas exploration company’s stock worth $2,000,000 after acquiring an additional 58,880 shares in the last quarter. 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.