Range Resources (NYSE:RRC) Given New $30.00 Price Target at Piper Sandler

Range Resources (NYSE:RRC) had its target price decreased by Piper Sandler from $31.00 to $30.00 in a research note published on Monday morning,Benzinga reports. Piper Sandler currently has a neutral rating on the oil and gas exploration company’s stock.

RRC has been the subject of several other research reports. Barclays upgraded Range Resources from an “underweight” rating to an “equal weight” rating and decreased their target price for the stock from $35.00 to $34.00 in a research note on Wednesday, October 2nd. Bank of America initiated coverage on Range Resources in a research note on Monday, October 28th. They set a “neutral” rating and a $34.00 target price for the company. StockNews.com upgraded Range Resources to a “sell” rating in a research note on Tuesday, November 12th. Royal Bank of Canada restated a “sector perform” rating and set a $39.00 target price on shares of Range Resources in a research note on Thursday, July 25th. Finally, UBS Group cut their price target on Range Resources from $30.00 to $27.00 and set a “sell” rating on the stock in a research report on Wednesday, September 18th. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $34.94.

Range Resources Stock Performance

NYSE RRC opened at $34.27 on Monday. The company has a market cap of $8.27 billion, a P/E ratio of 17.31 and a beta of 1.80. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.54 and a quick ratio of 0.54. The stock has a 50-day moving average of $31.10 and a two-hundred day moving average of $32.58. Range Resources has a 1-year low of $27.29 and a 1-year high of $39.33.

Range Resources (NYSE:RRC) last announced its quarterly earnings data on Tuesday, October 22nd. The oil and gas exploration company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.16. The business had revenue of $615.03 million during the quarter, compared to analysts’ expectations of $617.90 million. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. The business’s quarterly revenue was up .9% compared to the same quarter last year. During the same quarter last year, the business posted $0.43 EPS. As a group, analysts anticipate that Range Resources will post 1.89 EPS for the current year.

Range Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.93%. The ex-dividend date of this dividend was Friday, September 13th. Range Resources’s dividend payout ratio is presently 16.16%.

Insiders Place Their Bets

In other Range Resources news, VP Ashley Kavanaugh sold 12,700 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $31.45, for a total transaction of $399,415.00. Following the sale, the vice president now directly owns 9,670 shares in the company, valued at approximately $304,121.50. The trade was a 56.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles G. Griffie bought 1,275 shares of the firm’s stock in a transaction on Thursday, October 24th. The shares were purchased at an average price of $31.46 per share, for a total transaction of $40,111.50. Following the completion of the transaction, the director now owns 5,921 shares of the company’s stock, valued at $186,274.66. This represents a 27.44 % increase in their position. The disclosure for this purchase can be found here. 1.57% of the stock is owned by company insiders.

Institutional Trading of Range Resources

A number of institutional investors have recently bought and sold shares of the company. Fifth Third Bancorp boosted its position in Range Resources by 21.2% during the second quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock worth $57,000 after purchasing an additional 299 shares in the last quarter. M&T Bank Corp lifted its position in shares of Range Resources by 3.1% in the third quarter. M&T Bank Corp now owns 10,790 shares of the oil and gas exploration company’s stock valued at $332,000 after acquiring an additional 327 shares in the last quarter. CIBC Asset Management Inc lifted its position in shares of Range Resources by 5.4% in the second quarter. CIBC Asset Management Inc now owns 6,801 shares of the oil and gas exploration company’s stock valued at $228,000 after acquiring an additional 350 shares in the last quarter. Commerce Bank lifted its position in shares of Range Resources by 5.7% in the third quarter. Commerce Bank now owns 6,848 shares of the oil and gas exploration company’s stock valued at $211,000 after acquiring an additional 369 shares in the last quarter. Finally, Inscription Capital LLC lifted its position in shares of Range Resources by 3.6% in the third quarter. Inscription Capital LLC now owns 12,536 shares of the oil and gas exploration company’s stock valued at $386,000 after acquiring an additional 433 shares in the last quarter. 98.93% of the stock is currently 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.