Range Resources Corp. (NYSE:RRC) announced a quarterly dividend on Thursday, March 1st, RTT News reports. Shareholders of record on Friday, March 16th will be paid a dividend of 0.02 per share by the oil and gas exploration company on Friday, March 30th. This represents a $0.08 dividend on an annualized basis and a yield of 0.58%.
Range Resources has decreased its dividend by an average of 12.6% per year over the last three years. Range Resources has a payout ratio of 18.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Range Resources to earn $1.23 per share next year, which means the company should continue to be able to cover its $0.08 annual dividend with an expected future payout ratio of 6.5%.
Shares of Range Resources (NYSE RRC) traded up $0.48 during mid-day trading on Thursday, reaching $13.77. 12,071,046 shares of the company’s stock were exchanged, compared to its average volume of 10,263,195. Range Resources has a twelve month low of $11.93 and a twelve month high of $30.30. The stock has a market capitalization of $3,420.00, a PE ratio of -688.50, a P/E/G ratio of 0.81 and a beta of 0.68. The company has a current ratio of 0.50, a quick ratio of 0.47 and a debt-to-equity ratio of 0.72.
In related news, Director Steffen E. Palko bought 34,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 30th. The stock was purchased at an average price of $14.72 per share, for a total transaction of $500,480.00. Following the completion of the transaction, the director now owns 61,267 shares in the company, valued at $901,850.24. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP David P. Poole sold 30,920 shares of the company’s stock in a transaction on Tuesday, December 12th. The stock was sold at an average price of $16.36, for a total transaction of $505,851.20. Following the transaction, the vice president now owns 17,647 shares of the company’s stock, valued at approximately $288,704.92. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,574 shares of company stock valued at $729,007. 2.40% of the stock is owned by company insiders.
RRC has been the subject of a number of research reports. KeyCorp reaffirmed a “hold” rating on shares of Range Resources in a report on Monday, November 13th. Bank of America reduced their target price on shares of Range Resources from $23.00 to $22.00 and set a “neutral” rating for the company in a report on Thursday, January 25th. Scotiabank set a $27.00 target price on shares of Range Resources and gave the company a “buy” rating in a report on Saturday, November 25th. Royal Bank of Canada reduced their target price on shares of Range Resources to $28.00 and set an “outperform” rating for the company in a report on Thursday, January 25th. Finally, ValuEngine cut shares of Range Resources from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $24.50.
About Range Resources
Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil company. The Company is engaged in the exploration and production of natural gas, NGLs and oil in the United States. It is engaged in the exploration, development and acquisition of natural gas and crude oil properties located primarily in the Appalachian and North Louisiana regions of the United States.
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