FY2024 Earnings Forecast for Range Resources Co. Issued By Capital One Financial (NYSE:RRC)

Range Resources Co. (NYSE:RRC) – Equities research analysts at Capital One Financial dropped their FY2024 earnings estimates for Range Resources in a report issued on Tuesday, September 10th. Capital One Financial analyst B. Velie now anticipates that the oil and gas exploration company will earn $2.25 per share for the year, down from their prior estimate of $2.32. The consensus estimate for Range Resources’ current full-year earnings is $2.08 per share.

A number of other research analysts also recently issued reports on the company. Wolfe Research initiated coverage on Range Resources in a research note on Thursday, July 18th. They set a “peer perform” rating for the company. Jefferies Financial Group upped their price target on shares of Range Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a research report on Monday, July 8th. Benchmark restated a “hold” rating on shares of Range Resources in a research report on Wednesday, July 24th. The Goldman Sachs Group dropped their target price on shares of Range Resources from $40.00 to $35.00 and set a “neutral” rating for the company in a report on Friday, September 6th. Finally, Piper Sandler cut Range Resources from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $43.00 to $31.00 in a report on Thursday, August 15th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $36.74.

Range Resources Stock Performance

Shares of RRC opened at $29.12 on Thursday. The business has a 50-day simple moving average of $31.00 and a two-hundred day simple moving average of $33.60. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.28. Range Resources has a 52 week low of $27.29 and a 52 week high of $39.33. The stock has a market cap of $7.07 billion, a price-to-earnings ratio of 14.78 and a beta of 1.80.

Range Resources (NYSE:RRC) last posted its quarterly earnings data on Tuesday, July 23rd. The oil and gas exploration company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.41 by $0.05. The firm had revenue of $641.30 million during the quarter, compared to analyst estimates of $610.24 million. Range Resources had a return on equity of 13.93% and a net margin of 17.62%. Range Resources’s revenue was up 8.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.27 EPS.

Range Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date of this dividend is Friday, September 13th. Range Resources’s dividend payout ratio (DPR) is presently 16.24%.

Institutional Investors Weigh In On Range Resources

Large investors have recently bought and sold shares of the business. Benjamin F. Edwards & Company Inc. grew its stake in shares of Range Resources by 333.0% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 866 shares of the oil and gas exploration company’s stock worth $26,000 after buying an additional 666 shares in the last quarter. Fifth Third Bancorp lifted its holdings in shares of Range Resources by 21.2% in the 2nd quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock valued at $57,000 after acquiring an additional 299 shares during the last quarter. Perkins Coie Trust Co purchased a new position in Range Resources in the second quarter worth about $67,000. International Assets Investment Management LLC purchased a new position in Range Resources in the second quarter worth about $67,000. Finally, Private Wealth Management Group LLC bought a new stake in Range Resources during the fourth quarter worth approximately $73,000. Institutional investors own 98.93% of the company’s stock.

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.