Wells Fargo & Company Forecasts Strong Price Appreciation for Range Resources (NYSE:RRC) Stock

Range Resources (NYSE:RRC) had its price objective boosted by Wells Fargo & Company from $38.00 to $40.00 in a report released on Tuesday,Benzinga reports. The firm currently has an overweight rating on the oil and gas exploration company’s stock.

RRC has been the subject of several other research reports. Piper Sandler lowered their price objective on shares of Range Resources from $31.00 to $30.00 and set a “neutral” rating for the company in a research report on Monday, November 18th. Bank of America assumed coverage on Range Resources in a report on Monday, October 28th. They set a “neutral” rating and a $34.00 target price for the company. Susquehanna cut their price target on Range Resources from $36.00 to $31.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. The Goldman Sachs Group decreased their price objective on Range Resources from $40.00 to $35.00 and set a “neutral” rating for the company in a report on Friday, September 6th. Finally, Morgan Stanley cut their target price on Range Resources from $33.00 to $31.00 and set an “underweight” rating on the stock in a research note on Monday, September 16th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $36.00.

Range Resources Stock Performance

RRC stock opened at $33.14 on Tuesday. Range Resources has a 1-year low of $27.29 and a 1-year high of $39.33. The business’s 50-day moving average price is $33.10 and its two-hundred day moving average price is $32.35. The firm has a market cap of $8.00 billion, a PE ratio of 16.74 and a beta of 1.85. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.28.

Range Resources (NYSE:RRC) last issued 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 analyst estimates of $617.90 million. Range Resources had a return on equity of 13.69% and a net margin of 17.63%. Range Resources’s quarterly revenue was up .9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.43 EPS. As a group, research analysts forecast that Range Resources will post 1.91 earnings per share for the current year.

Range Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.97%. The ex-dividend date of this dividend is Friday, December 13th. Range Resources’s dividend payout ratio (DPR) is presently 16.16%.

Insider Transactions at Range Resources

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

Institutional Investors Weigh In On Range Resources

Several hedge funds have recently added to or reduced their stakes in RRC. Wealth Enhancement Advisory Services LLC raised its position in shares of Range Resources by 13.2% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 7,912 shares of the oil and gas exploration company’s stock valued at $265,000 after purchasing an additional 920 shares during the period. Assenagon Asset Management S.A. acquired a new stake in Range Resources during the second quarter worth approximately $3,274,000. Raymond James & Associates boosted its holdings in shares of Range Resources by 4.5% during the second quarter. Raymond James & Associates now owns 249,652 shares of the oil and gas exploration company’s stock worth $8,371,000 after acquiring an additional 10,775 shares during the period. Fifth Third Bancorp grew its position in shares of Range Resources by 21.2% in the second quarter. Fifth Third Bancorp now owns 1,709 shares of the oil and gas exploration company’s stock valued at $57,000 after purchasing an additional 299 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC acquired a new position in shares of Range Resources in the second quarter valued at approximately $266,000. Institutional investors and hedge funds own 98.93% of the company’s stock.

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.