Range Resources (NYSE:RRC) Lowered to “Neutral” at Piper Sandler

Piper Sandler downgraded shares of Range Resources (NYSE:RRC) from an overweight rating to a neutral rating in a research report sent to investors on Thursday, Marketbeat Ratings reports. They currently have $31.00 price objective on the oil and gas exploration company’s stock, down from their previous price objective of $43.00.

Several other brokerages have also recently weighed in on RRC. Wolfe Research assumed coverage on shares of Range Resources in a research note on Thursday, July 18th. They issued a peer perform rating for the company. Jefferies Financial Group boosted their target price on shares of Range Resources from $34.00 to $35.00 and gave the company a hold rating in a research report on Monday, July 8th. Royal Bank of Canada restated a sector perform rating and issued a $39.00 target price on shares of Range Resources in a research report on Thursday, July 25th. Wells Fargo & Company dropped their target price on shares of Range Resources from $37.00 to $35.00 and set an equal weight rating for the company in a research report on Monday, July 29th. Finally, Benchmark reaffirmed a hold rating on shares of Range Resources in a report on Wednesday, July 24th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Hold and an average price target of $37.11.

Range Resources Stock Performance

Shares of RRC stock opened at $30.51 on Thursday. Range Resources has a 52 week low of $27.29 and a 52 week high of $39.33. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.58 and a current ratio of 0.58. The company has a 50-day simple moving average of $32.88 and a 200 day simple moving average of $33.63. The company has a market capitalization of $7.40 billion, a price-to-earnings ratio of 15.49 and a beta of 1.88.

Range Resources (NYSE:RRC) last issued its quarterly earnings data on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.05. Range Resources had a net margin of 17.62% and a return on equity of 13.93%. The business had revenue of $641.30 million during the quarter, compared to analysts’ expectations of $610.24 million. During the same quarter in the previous year, the company earned $0.27 EPS. The business’s revenue was up 8.7% on a year-over-year basis. On average, sell-side analysts predict that Range Resources will post 2.08 earnings per share for the current year.

Range Resources Announces Dividend

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. This represents a $0.32 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date of this dividend was Friday, June 14th. Range Resources’s payout ratio is 16.24%.

Insiders Place Their Bets

In other Range Resources news, Director Reginal Spiller sold 1,460 shares of the business’s 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 of the company’s stock, valued at approximately $589,986.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.57% of the company’s stock.

Institutional Investors Weigh In On Range Resources

A number of institutional investors have recently added to or reduced their stakes in RRC. Price T Rowe Associates Inc. MD boosted its stake in shares of Range Resources by 25.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 28,633,567 shares of the oil and gas exploration company’s stock valued at $985,855,000 after purchasing an additional 5,759,883 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Range Resources by 4.1% in the 1st quarter. Vanguard Group Inc. now owns 24,490,639 shares of the oil and gas exploration company’s stock valued at $843,213,000 after purchasing an additional 959,011 shares during the last quarter. Boston Partners boosted its stake in shares of Range Resources by 2.1% in the 1st quarter. Boston Partners now owns 6,531,086 shares of the oil and gas exploration company’s stock valued at $224,912,000 after purchasing an additional 133,565 shares during the last quarter. Lingotto Investment Management LLP boosted its stake in shares of Range Resources by 1.5% in the 2nd quarter. Lingotto Investment Management LLP now owns 6,451,726 shares of the oil and gas exploration company’s stock valued at $216,326,000 after purchasing an additional 93,782 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Range Resources by 1.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,931,670 shares of the oil and gas exploration company’s stock valued at $180,568,000 after purchasing an additional 90,028 shares during the last quarter. 98.93% of the stock is owned by institutional investors.

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.