UBS Group Cuts Range Resources (NYSE:RRC) Price Target to $44.00

Range Resources (NYSE:RRC) had its target price lowered by UBS Group from $49.00 to $44.00 in a research note published on Friday morning,Benzinga reports. The brokerage currently has a neutral rating on the oil and gas exploration company’s stock.

Other analysts have also issued research reports about the stock. Citigroup reiterated a “neutral” rating on shares of Range Resources in a research note on Thursday, July 23rd. Zacks Research raised shares of Range Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 19th. The Goldman Sachs Group cut their price target on shares of Range Resources from $44.00 to $39.00 and set a “neutral” rating on the stock in a report on Tuesday, June 30th. Weiss Ratings downgraded shares of Range Resources from a “buy (b-)” rating to a “hold (c)” rating in a research report on Thursday, July 23rd. Finally, Stephens increased their price objective on shares of Range Resources from $52.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, fifteen have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $44.00.

Range Resources Stock Up 0.1%

Shares of NYSE:RRC opened at $38.26 on Friday. The stock has a market cap of $8.94 billion, a price-to-earnings ratio of 10.57 and a beta of 0.71. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.18. Range Resources has a 12-month low of $32.68 and a 12-month high of $48.31. The business’s 50 day moving average is $40.01 and its 200 day moving average is $40.30.

Range Resources (NYSE:RRC) last released its quarterly earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.13. Range Resources had a return on equity of 18.63% and a net margin of 25.04%.The business had revenue of $759.58 million during the quarter, compared to analyst estimates of $744.78 million. During the same period in the prior year, the firm posted $0.66 EPS. Range Resources’s quarterly revenue was down 2.7% compared to the same quarter last year. On average, sell-side analysts forecast that Range Resources will post 3.73 earnings per share for the current fiscal year.

Range Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 11th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Friday, September 11th. Range Resources’s dividend payout ratio is currently 11.05%.

Insider Buying and Selling at Range Resources

In related news, Director Reginal Spiller sold 3,500 shares of Range Resources stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $40.00, for a total value of $140,000.00. Following the completion of the sale, the director owned 13,421 shares of the company’s stock, valued at approximately $536,840. This trade represents a 20.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Range Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of Nova Scotia purchased a new position in shares of Range Resources in the second quarter worth about $2,220,000. Entropy Technologies LP lifted its stake in shares of Range Resources by 321.3% during the 1st quarter. Entropy Technologies LP now owns 52,114 shares of the oil and gas exploration company’s stock valued at $2,355,000 after buying an additional 39,745 shares in the last quarter. MAC Alpha Capital Management LP lifted its stake in shares of Range Resources by 41.6% during the 2nd quarter. MAC Alpha Capital Management LP now owns 250,456 shares of the oil and gas exploration company’s stock valued at $9,315,000 after buying an additional 73,600 shares in the last quarter. Bornite Capital Management LP bought a new position in Range Resources in the 4th quarter worth approximately $28,208,000. Finally, Delta Global Management LP bought a new position in Range Resources in the 1st quarter worth approximately $2,459,000. 98.93% of the stock is currently owned by institutional investors.

Range Resources Company Profile

Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil producer headquartered in Fort Worth, Texas. The company explores for, develops and produces hydrocarbons, with a primary focus on unconventional shale resources in the Appalachian Basin.

Range’s principal operating area is the Marcellus Shale in southwestern Pennsylvania, where it produces natural gas, NGLs and condensate. Its products are sold to customers through regional and interstate pipeline systems and other market channels serving utilities, industrial users, power generators and other energy markets.

Founded in 1976, Range Resources has historically operated in several U.S.