Range Resources (NYSE:RRC) Reaches New 52-Week High on Strong Earnings

Range Resources Co. (NYSE:RRC) hit a new 52-week high during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $37.89 and last traded at $37.65, with a volume of 2630581 shares changing hands. The stock had previously closed at $36.58.

The oil and gas exploration company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.21. Range Resources had a net margin of 17.00% and a return on equity of 13.58%. The business had revenue of $718.20 million during the quarter, compared to the consensus estimate of $680.72 million. During the same period in the prior year, the firm posted $0.96 EPS. The firm’s quarterly revenue was down 15.7% compared to the same quarter last year.

Range Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date was Thursday, March 14th. Range Resources’s dividend payout ratio is currently 16.24%.

Analysts Set New Price Targets

RRC has been the subject of a number of research reports. Stifel Nicolaus increased their target price on shares of Range Resources from $36.00 to $39.00 and gave the company a “buy” rating in a research report on Tuesday. Mizuho restated a “buy” rating and set a $39.00 price target on shares of Range Resources in a research note on Thursday, April 11th. Piper Sandler upped their price target on shares of Range Resources from $40.00 to $41.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. Morgan Stanley upped their price target 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. Finally, StockNews.com upgraded shares of Range Resources to a “sell” rating in a research note on Wednesday, March 13th. Five research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $36.40.

Insider Activity at Range Resources

In related news, VP Ashley Kavanaugh sold 15,978 shares of the stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $37.75, for a total transaction of $603,169.50. Following the transaction, the vice president now owns 22,370 shares of the company’s stock, valued at approximately $844,467.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.57% of the stock is owned by insiders.

Institutional Investors Weigh In On Range Resources

Several institutional investors and hedge funds have recently modified their holdings of RRC. Boston Partners lifted its position in shares of Range Resources by 1,858.7% in the 4th quarter. Boston Partners now owns 6,397,521 shares of the oil and gas exploration company’s stock worth $194,722,000 after purchasing an additional 6,070,900 shares during the period. Invesco Ltd. lifted its position in shares of Range Resources by 22.4% in the 3rd quarter. Invesco Ltd. now owns 3,796,629 shares of the oil and gas exploration company’s stock worth $123,049,000 after purchasing an additional 693,970 shares during the period. Vaughan Nelson Investment Management L.P. purchased a new position in Range Resources during the 3rd quarter valued at about $19,704,000. Lord Abbett & CO. LLC lifted its position in Range Resources by 66.6% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,463,000 shares of the oil and gas exploration company’s stock valued at $47,416,000 after acquiring an additional 585,000 shares during the period. Finally, Canoe Financial LP lifted its position in Range Resources by 86.5% during the 3rd quarter. Canoe Financial LP now owns 1,195,400 shares of the oil and gas exploration company’s stock valued at $38,743,000 after acquiring an additional 554,400 shares during the period. 98.93% of the stock is owned by hedge funds and other institutional investors.

Range Resources Stock Performance

The company has a market capitalization of $9.13 billion, a PE ratio of 19.13 and a beta of 1.83. The business’s 50-day moving average is $33.67 and its 200-day moving average is $32.40. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.49 and a current ratio of 1.49.

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.