Range Resources (NYSE:RRC) Trading Down 8.7%

Range Resources Corp. (NYSE:RRC)’s stock price fell 8.7% during mid-day trading on Friday . The stock traded as low as $4.20 and last traded at $4.21, 13,618,438 shares were traded during mid-day trading. An increase of 35% from the average session volume of 10,102,347 shares. The stock had previously closed at $4.61.

A number of equities research analysts recently weighed in on the company. Scotiabank downgraded Range Resources from an “outperform” rating to a “sector perform” rating and set a $5.00 target price on the stock. in a research report on Friday, December 6th. Bank of America decreased their target price on Range Resources from $8.00 to $4.00 and set an “underperform” rating on the stock in a research report on Thursday, October 24th. Citigroup decreased their target price on Range Resources from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Monday, September 23rd. TD Securities decreased their target price on Range Resources from $4.00 to $3.75 and set a “hold” rating on the stock in a research report on Friday, October 25th. Finally, Credit Suisse Group downgraded Range Resources from an “outperform” rating to a “neutral” rating in a research report on Friday, October 4th. Three equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and six have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $9.67.

The business’s 50 day moving average price is $4.03 and its 200-day moving average price is $4.89. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.74 and a quick ratio of 0.69. The company has a market cap of $1.16 billion, a P/E ratio of 3.73, a PEG ratio of 4.90 and a beta of 0.98.

Range Resources (NYSE:RRC) last posted its earnings results on Wednesday, October 23rd. The oil and gas exploration company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.03. Range Resources had a negative net margin of 50.85% and a positive return on equity of 3.14%. The company had revenue of $622.45 million during the quarter, compared to analysts’ expectations of $594.94 million. During the same quarter in the previous year, the company posted $0.26 earnings per share. Range Resources’s quarterly revenue was down 23.3% compared to the same quarter last year. As a group, research analysts forecast that Range Resources Corp. will post 0.23 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 1.90%. The ex-dividend date is Thursday, December 12th. Range Resources’s dividend payout ratio (DPR) is presently 7.08%.

A number of hedge funds have recently bought and sold shares of RRC. State Street Corp lifted its position in Range Resources by 36.8% during the 3rd quarter. State Street Corp now owns 17,398,629 shares of the oil and gas exploration company’s stock worth $66,463,000 after buying an additional 4,680,815 shares in the last quarter. Renaissance Technologies LLC bought a new stake in shares of Range Resources in the 2nd quarter valued at about $23,468,000. Caymus Capital Partners L.P. raised its holdings in shares of Range Resources by 240.5% in the 2nd quarter. Caymus Capital Partners L.P. now owns 4,631,218 shares of the oil and gas exploration company’s stock valued at $32,326,000 after purchasing an additional 3,271,218 shares during the period. Allianz Asset Management GmbH raised its holdings in shares of Range Resources by 1,200.8% in the 2nd quarter. Allianz Asset Management GmbH now owns 3,009,562 shares of the oil and gas exploration company’s stock valued at $21,007,000 after purchasing an additional 2,778,208 shares during the period. Finally, Vanguard Group Inc. raised its holdings in shares of Range Resources by 11.5% in the 2nd quarter. Vanguard Group Inc. now owns 24,971,010 shares of the oil and gas exploration company’s stock valued at $174,297,000 after purchasing an additional 2,574,615 shares during the period.

About Range Resources (NYSE:RRC)

Range Resources Corporation operates as an independent natural gas, natural gas liquids (NGLs), and oil company. It engages in the exploration, development, and acquisition of natural gas and oil properties. It holds interests in developed and undeveloped natural gas and oil leases in the Appalachian and North Louisiana regions of the United States.

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