Range Resources Corporation (NYSE:RRC) Receives $41.22 Average Target Price from Brokerages

Range Resources Corporation (NYSE:RRC) has been assigned an average rating of “Hold” from the nineteen research firms that are presently covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, thirteen have issued a hold recommendation, three have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $41.2222.

Several equities analysts have commented on the stock. Wells Fargo & Company set a $43.00 target price on shares of Range Resources and gave the company an “equal weight” rating in a research note on Monday, January 12th. Piper Sandler lowered their price objective on shares of Range Resources from $39.00 to $37.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 18th. Susquehanna cut their target price on Range Resources to $39.00 and set a “neutral” rating for the company in a research report on Monday, October 20th. Barclays upgraded Range Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 18th. Finally, Morgan Stanley dropped their price objective on Range Resources from $42.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Friday, January 23rd.

Institutional Trading of Range Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in RRC. CWA Asset Management Group LLC boosted its stake in shares of Range Resources by 43.5% during the 3rd quarter. CWA Asset Management Group LLC now owns 388,569 shares of the oil and gas exploration company’s stock worth $14,626,000 after acquiring an additional 117,722 shares in the last quarter. Laffer Tengler Investments Inc. bought a new stake in Range Resources during the second quarter worth approximately $370,000. Congress Asset Management Co. grew its holdings in Range Resources by 12.1% during the third quarter. Congress Asset Management Co. now owns 539,285 shares of the oil and gas exploration company’s stock valued at $20,299,000 after purchasing an additional 58,335 shares during the last quarter. Builder Investment Group Inc. ADV grew its holdings in Range Resources by 84.5% during the third quarter. Builder Investment Group Inc. ADV now owns 136,820 shares of the oil and gas exploration company’s stock valued at $5,150,000 after purchasing an additional 62,675 shares during the last quarter. Finally, Hussman Strategic Advisors Inc. bought a new position in shares of Range Resources in the third quarter valued at approximately $1,581,000. 98.93% of the stock is currently owned by institutional investors.

Range Resources Stock Performance

Shares of NYSE RRC opened at $36.60 on Thursday. Range Resources has a 12-month low of $30.32 and a 12-month high of $43.50. The company has a market cap of $8.67 billion, a PE ratio of 15.38, a P/E/G ratio of 0.34 and a beta of 0.58. The stock has a 50 day simple moving average of $35.86 and a 200-day simple moving average of $36.09. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.29.

Range Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 26th. Shareholders of record on Friday, December 12th were issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Friday, December 12th. Range Resources’s dividend payout ratio is presently 15.13%.

Range Resources Company Profile

Range Resources Corporation, headquartered in Fort Worth, Texas, is an independent energy company engaged in the exploration, development and production of natural gas, oil and natural gas liquids. The company focuses its core operations on the Appalachian Basin, with a significant presence in Pennsylvania’s Marcellus Shale. Through its drilling and completion activities, Range Resources seeks to optimize production efficiency while maintaining a disciplined approach to capital allocation and cost management.

The company’s technical expertise centers on advanced horizontal drilling and hydraulic fracturing techniques, which it applies to unlock unconventional resources.