Range Resources (NYSE:RRC) Downgraded to “Sector Perform” at Royal Bank of Canada

Royal Bank of Canada cut shares of Range Resources (NYSE:RRC) from an outperform rating to a sector perform rating in a report issued on Friday morning, MarketBeat reports. They currently have $39.00 price target on the oil and gas exploration company’s stock, up from their prior price target of $36.00.

Other research analysts have also issued reports about the company. Truist Financial cut their target price on Range Resources from $32.00 to $30.00 and set a hold rating for the company in a research note on Friday, April 5th. Barclays started coverage on Range Resources in a research report on Wednesday, April 10th. They issued an underweight rating and a $35.00 price target on the stock. Raymond James lowered their price target on Range Resources from $37.00 to $36.00 and set an outperform rating on the stock in a research report on Wednesday, January 24th. Stephens upped their price target on Range Resources from $41.00 to $42.00 and gave the company an overweight rating in a research report on Wednesday. Finally, StockNews.com upgraded Range Resources to a sell rating in a research report on Wednesday, March 13th. Five analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $36.65.

Range Resources Stock Down 0.9 %

Shares of RRC stock opened at $37.32 on Friday. Range Resources has a 12 month low of $23.92 and a 12 month high of $38.25. The firm has a market cap of $9.05 billion, a PE ratio of 18.94 and a beta of 1.83. The stock has a 50 day moving average of $33.80 and a 200-day moving average of $32.42. The company has a quick ratio of 1.49, a current ratio of 1.35 and a debt-to-equity ratio of 0.46.

Range Resources (NYSE:RRC) last issued its earnings results on Tuesday, April 23rd. The oil and gas exploration company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.21. The business had revenue of $718.20 million during the quarter, compared to analyst estimates of $680.72 million. Range Resources had a return on equity of 13.30% and a net margin of 17.00%. Range Resources’s revenue was down 15.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.96 earnings per share. On average, equities analysts predict that Range Resources will post 2 EPS for the current year.

Range Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date was Thursday, March 14th. Range Resources’s dividend payout ratio is presently 16.24%.

Insider Activity at Range Resources

In related news, VP Ashley Kavanaugh sold 15,978 shares of Range Resources stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $37.75, for a total value of $603,169.50. Following the sale, the vice president now owns 22,370 shares of the company’s stock, valued at approximately $844,467.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.57% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Glenorchy Capital Ltd bought a new position in shares of Range Resources during the 4th quarter worth approximately $1,799,000. Cary Street Partners Investment Advisory LLC bought a new position in shares of Range Resources during the 3rd quarter worth approximately $27,000. Schroder Investment Management Group boosted its stake in shares of Range Resources by 23.7% during the 3rd quarter. Schroder Investment Management Group now owns 456,752 shares of the oil and gas exploration company’s stock worth $14,803,000 after acquiring an additional 87,624 shares during the period. Kennedy Capital Management LLC boosted its stake in shares of Range Resources by 17.7% during the 3rd quarter. Kennedy Capital Management LLC now owns 224,573 shares of the oil and gas exploration company’s stock worth $7,278,000 after acquiring an additional 33,793 shares during the period. Finally, Vaughan Nelson Investment Management L.P. bought a new position in shares of Range Resources during the 3rd quarter worth approximately $19,704,000. 98.93% of the stock is currently owned by institutional investors.

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.