Q2 2024 EPS Estimates for Range Resources Co. (NYSE:RRC) Raised by Analyst

Range Resources Co. (NYSE:RRC) – Equities researchers at Capital One Financial raised their Q2 2024 EPS estimates for shares of Range Resources in a research report issued on Tuesday, April 16th. Capital One Financial analyst B. Velie now anticipates that the oil and gas exploration company will post earnings per share of $0.53 for the quarter, up from their prior forecast of $0.52. The consensus estimate for Range Resources’ current full-year earnings is $1.91 per share. Capital One Financial also issued estimates for Range Resources’ FY2025 earnings at $4.06 EPS.

Range Resources (NYSE:RRC) last released its quarterly earnings data on Wednesday, February 21st. The oil and gas exploration company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.21. The company had revenue of $941.40 million during the quarter, compared to analysts’ expectations of $672.25 million. Range Resources had a net margin of 25.82% and a return on equity of 15.87%. The firm’s quarterly revenue was down 42.3% on a year-over-year basis. During the same period in the previous year, the company earned $1.26 EPS.

Several other research analysts have also commented on the stock. StockNews.com upgraded shares of Range Resources to a “sell” rating in a research note on Wednesday, March 13th. Raymond James dropped their price objective on shares of Range Resources from $37.00 to $36.00 and set an “outperform” rating on the stock in a report on Wednesday, January 24th. Mizuho reaffirmed a “buy” rating and issued a $39.00 price objective on shares of Range Resources in a report on Thursday, April 11th. Citigroup upped their price objective on shares of Range Resources from $33.00 to $37.00 and gave the company a “neutral” rating in a report on Wednesday, April 3rd. Finally, Barclays started coverage on shares of Range Resources in a report on Wednesday, April 10th. They set an “underweight” rating and a $35.00 price target on the stock. Five investment analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $35.80.

Range Resources Price Performance

Range Resources stock opened at $35.27 on Thursday. Range Resources has a 1 year low of $23.92 and a 1 year high of $37.88. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.49 and a quick ratio of 1.49. The stock has a market cap of $8.54 billion, a price-to-earnings ratio of 9.96 and a beta of 1.83. The firm has a 50-day moving average of $33.03 and a two-hundred day moving average of $32.25.

Range Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.91%. The ex-dividend date was Thursday, March 14th. Range Resources’s payout ratio is currently 9.04%.

Institutional Investors Weigh In On Range Resources

Several hedge funds and other institutional investors have recently bought and sold shares of RRC. Raleigh Capital Management Inc. purchased a new position in Range Resources during the third quarter worth about $26,000. Benjamin F. Edwards & Company Inc. raised its holdings in Range Resources by 333.0% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 866 shares of the oil and gas exploration company’s stock valued at $26,000 after acquiring an additional 666 shares in the last quarter. Cary Street Partners Investment Advisory LLC acquired a new stake in Range Resources during the third quarter worth approximately $27,000. Lazard Asset Management LLC acquired a new stake in Range Resources during the second quarter worth approximately $28,000. Finally, Proffitt & Goodson Inc. acquired a new stake in Range Resources during the third quarter worth approximately $32,000. 98.93% of the stock is currently owned by institutional investors and hedge funds.

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.